Financial Plan Assignment

Chris Park
August 2017

Educational Goal:
My educational goal is to attend the Mathematics undergraduate program at
Waterloo University.

Expenses for the First Year of University:

Post Secondary Application Fee $85.00
Tuition Fee $6420.00
Books $2000.00
Accommodations $8854.00
Utilities
Electricity Fees $0.00
Hydro Fees $0.00
Natural Gas Fees $0.00
Internet Bill $0.00
Phone Bill $660.00
Utilities Total: $660.00
Food
Groceries and Eating at $2448.00
Home
Eating Outside $3120.00
Food Total $5568.00
Transportation $1200.00
Clothing $1497.00
Entertainment $2760.00
Health/Personal Care
Health Insurance $300.00
Bodily Hygiene $200.00
Health Total $500.00
Grand Total: $29544.00
Details of Expenses
1. Post Secondary Application Fee
The Application Fee for the University of Waterloo for Canadian citizens is
$85.00 regardless of the faculty or program according to Ontario
Universities Application Centre.

2. Tuition Cost
For the Faculty of Mathematics in the University of Waterloo, the cost of
tuition for 2 terms, or 8 months, is $6420.00.

3. Book Cost
The total book cost for the undergraduate program is $2000.00 each year,
which is not included in the tuition cost.

4. Accommodation
Village 1 is the first residence ever built for the University of Waterloo. For
a single room at this place, it costs $3794.00 for the fall, and $2530.00 for
the winter and spring. The total residence fee for 1 year at this residence
is $8854.00.

5. Utilities
a. Electricity, water, heat, and internet cost
The cost of water, heat, and internet is included in the residence
fee, which makes the cost of it $0.00.
b. Cell Service Cost
Assuming I bring my own device, the cost of 500 minutes of
calling, unlimited texting, and 2gb of data costs $55.00 per month
at Fido. This totals up to $660.00 per year.

6. Food Cost
a. Groceries and Eating at Home
According to Statistics Canada, average Torontonians spend
$254.00 on groceries every month per person. Hypothesizing that I
spend $50.00 less than average as a student due to cooking less
and buying cheaper food, I will spend $204.00 on food every
month, and $2448.00 every year.
b. Dining Out
Because I do not enjoy cooking and because university life is busy,
I believe Ill dine out more often than the average Canadian. If I
dine out 4 times a week, and the average cost of a meal is $15.00
including taxes and tips, I will spend $3120.00 dining out every
year.
7. Transportation
a. Public Transportation
The University of Waterloo provides all students with a UPass,
which grants free public transportation all year around. Therefore,
all public transportation will cost $0.00
b. Taxis and Uber
When public transportation is unavailable or I am in a hurry, Ill
have to ride taxis and uber. Hypothesizing that these incidents
happen only a few times a month, I can safely say that taxis and
uber will cost me $100.00 per month, and $1200.00 per year.

8. Clothing
For my first year of university, I plan to have 8 t-shirts, 5 shorts, 5 long
sleeve tops, 5 pairs of jeans and pants, 4 hoodies, and 2 heavy jackets.
For the prices, I visited the website of A&F, where I most recently bought
my clothing. An average t-shirt costs $20.00, shorts $35.00, long sleeves
$50.00, pants $50.00, hoodies $60.00, and jackets $125.00. If I insert
those numbers into the items of clothing I wish to buy, the price totals up
to $1325.00. With the 13 percent HST in Ontario, the grand total is
$1497.00.

9. Entertainment
Entertainment is a very broad term. It includes various activities, such as
hobbies, spending time with your friends, recreational time, and leisure
time. Such a wide spectrum of activities make an accurate approximation
difficult. However, we can still make a rough estimate. I speculate that Ill
watch a movie every month, spend time with my friends every other
week, and spend $150 dollars a month for leisure and recreation. That
totals up into $280.00 per month, with $30 for movies, $100 dollars for
friends, and $150 for my recreation and leisure. Then, the yearly total
becomes $2760.00
10. Health and Personal Care
a. Health Insurance
The University of Waterloo Federation of Students provide an
option for all undergraduate students to get health insurance. The
cost of a Health Plan, which covers 80 percent of prescription drugs
and vaccinations and up to $4000 of services provided by health
practitioners, is $165.00. Also, the Dental Plan, which covers 70%
of dental costs, is $135. Therefore, the total yearly cost for health
insurance is $300.00

b. Bodily Hygiene and Maintenance

As a human, I have to maintain a healthy body. In result, I have to
buy products that assist me in maintenance. These include cleaning
products like soaps, shampoo, toothpaste and etc. Also, I can
purchase products like vitamins and various capsules to assist me
in my busy student life. I can estimate that I use 3 toothbrushes, 1
shampoo, a dozen bars of soap, 2 packs of toothpaste, and 3 bottle
of shampoo every year, thatll cost me around $50.00. Health
supplements are costly, and I can estimate that itll cost me around
$150.00 every year. These supplements can include vitamins, iron
and minerals, and protein. The total cost for body hygiene and
maintenance is $200.00.
Sources of Money
1. Savings
As mentioned below in my financial goals, I will save up my money into an
investment account. For my first year of school, I plan to use $7500.00 to
use for my university life. It will get me through around half of my
financial needs, and along with the part time job mentioned below, Ill
have money that will cover my expenses.

2. Part Time Job

Although first year of university will be very busy, I will get a job or
internship to support myself. By gaining experience which is my
medium-length financial goal, Ill be used to working, and have a broader
spectrum of places I can work. Also, by benefiting from a network of
people acquired from previous workspaces, I hope to be paid more than
minimum wage. Therefore, with benefits from co-workers and rise in
minimum wage, if my income becomes sixteen dollars per hour, and I
could work 30 hours a week. That will give me $480 dollars a week, and
approximately $24960 dollars a year before taxes. Through an online
income tax calculator, that will leave me $21216.00 per year, which is well
above my expenses. With money that is not used, it can be placed in the
investment account mentioned below.

3. Support from Family

As University of Waterloo is far from Vancouver, Ill have to live
independently. As first year of living independent can be very financially
difficult, my family provide will provide by paying for the tuition and
books. Then, I can put money that arent expenses into an investment
account, and give them back what they have provided later in life.

Total Income: $37136.00

Total Expenses: $29544.00

Money Not Spent: $7592.00