Budget Assignment

Budget for first year of life after High School (8-month budget, September-April)
Notes
Sources of Income Total Amount (Explain how you decided on that yearly
amount and include all sources)
$14.25/h is minimum wage for students over
18. I will obtain that much if I find a part-
time job and work 28 hours each week for
Part Time Job (in university) $13,965 35 weeks (8 months).

$14.25 x 28 = $399
$399 x 35 = $13965
minimum wage of a student under 18 is
$13.40/h
Part Time Job (high school
$39,020.80
for 2 years) $13.40 x 28 hours a week = $375.20 x 52
weeks in a year = $19,510.40 a year,
$19,510.40 x 2 years = $39,020.80
Since the age of 6, my parents have been
depositing $300 each month into my RESP.
Every year, a CESG of 20% is given to the first
$2,500 of contributions.

20% x $2,500 = $500

(age - 6) x 12 x 300 = money in the account

w/o the CESG

I will be 18 years old when they go to

university

= (18-6) x 12 months x $300 per month

= 12 x 12 x 300
RESP $12,300
= $43,200

CESG 12 years, every year $500

= 12 years x $500 per year

= $6,000

Total in account
= $43,200 + $6,000
= $49,200

My RESP has $49,200 (12,300 per year) and

It will cover my university tuition as well as
any other school related expenses.

My parents informed me that there is about

Savings $8000
8000 in my savings account
Budget Assignment

TOTAL INCOME $73,285.80

Expenses Total Amount Notes

My Fido phone bill is $45 each month, so

Phone bill $360
over the course of 8 months
Tuition $5,966.40 Tuition for one year at McMaster university
For $232 per month eating meals and going
Eating/Going out $1,856
out. That is $1,856 for 8 months
For $150 a month for groceries that’s $1,200
Groceries $1,200
for 8 months
Textbooks are around $1400 for a whole
Textbooks $1,400
year
If four students agreed to pay $575 per
Rent and Utilities $4,880 month to rent a $2,300 home in Hamilton.
Utilities is $280
Furniture/Home items $500 Utensils, bedding, pots, and pans, etc.
The average monthly payment of a car that
is $20,000 at 5% APR for 60 months the
Transportation $3019.36 monthly payment would be $377.42.

$377.42 x 8 = $3019.36
Gifts, unexpected pop-up payments, and so
Other $300
on

TOTAL EXPENSES $19,481.76

Total income – Total expenses

TOTAL LEFTOVER $53,804.04 = $73,285.80 -$19,481.76
= $53,804.04