Sample. M Financial Plan - Handout i By the day I leave high school, what do I want to have done? pass all my courses with a 75% average

Transcription

1 M Financial Plan - ir4 % )i Handout i5-1 j to keep it up-to-date. Remembe afinancial plan is a living document Before you start, you have to know where you want to end up. to research and check out anything you aren t sure of. roads and into dead ends. Fill in the blanks that apply to you with as much detail as you can. Take the time there with less trouble and less expense. A roadrnap thats vague or inaccurate can lead you down rough Name lass/block 1 A financial plan is your roadrnap to your future. A roadrnap that s detailed and accurate can help you get My future career goal is to: open my own restaurant it 1. By the day I leave high school, what do I want to have done? My education goal: My work goal: My savings goal: L My personal goals: be ready to move into an apartment with a roommate and get a cat line up a full-time jobfor the summer after I leave high school work part-time at a restaurant while I m in Grades 11 and 12 and save $1,500for my college tuition pass all my courses with a 75% average changes as you do. heck it and revise it regularly Any Student Date July 13,2006 I

2 [date] July 1, 2007 to [date] July 1, One year after I leave high school, what do I want to have done? The year after I leave high school runs from: I1h 11 need some education or training. My education/training goal is to: I have to have ajob to get money and experience. My employment goal is to: I don t want to work for anyone else. I ll create my own job. My business goal is to: My goal is to completefirst year arts with a 75% average at the University of Northern British olumbia My goal is to save $S50O in my collegefund by the end of My goal is to work at Burger Joint when I graduate, andfind a new job paying at least $2,000 a month My goal is to establish a profitable small business selling T-shirts to students in the Okanagan region My goal is to save $5,500 in my business start-upfund by the end of My goal is to save $4,500 by the end of 2007so I can travel. by spring by July by September you ve accomplished them. E.g.: Write your goals so they re achievable, so they have a clear timeframe and so you ll know when take at least one vacation andfind an apartment in a nicer area by June 1, 2008 The rest of my life is important, too. My personal goals are to: take a course on restaurant management by July 1, 2008 get as much experience as I can working in a high-end restaurant by July 1, 2008 complete the cook training course at the culinary institute by June 1, 2008 To support my career goal: My Financial Plan - 9r OUt

3 after high school. Enter any dates that apply below 3. When do I have to have things ready? What are my deadhnes? You ll have to keep track of dates and deadlines to make sure you can accomplish your goals for the rst year Apply for employment Apply for apprenticeship or other work program Use theform at the end of this plan to keep track of any applications you make. reate a timeline or put these Buy insurance (home, contents, car, etc.) My education Pay tuition and student fees My job Buy equipment and supplies Enrol in job training program Enrol in job placement program D D D D ZZ1 ib Apply to educational institutions Apply for government scholarships/bursaries Apply for community/other schol arships/bursaries Apply for student loan Apply for student housing Arrange R ES P/investment withdrawals July3O,2007 September l September l5, 2007 September 1, 2007 April 15, 2007 July as soon as you have your records Use the PAS B online application at to apply to educational institutions in B. Apply the earlier the better hange address on ID and other records Apply for Social Insurance Number Arrange utilities and telecommunications Transfer banking accounts Move to new home (apartment, university residence, etc.) Apply for B Medical insurance September 1, 2007 September 1, 2007 September tember 1,2007 family coveragefor lyr already have it Keeping my life together when done Date heck / dates in your daytimer or calendar so you don t lose track of them. get key information and enter it below. fyou don t know of any important deadlines, use the internet, published information or telephone contacts to you find deadlines for education programs in B. on the EducationPlanner webs ite ( can help M Financial Plan -

4 Eeck out the resources on sef employment on the Work! njonet r outh webs ftc (wwwworkirfonetbccaiyouth). Apply for line of credit or other loans Q Research and write business plan Working for myself Meet with a business adviser Q Mj Financial Plan -

5 Assets Date I leave hjgh school June 30,2007 M!j Financial Plan - I S This is your projected net worth statementfor the end of high school. My total assets My total debts My net worth (total assets minus total debts) My other assets My scholarships/bursaries My investments My credit card balances My bank or other loans My other debts (money owed to family and friends) My student loans (the money 11 owe) My car loan Debts ontributions from family and friends Other RESP in my name My savings My student loans (the money Ill get) List any debts you expect to be responsiblefor - is 4, = (A B) jo6 hoa F s ,ooo.oo s $ 1, same as theirs. onsu1tyourfamily before including assetsfrom them to be sure yourfinancial expectations are the set asideforyou. Enter any amounts that appy Lstñnancal assets you expect to have when you eave high school, citheryour own or those your fam(y has 4. What will I be starting out with? I

6 your Freedom 18 Budget research to help you estimate. List the income you expect to have in the year (the complete 12 month period) afteryou leave high school. Use 5. What will my income be? Total Income - 3, Income after deductions Income from investments or other sources On-going financial support from family 3,00o.0o I leave high school The year after as assets in Part 4. include here scholarships, bursaries, loans, gifts orsimilarone-time receipts of money List them M Financial Plan - I fl JOt t )l cn mu i)

7 your Freedom 18 Budget research to help you estimate. Total expenses Total variable expenses S avi rigs Household (cleaning, maintenance, furniture) Other Books, supplies Health care (medical insurance, dental, glasses/lenses, medications) Pets Public transit Groceries Eating out Tuition, fees hildcare lothing Personal care (toiletries, hair care, make-up, laundry, etc.) Recreation (movies, games, DVD/videos, music, clubs, Education, lessons, etc. Food ar (gas, maintenance, repairs) Gifts and charitable donations Travel omputer (hardware, software, accessories, supplies) Variable concerts, sports, etc.) Transportation Home or contents Other loan payments Insurance Other (e.g.: travel medical) Telecommunications (cable, internet, telephone, cellphone) Other ar payments Housing Utilities (electricity, gas) Fixed ar Total fixed expenses List the expenses you expect to have ifl the year the complete 12 month period) after you leave high school. Use 6. What will my expenses be? $ _16,2QçQfl TJZ ZZ H Is $ $ $ I $ 1, $ $ $ FZEZEII $ $1 $ $ 4,800.ö vh9h2cl The year after My Financial Plan - Lt J

8 In the year after leave high school: Enter the information from your estimates in the blanks below. 7. Will I have enough money to meet my goals? 3) Use your resources! Try the funding strategies in Step 8. 2) Push on! Work more to earn more money and adjust Step 5. 1) ut back! Reduce your expenses and adjust Step 6. tf the dfference is a negative number; you have afew options. Additional savings I can add to my assets from F (if positive) f the dfference is a positive number; you can add it to your savings. Is Expenses Income Difference from Er fromd M Financial Plan - (13,2iTU 16, , fl( 01 t )I o t. 1) Li-fl. I

9 You can raise thefunds you need with these strategies: You have resources. 8. What can I do to get the extra money I need? f the resources you can use are greater than your excess expensec, decide which you ll usefirst. Apply for additional community/other schol arsh ips/bursaries Apply for additional government scholarships/bursaries Apply for additional student loans Apply for a bank loan or line of credit Earn additional income in part-time or full-time employment Apply for a co-operative work arrangement Earn income from self-employment Apply for an apprenticeship program Apply for sponsorship Apply to a military program Total Ask family for support Use the assets I listed in Step 4: Use my scholarships and bursaries Use my student loan Use my savings Use my RESP and other investments $ 4ooaoo 4 s s i5,9oo.oo js is 3, is L$ 3, S Ls oaoj Amount oo (wwwworkinfonetbcca/youth). or advice, check out the Achieve B website www achievebc.ca) and the WorkinfoNET Youth website Mg Financial Plan - -I.,et I -i;

10 Fri ends Family members parents, aunt can lend mefurniturefor apartment 9. Where can I get the support and advice 1 need? BS website ( j check worksheets in students area of website School counsellors and career centre Planning 10 teacher Achieve B website ( lots of links on schools and jobs WorklnfoNET Youth website ( good info on jobs Online resources yourmoneycbaca has financial planning advice Library and other information resources library has recipe books I can use Financial advisers parents jinancial adviser will tell me about RESP payments ommunity agencies Bank Education Foundation has online advice EducationPlanner website ( [çççk info on financial aid ommunity leaders Junior hefs adviser can give references M Financial Plan -

11 Use this checkiist to think ahead about possible problems and howyou d solve them. 10. What could go wrong? I 14 What other problems might come up? Aunt has lots of experience and I can talk to her Who can I call for emergency advice if things don t work out? ontactfriends and Employment entre tofind job in another restaurant How will I make money if my job falls through? Its in my budget Do I have enough insurance? No I ll have to ask Mom and Dad Do I have an emergency fund for unplanned expenses? I ll applyfor more student loans What will do if dont meet my savings goal? Wait a semester to apply and work three months longer What will do if the cost of tuition or some of my other expenses go up a lot? Put dates on calendar How will I make sure I don t miss any important dates and deadlines? Mg Financial Plan - Hfrt ii

12 plan regulary to adaptyour plan to changes in your lfe and your goals. No plan can anticipate everything that may come up in the future. That s why it s important to review your 11. How do I keep my plan up-to-date? affordacaryet. by living at home instead of in an apartment until! have afull-time job. My dad says he thinks It would be safer to take a car instead of transit to work. But I don t think I can your discussion. My mom says this is realistic because I like to cook, but she thinks I should save money Discuss yourfinancial plan with your parents or guardians to be sure it s realisticforyou. Write a summary of 12. Family check-in in [month] j of each year. To keep my plan up-to-date, 11 review and update it at click Planning 10. Then you can update it easiy every year.aveyour plan onyourcomputer using the downloadablefile availablefrom the BS M Financial Plan -

13 r My applications for Scholarships and bursar/es each type of application employment, Applications Template schools, scholarships, bursar/es, etc. My Financial Plan - Apply to: Apply by: heck back by: Name of contact: Address: Apply to: Apply by: heck back by: Name of contact. Address: Name of contact: Address: Apply to: Apply by: heck back by: Name of contact: Address: Apply to: Apply by: heck back by: Name of contact: Address: Apply to: heck back by: Apply by: Apply to: Apply by: heck back by: Name of contact: Address: Phone: June 30,2008 March 31, Mr. Ben Sandhu Phone: Box 12858, edar Junction Southern Kinetic Society June 15, 2008 April 1, Mr. Bill Wheeler Phone: entralroad,edarfalls Revolvinglub June 1, 2008 Februaryi,2008 Ms. Rosalie Wong Phone: E mail: Phone: Phone: Broadway, edar Heights Les Dames d Escoffier Bursaryfor ooking Students Lse tbs form to keep track of importar?r contacts and deadlines. ivlake copies and keep a separate pagefor