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  • Creating A Budget

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    Laci Nunes
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    The document outlines a proposed budget for a student's first year after high school. It estimates total income of $46,000 from savings, part-time work, and family support. Major expenses include $11,834 for tuition and textbooks, $10,000 for a used car plus insurance and gas, $2,400 for rent and utilities living with parents, and $2,000 each for food, clothing, and restaurants/movies. The total estimated costs are $33,118, leaving $13,000 remaining in the budget.

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    Creating a Budget

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    The document outlines a proposed budget for a student's first year after high school. It estimates total income of $46,000 from savings, part-time work, and family support. Major expenses include $11,834 for tuition and textbooks, $10,000 for a used car plus insurance and gas, $2,400 for rent and utilities living with parents, and $2,000 each for food, clothing, and restaurants/movies. The total estimated costs are $33,118, leaving $13,000 remaining in the budget.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    27 views2 pages

    Creating A Budget

    Uploaded by

    Laci Nunes
    The document outlines a proposed budget for a student's first year after high school. It estimates total income of $46,000 from savings, part-time work, and family support. Major expenses include $11,834 for tuition and textbooks, $10,000 for a used car plus insurance and gas, $2,400 for rent and utilities living with parents, and $2,000 each for food, clothing, and restaurants/movies. The total estimated costs are $33,118, leaving $13,000 remaining in the budget.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Creating a Budget 

    Item  Cost  Notes 

    Income 

    Savings and  %8,000   My current savings plus what I’m planning to save 
    Investments  before post-secondary school 

    Part-Time Job  $30,000  The average yearly salary for part-time workers in 
    Ontario. 

    Other  $8,000   Family support 

    Total Income  $46,000   

    Accommodations 

    Rent and  $2,400   I plan to live with my parents who expect me to pay 
    Utilities  $200 per month. 

    Food 

    Groceries  $2,000   The average cost of groceries for one person is $214 
    per month which would equal $2568 per year. I 
    expect to spend less than this because I plan to live 
    with my parents and will sometimes eat meals they 
    prepare for me. 

    Technology 

    Cell Phone  $1,212   The average cost for a cell-phone plan in Canada is 
    $101 per month according to global news. I currently 
    have the newest Apple iPhone available so I don’t 
    expect to need a new one within the next couple of 
    years. 

    Computer  $1,800   Computers are available for much cheaper, but I 


    expect to need a higher-end laptop as well as other 
    technologies because of my desired career path  

    Internet  $240   My current wifi costs $80 per month which would 
    equal $960 per year. I am expected to pay 25% of that 
    cost. 
    Entertainment 

    TV/Streaming  $432   The cost of my current cable plan is $120 per month. 
    Netflix and Disney plus are an extra $24 per month. 
    All of this adds to $1,728 which I would pay 25% of. 

    Restaurants  $1,200   I currently spend much more than this on fast food 
    and Movies  and restaurants yearly, but this is my personal limit 
    for myself for my first year after high school. 

    Education 

    Tuition and  $11,834   The cost of tuition and textbooks for my desired 
    Textbooks  program (worked out in my financial toolkit) 

    Transportation 

    Car  $10,000  The estimated cost of a car bought second-hand 


    plus one year of insurance and gas. 

    Miscellaneous 

    Clothing  $2,000   What I expect to spend on clothing each year (about 


    $168 per month) 

    Total Cost  $33,118   There would be about $13,000 left in my budget to 
    spend on savings, unexpected needs, investments 
    and possibly some extra wants. 

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