Scenario 1
Age: 25
After-Tax Annual Income: $20,000
Status: Single Parent
Description: You have a three-year-old child, but you still live at home with your parents to save on rent. You are unsure if you should pursue a full-time career or continue working part-time to save on child-care costs. You have a car, but within the next few years you would like to move away from home.
Fixed Costs: Car (gas, insurance and car payments) - $550/month, child costs (clothing, day care) -$800/month.
Challenge: If you decide to pursue a full-time job, you need to account for the additional child-care costs. How will you begin saving for your apartment?
Scenario 2
Age: 22
After-Tax Income: $35,000
Status: Single Person
Description: You live with your parents, but you would like move away from home as soon as possible. You work full-time and have a decent salary, but you currently owe $40,000 in student debt; as a result, your monthly loan payments are almost $500 per month. It will take you approximately seven years to pay off your loan.
Fixed Costs: Student Debt & Interest - $600/month, Cell Phone contract - $55/month
Challenge: Acquiring an apartment usually requires the pre-payment of two months rent
(depending on where you live, this will be approximately $2,000). Can you structure your budget to move away from home while continuing to pay off your student debt?

Scenario 3
Age: 24
After-Tax Income: $40,000
Status: Living with a Significant Other
Description: You and your partner live together, and you are both recent university graduates. You are employed with a good income, but your partner is as of yet unable to find work. You would like to buy a car, but your income currently supports two people.
Fixed Costs: Rent -$1000/month, Cell Phone contracts - $100/month, Public Transportation passes-$250/month
Challenge: Can you afford to save? How will you budget for the eventual purchase of a vehicle (and its associated costs)?
Scenario 4
Age: 22
After-Tax Annual Income: $30,000
Status: Single
Description: You just graduated college and have your first job out of school. You recently got engaged, but continue to live at home. Unfortunately, a local factory just closed and your father has lost his job. You must help out your family expenses, but you also want to start saving for your wedding.
Fixed costs: Family expenses (helping with food, utilities and the mortgage) - $1000/month,
Cell phone contract - $50/month, Bus pass - $150/month.
Challenge: The average Canadian wedding costs approximately $20,000. Can you afford to save for a wedding and continue to help your family?

Scenario 5
Age: 60
After-Tax Annual Income: $60,000
Status: Married Person
Description: You are only a few years away from retirement, but you have very little saved for your retirement (and you will not receive a pension from your employer).You make a good salary, but when you retire you will only have the Canadian Pension Plan (CPP) to support you. Your house is paid off, but you will have little flexibility should a large, unexpected expense arise.
Fixed Costs: Car (gas, insurance and car payments) - $800/month, House taxes & Utilities -
$500/month, Medical ($200/month), Cable/phone/internet - $200/month
Challenge: Can you afford to begin saving for your retirement?
Scenario 6
Age: 45
After-Tax Annual Income: 55, 000
Status: Married Person
Description: You are married and have a family; your spouse works part-time and earns
$20,000 a year to supplement your income. You have two children who will likely be attending post-secondary school in the next few years. Your own a home, but after your monthly mortgage and car payments you have very little money leftover.
Fixed Costs: Mortgage Payment and utilities -$3,000/month, Bills - $200/month, Two vehicles - $1,250/month
Challenge: Can you currently afford to adjust your spending habits to prepare for your children’s post-secondary education?

Scenario 7
Age: 40
After-Tax Annual Income: $40,000
Status: Single person
Description: You live alone in a house that you own, but an ageing parent is beginning to experience health problems. You earn a good income that covers your expenses, but you anticipate that you will eventually need to pay for some of the costs associated with putting your parent in an assisted living facility.
Fixed Costs: Mortgage - $2,000/month, Utilities - $600/month, Car (gas, insurance and car payments) - $500/month
Challenge: Can you afford to begin saving money for your parents' eventual medical expenses?
Scenario 8
Age: 30
After-Tax Annual Income: $30,000
Status: Single person
Description: You have sporadically held low-paying jobs since graduating college several years ago. You live with a roommate, and you are responsible for half of the rent. To improve your income and long-term employment prospects, you have recently decided to return to school and upgrade your education.
Fixed Costs: Rent - $600/month, Cellphone contract - $60/month, Education - $500/month
Challenge: Can you afford to return to school full-time (with a decreased income), or parttime (and take more time to complete your program)?

Scenario 9
Age: 30
After-Tax Annual Income: $45,000
Status: Engaged
Description: You are employed full-time and live in an apartment with your partner, to whom you are engaged. Your partner also works full-time, earning $40,000 a year. You are in the process of planning your wedding (which you expect will cost at least $20,000), yet would also like to buy your own home as soon as possible.
Fixed Costs: Rent - $1200/month, Car (gas, insurance and car payments) - $800/month
Challenge: How will you budget to save for both a wedding and a down-payment for a home?
Scenario 10
Age: 80
After-Tax Annual Income: $18,000
Status: Widow/Widower
Description: You are elderly person living alone in an apartment. You rely on the Canadian
Pension Plan for your income. You have very little money saved, so any unexpected expenses would be devastating financially.
Fixed Costs: Rent - $900/month, Medication - $100/month
Challenge: Is it possible for you to save for any unexpected expenses?