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Financial Plan for Post-Secondary

Nagin Sadiqzadah

Option 1: My Financial Plan for School

1 What is your educational or career goal? (1 mark)


Going to a college first then transferring to an university.

2 Which institution do you plan to attend? What expenses


do you anticipate? List a range of specific expenses that you
anticipate. What are your expected expenses and income?
(Hint: prepare a detailed budget.) Even if you expect a
parent/guardian to pay for some/all of the expenses, you
must include the researched amounts in your budget.
Expenses should include: (12 marks)

I’m planning to go to BCIT:

Post Secondary application fee: $90


Tuition fee: $2,750
Books: $200
Accommodations (if you plan to live at home, I still want
you to research as if you were going to live in the ‘dorm’ or a
campus residence): $3,000/5 months
Utilities: $480
Food: $250
Clothing: $800
Entertainment: $150
Health/Personal Care: $3,000

Total Cost: $10,720

3. Where will the money come from? What sources of support do


you expect to have? These must include details on at least two (2)
of the following: (2 marks)
1 Savings: $2,000
2 Parental contributions: $80,000
3 Part-time work: $5,000
4 Scholarships and bursaries
5 Other income

Total Income: $87,000

4. What are your short-term and long-term plans for meeting the
financial challenges that you anticipate might lie ahead?
Complete the Setting Your Financial Goals worksheet that is
attached below. (15 marks) Make sure this is a well detailed plan
(including at least 5 points of detail for each goal

5. What obstacles might you encounter while trying to meet these


goals and how will you overcome them? (5 marks)
• I may not get enough scholarship, but try to get as much as
possible
• Online selling may not reach the ideal goal, making
advertisements and tell my friends
• Working and studying may be overwhelming, learn to manage
the time

setting your financial goals (see two


samples below)

short-range goal (within 1 month)


Researching for scholarships Objective ______$ 1000+______
(can be earnings,
certification, other?)
_______________________________ ____$0________
Estimated
_ (could be time, money,
Cost
other output?)
_______________________________ March. 2018__________
Target Date
_
_______________________________
_

medium-range goal (2–12


months)
Making money through Objective $2000_____
online selling ______
_____________________________ (can be
__ earnings,
certification
, other?)
_______________________________ $800_______
_ _____
(could be
Estimated
time,
Cost
money,
other
output?)
_______________________________ Nov.
_ Target Date 2018______
_____
_______________________________
_

long-range goal (more than 1


year)
Working in a part time job for Objective $5000_____
one year (30 weeks) ______
______________________________ (can be
earnings,
certification
, other?)
_______________________________ 30
_ Weeks_____
______
Estimated (could be
Cost time,
money,
other
output?)
_______________________________ Feb.
_ Target Date 2019______
_____
_______________________________
_

• Did you identify your career goals: 1/1


• Did you realistically estimate the financial costs of
pursuing your identified goals? Did you list a range of
specific costs? 12 /12
• Did you identify sources of support? 2 /2
• Did you describe a range of realistic and relevant short-
and long-term strategies for funding your education and
career goals? 15/15
• Did you identify potential challenges to funding goals
and ways to meet these challenges: 5/5

Sample Goals
short-range goal (within 1 month)
I am going to take the Objective _$100 per month___________
Babysitters Training course. This (can be earnings,
will cost $125. I already have a certification, other?)
few families lined up and hope to
babysit enough to save $100 per
month from now until I graduate
_$125 Babysitter Training
Course___________
Estimated Cost
(could be time, money, other
output?)

Target Date :
June 2013
medium-range goal (2–12
months)

I am going to research all the Objective __$1000+__________


scholarships and bursaries that (can be earnings,
are available to me. I hear there certification, other?)
is some 'free money' out there
for post-secondary. I will go to
the following websites and make
a list of possibilities. I will begin
preparing cover letters and
references that I may need:)
Estimated Cost _____0_______
(could be time, money, other
output?)
Target Date ___May, 2014_________