CALM 20 Budget Assignment Name: Karlen

Purpose:​ Compare needs, wants and consequences of spending with consideration of personal financial resources.

Assignment:
- Create a balanced budget for yourself
- Go through the choices listed and choose which you want.
- Pay attention to how often a cost is paid – weekly, monthly, annually, etc. and find the total for a ​monthly ​cost.
- Total up the costs you have chosen and determine how much you will have to work to pay for your expenses.
- If you choose to live at home, choose that option when listed for various expenses; if it is not listed, you must
total up the options you would like.

Add up your Expenses

Calculate your Income
Expenses Monthly Total
A. Living Arrangements
$628
B. Transportation
$490
C. Groceries
$361
D. Technology
$232
E. Other Costs
$300
F. Saving/Investing goal:
$100

Total of all monthly

$2111
expenses:

Net Income – Expenses:

(This must be a positive $
amount)

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A. Living Arrangements – Required
Choose one:
Option #1 Option #2 Option #3 Option #4 Option #5
1 bedroom 1 bedroom 2 bedroom 1000sq. ft. 2 bedroom 1100sq. ft. Live at home
750sq. ft. 900sq. ft. (with roommate) (with roommate)
$800 utilities included $800 ​plus​ utilities $1000 utilities $1000 ​plus​ utilities $250/mo. to
(water, gas, Laundry in suite included Laundry in suite contribute to the
electricity) (water, gas, household
electricity)

Living arrangement - 2 bedroom 1100sp feet, 1 room mate ​Option #4

$628

If utilities are extra, calculate the following:

Water - $40/mo. Single $60/mo. Double (/2) $30

Gas - $80/mo. Single $100/mo. Double (/2) $50

Electricity - $75/mo. Single $95/mo. Double (/2) $48

If laundry is not included in the living option, you go to the laundromat!

Laundry ​- $1 per load to wash; $2 to dry $_______
- assume 6 loads/month
- add 8 loads per month if you work a job with a uniform

A. Living Arrangements
Monthly total:

$628

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B. Transportation – Required
Option #1 – Drive your own car
- Car Insurance: ​If you have a vehicle you must insure it. Choose one of the following. $170
o Liability – minimum cost for a car you won’t replace if something happens
▪ Ladies - $110/mo. Gents - $120/mo.
o Comprehensive – total coverage for vandalism, theft, collision, liability
▪ Ladies – $160/mo. Gents $170/mo.
o Use your monthly cost if you know it
- Gas Costs: ​$150/mo. (will vary) $150
- Vehicle
- If you own a car you will have no payments for ownership $160
o If you are buying a car from a dealership here are 3 options:
▪ Small sedan/sports car ~$15000 over 6 years @3%
● $110 Bi-weekly ($220/mo.) or $240 monthly pmt.
▪ Small SUV/Crossover ~$20000 over 6 years @3%
● $150 biweekly ($300/mo.) or $320 monthly pmt.
▪ Truck ~$28000
● $205 bi weekly ($410/mo.) or $450 monthly pmt.
o Or you can buy a cheaper used car from a dealership
▪ ~8000 over 5 years @5%
● $75 bi-weekly or $160/mo.
o Buy a used vehicle privately – prices will vary
▪ Look one up on www.autotrader.ca
- Parking ​- $10 extra per month/vehicle $10

Total for own vehicle: $​490

Option #2 - Transit
- Costs to ride
(Consider: ride twice a day to and from work, plus a few extra times to buy groceries, socialize, etc.)
o Monthly pass - $100/mo.
o Student pass (if enrolled in Post-secondary full-time) - $20/mo. ​(maximum 20hrs./week of work)
o Single ride - $3.25
o Ten pass booklet - $32.50

Option #3 - Vehicle and transit

- Total insurance + gas $75 + vehicle cost and parking + and include the cost of transit.
- Calculate from above:
o Insurance ________
o Gas $75
o Payment ________
o Parking ________
o Transit ________

B. Transportation

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Monthly total:

$​490

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C. Groceries - Required
Choose from the table provided based on the information listed on the left.
Choose the option for your age when you graduate.
http://www.choosingvoluntarysimplicity.com/how-much-does-it-cost-to-feed-your-family/

Prices based on 2007 data

Weekly Cost Thrifty Low-Cost Moderate Liberal
of groceries Plan Plan Cost Plan Plan
Young Adult $45 $56 $68 $84
Female
Young Adult $51 $66 $84 $100
Male
#1 Thrifty plan
- Lots of grains, basic produce and dairy, minimal meat
#2 Low-cost plan
- lots of grains and produce, basic dairy and meat, minimal prepared foods
#3 Moderate plan
- lots of grains, produce and dairy, basic meats and prepared food
#4 Liberal plan
- lots of grains, produce and dairy; lots of meat and prepared food
#5 Live at home plan - $0
- Groceries included as long as you contribute to the household.

Grains include​: rice, pasta, bread, cereal, baked goods; will also include corn and beans
Produce includes​: fresh, frozen and canned fruits and vegetables
Dairy:​ Milk, block cheese, yogurt. For cost purposes, eggs will be included with dairy. Fancy cheese, specialty milks, or
other dairy products will bump the cost level up.
Meat includes:​ beef, chicken, pork, fish, etc. Basic meat will be mostly chicken, ground meats and deli meats. Steak,
roasts, ribs, bacon, shellfish, etc. will bump costs up a level.
Prepared Foods:​ Most food in the middle aisles: Cereals, frozen meals (pizza, microwave dinners, fries, etc.), sweets and
treats (cookies, ice cream, pop, chips, etc.), prepared foods like Kraft dinner, Side Kicks, Mr. Noodles, etc.

WEEKLY grocery cost: $84 x 4.3 = $361/month

C. Groceries
Monthly total:

$361

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D. Technology – ​Optional
Cell phone plans are mostly paid based on data, air time for calls (local, national, international), and text messages.
Choose a plan that will best meet your normal usage.

Cell phone plan

Plan #1 - $70 Plan #2 - $85 Plan #4 - $100 Plan #5 - $120
- 200 anytime, - 200 anytime, Cdn. - 300mins local - Unltd. Talk and text
Canadian minutes Mins calling in Can.
- 500MB data - 1GB Data - Unltd. text in Can. - 4GB data
- Unltd. Text in Can. - Unltd. Text in Can. - 2GB data

These are estimates based on real plans. Most cell plans include 3-4 extra costs and monthly fees depending on add-ons
and company policies. If you don’t know how much data you use in a month, use the link below to calculate it. You can
turn off or limit your data use by accessing Wi-Fi for most of your online use.
http://www.virginmobile.ca/en/support/data-support.html?province=AB&geoResult=AB

Add-ons
These are additional monthly costs for mobile plans; these services are not included in the packages above.

Option #5
$120
Add on costs:
$5
Cell phone total:

$125
- Caller-ID - $5/mo.
- Voicemail - $5/mo.
- 100mins international calling – $15
- Data add-on 1GB for $15/mo.
- International text messaging
o 100 messages $5/mo.
o Unlimited $10/mo.
- International calling – $0.25/minute

Internet plan
​Plan #1
$35/mo. for 3mo.
$65 After first 3
5Mbps download
512Kbps upload
65GB mthly transfer
5 Mbps or less: Basic Web
surfing and email
l​5–10 Mbps: Web surfing
and email, with occasional
streaming and online
gaming, shared among a
few connected devices
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Plan #2
$40/mo. for 3mo.
$75 After first 3
15Mbps download
512Kpbs upload
150GB mthly transfer
10–25 Mbps: Moderate
high-definition (HD)
streaming, online gaming,
and downloading files,
shared among several
connected devices
Plan #3
$45/mo. for 6mo.
$85 After first 6
30Mbps download
5Mbbs upload
300GB mthly transfer
25–40 Mbps: Heavy HD
streaming, online gaming,
and downloading, with
many connected devices
Plan #4
$50/mo. for 6mo.
$100/mo. After first 6
1505Mbps download
15Mbps upload
1TB mthly transfer
40+ Mbps: Constant
streaming, online gaming,
and downloading, with a
large number of connected
devices
Plan #5 Living @ home $0
Option #3

Internet total:

$85
These are typical rates for Alberta. Plans and packages vary by company and location.
How much speed do you need: ​https://www.highspeedinternet.com/how-much-internet-speed-do-i-need

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TV - Cable/Movies/Gaming
Cable and TV Subscriptions
Plan #1 Plan #2 Plan #3 Plan #4
$30/mo. for 3mo. $40/mo. for 3mo. $75/mo. For 3mo. Living at
$46/mo. after $65/mo. after $93/mo. after home $0
Personal TV Popular TV Premier TV
65 channels 137 channels 176 channels
Basic news sports and Wide variety of news sports Widest selection of movies,
entertainment channels and popular TV shows shows, news and sports
Netflix
Basic - $9.99/mo. Standard - $13.99/mo. Premium - $16.99/mo.
1 screen no HD 2 screens, HD avail. 4 screens, HD and Ultra HD 4K

Other Subscriptions
o Crave TV - $9.99/mo. +Movies+HBO – 19.98
o Hulu - $5.99/mo.
o Xbox Live - $70/yr. ($5.83-$10/mo.)
o Playstation Plus Subscription - $70/yr. ($5.83-11.99/mo.)
o Other subscriptions – search for price, or assume they are $8/mo.

Options ​(list with $)

Netflix
standard(14 mon.)
Amazon prime (8)

Digital Entertainment total:

$
D. Technology
Cell phone total: $125
Internet total: $85
Digital Entertainment: $22
Monthly Total:

$232

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E. Other Costs:
Basic expenses: ​(Required)
- Household needs – cleaning supplies, paper products, cosmetics/toiletries, etc.
- Add $50/mo. or more $50.00 + __________

Clothing: ​(Required)
- #1 Used (Thrift & consignment): $20/mo.
- #2 New, non-brand: $35/mo.
- #3 Brand name: $80/mo. $35

Exercise:
- Gym membership: $100/month
- Fitness classes: $40/month
- Sports leagues: varies by sport, assume about $30/mo. $ 100

Entertainment:
- Movies at the theatre: $20 (w/ snacks $35/person)
- Other expenses will vary, include based on your habits
Eating out
- $100/month (fast food 1/week and 2 sit down meals/mo.)
- $200/ month (fast food up to 3/week, 2 sit down meal/mo.)
o Add $15 if 18+ and you have alcohol with sit down meals $ 100

Banking:
o ATM access, Transaction fees, Monthly fees – check your actual bank costs and use your total for last
month.
- If you do not know, assume that it is about $15/mo. for bank fees $ 15
- Do you have to pay fees with your bank?

D. Other costs
Monthly total:

$300

F. Savings & Investing

You should always have a balance in your bank account to access in case of an emergency. You should also have
separate accounts used to earn money for the future. Do you have enough money to do this?

​Savings and Investment Goal: $___________/mo.

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