Moving

Out

Key’Shaun Dorsey Blk:B

What I Plan On Accomplishing...
After watching the NFL draft a few days ago and seeing a player from
British Columbia get drafted, it really has opened my eyes that it is
possible to make it to the greatest league in football being from Canada.
My whole life I’ve been told to make sure to have a back-up plan in case
football doesn’t work out, so this project will be a great way for me to show
what my “Plan B” is. By my 20’s I hope to have graduated college with a
degree in Graphic Design, and attempting to make it professionally in
football. However, if that doesn’t work out, I will be able to pursue a career
in Graphic Design. I hope to have a steady source of income in that field of
work, and to be renting a house/apartment, and saving money. With
money that I will be saving, I hope to be able to place a down payment on
a house by the end of my 20’s.
Personal Profile...
1. My educational path that I followed was a Bachelor's Degree in
Graphic Design.
2. I have moved out of my parents house when I was 22.
3. My occupation or first career job after graduation will be a Graphic
Designer.
4. My major accomplishments in my 20’s will be: Inventing something
new, becoming a successful graphic designer, starting my own
business, getting married, and having children.
 Income...
Gross Monthly Income: $5,040

Gross Income $5,040 x 15% = Income Tax Deduction $756

Gross Income $5,040 x 4.95% = Canada Pension Plan $249.48

Gross Income $5,040 x 1.88% = Employment Insurance $94.75

Gross Income $5,040 x 1% = Union Dues $50.40

Income Tax + CPP + EI + Union Dues = Paycheque Deductions $1,150.63

Gross Income $5,040 - Paycheque Deductions $1,150.63 = Net Income $3,889.37

Accomodation Options...
Type of Rental Advantages Disadvantages Rental Cost

Condo Less maintenance, Lack of privacy, $1,050

amenities, security, Homeowners
affordability Association Fees, more
rules

Townhouse Less maintenance, Pet restrictions, smaller $1,900

affordability, location yards, attached to
another house, more
rules

Single Detached House Privacy, more space, Can’t change the $2,600
house maintenance is property, rent may
the homeowners increase, not building
responsibility equity
Decisions for Consumers...
A) The best option for them is a condo. Condos require less maintenance
than the other options, and they are a retired couple that won’t be
making noise for nearby neighbours.
B) A single detached home would be the best option. The kids could have
their own rooms and space to play. Also, houses offer more space for
friends to come over
C) A townhouse would be the best option. They are a young couple, so
they don’t need to rush to get a house, and a townhouse offers more
space than a condo for their child.
D) A condo would be the best choice. It is the most affordable home, and
the person will be travelling lots for work.
Rental Accommodation...
I will live in Burnaby, at 8950 University High Street. The unit is 538 (sqft), and has
one bedroom. The rent for the apartment room is $1,315. The apartment is in a newly
built area at Simon Fraser University, and there are grocery stores, bars and fast food
restaurants near the apartment.

Tenant Insurance

Yearly Premium= $92/year

Monthly Cost= $7.67

Condo Insurance

Yes, you can own a condo

without being insured.

Rental Agreement/ Cable Tv & Internet access...

RENTAL AGREEMENT
A rental agreement can be in between six months to three years.
Generally, the tenant must give the landlord a 30 day notice prior to the
date of lease termination. The landlord is only capable of increasing the
rent once a year.
CABLE TV & INTERNET ACCESS
Monthly cost of Cable TV: $24 Cell Phone: $45
Internet Acess= $65 (940mbps) Moving Expenses: $600
Groceries...
Apples $3.54
Oranges $5.32
Bananas $6.89
Grocery List
Lettuce $4.50
Spaghetti and sauce $10.60
Frozen vegetables $1.54
Lean hamburger $16
Canned Corn $6.72
Potatoes $5
Cheese $10.72
Eggs $12.64
Toilet paper $24.99
Milk $3.54
Kleenex $3.92
Bread $10.20
Paper towels $23.99
Butter $3.75
Toothpaste $22.99
Juice $5.89
Haircuts $30
Chicken $12.74
Sandwich meat $11.88
Sub Total: $237.36
Recreation & Entertainment...
Activities

Concerts $150

Gym Membership $12

Football games $45

Movies $14

Sub Total: $221

Car Ownership...
Province: British Columbia $10,105.40/ 12= $843.12

Annual Mileage (km): 30,000 km Monthly Cost: $843.12

Year: 2018 Cost of gas (month): 175.99$

Do I need a car?

Make: Honda No, I do not need a car. There are many other
ways of transportation that are cheaper than car
Model: Civic ownership.

Does the cost of owning a car justify it?

Trim: 4 Door x 6 sp
Yes, in my opinion I would spend the money to own
= $10,105.40/ year a vehicle because a car is an asset that is worth the
price.
Conclusion...
Name Price $ From this project I got a clear view of exactly how
expensive it is to live on your own. Something new that I learned
Car Ownership $1,019.11 was how expensive it is to own a car. Also, budgeting is a big
factor in purchasing groceries, and especially in recreation and
Recreation $221 entertainment. The location of where I lived didn’t really matter
because as a graphic designer I have the option to work at
Groceries $237.36 home. I was surprised at the cost of living on my own because I
thought it would be much cheaper. In a month I make $3,889.37
Cable TV, $134
and $1,322.67 of that goes into my accommodation (not
Internet Access,
including cable tv and internet).
Cell

Moving $600
Expenses

Rental $1,322.67
Accommodation
Total Cost: $3,534