Name:
Budget Unit – Marking Criteria
Marking criteria for each section below are:
a.
completion and clarity of each mini-assignment
b.
accurate recording of figures, percentages, and costs
c.
when appropriate, clear, concise answers to specific questions
Mini-assignments
A. Occupation, Income, Spending Budget
B. Accommodation, Hook-up Costs, and Abbreviations
C. Tenancy Act Questions
D. Menu and Food Costs
E. Clothing
F. Transportation
G. Recreation/Entertainment
H. Personal Care Items and Medical Costs
I. Charities/Gifts/Miscellaneous
J. Savings
K. Little things we forgot to tell you
L. Budget Analysis and Conclusion
Total:
/60
Comments and/or corrections that need to be made:
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Page 1 of 13
Name:
Occupation, Income, and Spending Budget
Starting Wage:
OR Gross Income: (40 h/wk x 50 weeks)
(before deductions)
Subtract: 30% Income Tax
And other deductions
Total Net Income:
(after deductions)
Monthly Income:
(divide Net Income by 12)
__________________
__________________
__________________
__________________
__________________
Categories for Spending
Category
Gov. of Canada
Suggested %
Accommodations
37%
Food
18%
Clothing
5%
Transportation
10%
Recreation/Entertainment
5%
Personal Care/Health
5%
Miscellaneous/Charities
10%
Savings
10%
Totals
100%
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Gov. of Canada
Suggested Monthly
Amount
Page 2 of 13
Name:
Accommodations and Hook-up Costs
Suggested Monthly Amount: $
In the box, indicate how many roommates you will have. If you aren’t having a
roommate, indicate 0.
Why did you select this place?
Attach your ad to
the back of this.
_______________________________________________
_______________________________________________
Monthly Costs:
Rent:
__________________
Utilities (heat/hydro/hot water)
__________________
Telephone (optional):
__________________
Cable (optional):
__________________
Internet (optional):
__________________
Total:
Divided by # of Roommates = (A)
Costs That Are Not Shared:
Cellular Phone (optional):
__________________
Tenant’s Insurance
__________________
Total:
__________________
Total Accommodation Expenses:
(B)
(A) + (B) =
Hook-up costs are one-time costs that you must pay in order to receive the service. You need to
be aware of it but you do not need to factor these costs into this budget.
Telus:
$26.95
FortisBC:
$85.00
Shaw Cable: $39.95
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Page 3 of 13
Name:
Accommodations – Abreviations
What is the meaning of the following abbreviations taken from the newspaper “For Rent” ads?
Bldg
w/w
H/w
ste
Nr
f/f fridge
Grd
br
Pkg
flr
Ldry
lse
Ref req’d
d/w
W/d
cv incl
N/p f/p o/d pool
n/s
Utils incl
t’hse
Prv entr
crn
Hse
grd lvl
Mn flr
av immed
Gar
exc loc
Mn flr ste
bsmt ste
Rec ctr
lux condo
Shr ldry
sec pkg
Cds
balc
B/I vac
2BR m/flr ste New
carpets & ktchn Close to
SFU & Lougheed Mall
$800/mo 937-5878
2 bdrm grd lvl shr lndry
n/dogs $700 incl util 9448451
Hurry! 1BR ht pd w/lndry
$50 299-9211 Active
Mgmt No fee
1 & 2BRs incl heat h/w
pkg Very quiet, Beaut
area in Sry Seniors also
welcome 584-7475
Loaded! 2BR utlis pd n/s
$950 299-9211 Active
Mgmt No fee
1BR ste newly renov w/d
+ 3 appls Nr Skytrain
$550 util incl Avail
immed 580-3143
2BR stes PoCo $625 &
$675 heat/hw/cbl prkg
inc. 464-3550
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1849 Salisbury Ave New
2BR/bsmt all appls $700
Immed Call Sing 8732288
Bright 1BR with balcony
sec. U/g prkg $550 Avail
Immed 255-5290
Spac. Modern 1 & 2BR
No pets 523 Galensbury
939-8653
Maryhill Newer 2BR/mn
flr. F/p 5 appls no pets
$850 + 2/3 util Oct 1 2998971
3BR main flr ste $850
incl hydro 294-0248 or
583-3504
Bright 3BR mn flr f/p nr
amen, school fenced no
pets $800 negot 597-/8/6
589-7911
2BR apt $680-$720/mo
PoCo No pets 941-9051
Lge 2BR penthouse oak
flrs patio d/w $1050/mo
2525 Lonsdale Ph 9851297
1BR bsmt ste nr Skytrain
N/S $400 incl utils
5801062
3BR upper flr of hse 1 ½
bath nr Guildford $800
944-6075
$450 mo utils incl furn or
unf btwn No 10 Hwy &
Scotsdale Mall now 5913804 aft 6
Brand new 1BR ste
Av/immed $500 596-6812
596-5651
Lge 3BR mn flr landry
Oct 15 $825 + util 2905926 mgs
Lge new 1bdrm bsmt ste
Oct 1 $500 incl untils5962938
Clean 2BR grnd lvl f/p n/s
n/pets nr schools,
shopping, bus $525 Av
now 582-2529
Nr Guildford clean 2BR
$600 N/pet sec prkg Oct 1
581-7070
Pets stes $350/hses $430+
Homehunters 589-6111
fee
Wentworth Place 10736
150th St. 1BR & 3BR stes
$490 to $715 No pets
581-2915
Stylish! 1BR all utils pd
$800 299-9211Ative
mgmt no fee
SENIORS BLDG
Guildford area 2 & 3BR
immed Secured pkg 5852132
1BR attic ste w/skylights
& view $550 incl utils
Avial immed 583-1614
Great view top flr 2BR
2bth in ste appl u/g prkg
New blcg 534-6863 or
860-3066
!BR bsmt ste avail now
$500 939-2097 aft 5pm
1BR new ste avail immed
No pets n/s $500 incl all
util 597-8785
Spacious grnd level 1BR
ste on acr Avail immed 3
appls f/p n/s no pets $750
+ ½ utils 531-1320
2 BR bsmnt $650
Available Oct 1 941-1613
New 1BR bsmt ste
Newton avail Oct 1 n/s
n/pets $475 incl hydro &
cable 597-5605
Page 4 of 13
Name:
Budget Assignment
On My Own
Renting My First Apartment
Find a copy of the Residential Tenancy Act – “Fairness in Renting – A Guide for Tenants” or go
on-line at www.pssg.gov.bc.ca/rto/publidations/guides/RTAGuidebook.pdf and answer the
following questions:
1.
What is a tenancy agreement? ( /2)
2.
What is a Security Deposit and what does it cover? (Read entire booklet to find the
answers) ( /2)
3.
What are the Tenants’ rights and obligations? ( /9)
a)
b)
c)
d)
e)
f)
g)
h)
i)
What are the landlords” rights and obligations? ( /14)
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
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Page 5 of 13
Name:
k)
l)
m)
n)
4.
When is rent usually paid? ( /1)
5.
What is arbitration? ( /1)
6.
What is a justifiable rent increase? ( /1)
7.
What is involved in a rent increase dispute? ( /1)
8.
What is involved in ending a tenancy? ( /1)
9.
How do you get your security deposit back? What happens if you are unable to do so?
( /2)
10.
Where is the closest Residential Tenancy Branch Office? ( /1)
What is the toll-free number that you can call for information? ( /1)
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Page 6 of 13
Name:
WEEKLY GROCERY LIST & FOOD COSTS
Suggested Monthly Cost $
Items needed weekly
#
x Cost/Item
Total Cost
Subtotal (A)
+ 10%
Subtotal (B)
(B)
x 4 = (C)
Items needed monthly
#
X Cost/Item
Total Cost
Subtotal (D)
(C)
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+ (D)
= Total Monthly Food Costs $
Page 7 of 13
Name:
Budget Assignment - Clothing
Suggested monthly cost $
Make a list of clothing items that you will need to buy over the next year. You may need clothes
to handle job expectations and your lifestyle.
1. CAREER
(include one
Formal outfit
For job
Interviews)
Clothing: Name of Item
Quantity
Total Cost
Total A
2. WEEKENDS
Clothing: Name of Item
Quantity
Total Cost
Total B
3. RECREATION
A
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+B
Clothing: Name of Item
+C
=
Quantity
Total Cost
/12 = Total Monthly Cost
Page 8 of 13
Name:
PERSONAL CARE ITEMS AND MEDICAL COSTS
Suggested monthly cost: $
PERSONAL CARE ITEMS
$
$
$
$
$
$
$
$
$
$
$
TOTAL (A) $
$
HOUSEHOLD CARE ITEMS
$
$
$
$
TOTAL (B) $
MEDICAL COSTS
BC Medical/Dental Care
$12.00
Medicines/Prescriptions
$10.00
Birth Control (if sexually active)
$
TOTAL © $
TOTALS (A) + (B) + (C) = TOTAL MONTHLY EXPENSE
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$
Page 9 of 13
Name:
Recreation/Entertainment
SUGGESTED MONTHLY COST: $ ______________________
Activities I enjoy doing
(remember seasonal activities)
Times per month Cost each time
Cost per month
Other Costs:
A.
Annual Fees (club memberships) (yearly / 12)
$___________
B.
Annual Equipment Costs (yearly ________________ /12)
$___________
C.
Weekend trips/vacations (long term outlook: 5 years; yearly funds /12)
$___________
D.
Yearly/Monthly subscriptions for magazines, newspapers, etc.
$___________
E.
Otherwise known as the government SIN Taxes (cigarettes, alcohol)
$___________
Total
$___________
TRANSPORTATION
Suggested monthly cost =
Car
Make/model/year
Price $
Monthly Payments ($200
used; $600 new)
Per month
Fuel, per month
Maintenance/repairs (oil
changes, tires, belts; ask
someone who owns a vehicle
for an estimate)
Per month
Car insurance
($1800 / 12 = per month
Total
$
$
$
Going Green
Bus pass per month
$
Bike and maintenance
Taxi
$
$
Car pooling costs
$
$
$
Total $
MONTHLY BUDGETED COST OF TRANSPORTATION $
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Page 10 of 13
Name:
CHARITIES/GIFTS/MISCELLANEOUS
Suggested Monthly Amount: $
A. Charitable Donations
Name of Organization
Amount
$
$
$
$
Total (A)
B. Gifts:
Birthdays
$
$
$
$
$
Christmas:
$
$
$
$
$
$
$
$
Total (B)
Total Expenses: (A) + (B) = $
/ 12 =
Whatever is left over (Suggested Amount minus Total Expenses) may be used for other
categories where you have spent more than the suggested amounts.
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Page 11 of 13
Name:
LITTLE THINGS WE FORGOT TO TELL YOU!
1.
I HAVE TO PAY TAXES???
Ask someone you know who has a job (either full-time or part-time) to identify the
different deductions that are taken off of his/her paycheque. If you work, you can use
one of your own pay stubs.
a.
b.
2.
c.
d.
CREDIT CARDS AND YOU!
What is the annual rate of interest for the following credit cards:
VISA (Royal Bank or CIBC)
Mastercard (Bank of Montreal)
% per annum
% per annum
If you have an outstanding balance of $1,000.00 for a one month period, what will your
interest fee be?
(% per annum / 12) x 1000 =
3.
How much will your damage deposit be? (1/2 of your monthly rent) =
Have you thought about what you will do for furniture? What is the basic furniture that
you will need and how much will it cost? $
4.
You will need some means of transportation to move all of your possessions into your
new home. Call a local moving company or a car/truck rental agency to find out how
much it will cost to rent a small van for one day.
5.
What other options do you have when it comes to moving day?
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Page 12 of 13
Name:
Savings Plan
Pay Yourself First!
(You must put 10% of your monthly income here.)
SUGGESTED MONTHLY AMOUNT: $
I intend to invest my money in the following ways:
Monthly
Amount
Savings
Account
RRSPs
Bonds
(low risk)
Stocks
(high risk)
Mutual Funds
Life
Insurance
Annual
Amount
Interest Rate
(ie. 0.0375)
Annual
Interest
Annual
Amount
Total Annual
Amount +
Interest
x 12 =
x
0.
%=
+
=
x 12 =
x
0.
%=
+
=
x 12 =
x
0.
%=
+
=
x 12 =
x
0.
%=
+
=
x 12 =
x
0.
%=
+
=
x 12 =
x
0.
%=
+
=
TOTAL MONTHLY EXPENSES: $
I will have saved $
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(monthly expenses x 12) at the end of the first year.
Page 13 of 13