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1 Name: Grade 11 Essential Mathematics Unit 2: Page 1 of 16

2 Types of Accounts Banks offer several types of accounts for their customers. The following are the three most popular accounts used for everyday transactions: savings account chequing account combination account electronic savings account. Before you decide what type of account to open, you need to know how you plan to use the account. Savings Accounts As the name suggests, this type of account is good if you are interested in saving money because the bank pays interest. Different banks pay different interest rates for savings accounts. The interest rates may even vary for different types of savings accounts within a given bank. This type of account is recommended if you do not intend to have a lot of transactions (withdrawing money), or if you don t need your money right away. For this reason, this account would be suitable for your budgeted monthly savings or for the money you set aside each month for your annual expenses. Chequing Accounts Typically, chequing accounts have lower interest rates than savings accounts, but they also have lower service charges; service charges are fees you pay for certain transactions. This is why chequing accounts are used for day-to-day spending activities. You could use this type of account for money you budget for monthly expenses and bills. Like the savings accounts, you can take out money at any time using the same means as a savings account, but you can also write cheques. Combination Accounts If you do not want to have multiple bank accounts, you can always open a combination account. This account is part savings and part chequing, so it allows you to save as well as access your money on a day-to-day basis. One difference between a combination account and either a savings or a chequing account is the amount of interest you earn. The majority of these accounts earn interest only if the amount of money in the account is over a certain amount. This means that you would have to save up to \$500, for example, before you would earn any interest. Electronic Savings Accounts This account is a form of savings account that has become more popular in recent years, with the rise of online banking. Electronic savings (or e-savings) accounts typically earn a higher rate of Page 2 of 16

5 Learning Activity 2.1: Types of Bank Accounts Show your work on loose-leaf. 1. Match the bank account that would best suit each of the following people: Shawna would like to buy a car in two years. Ivan uses his debt card every day to pay for lunch at school. Aleena is saving to go on a trip to India, but also has to pay for shots, medicine and clothing before she leaves. Combination Account Savings Account Chequing Account 2. State three avoidable service charges that you may have when you have a bank account. Explain how you could minimize or avoid them. 3. What is the main difference between a Savings account and a chequing account? Explain why a chequing account may be a better choice for someone. 4. What makes a combination account different than savings and chequing accounts? Why would this type of account be a good choice for someone? Page 5 of 16

9 Preparing a Budget As you can see on the budget form, the monthly budget is divided into five sections: Net income Monthly savings Monthly expenses Annual expenses Summary A financial plan is a tool to help you reach your goals. If includes preparing and following a budget. Budgeting helps you to: live within your income identify financial priorities pay bills meet financial emergencies gain a sense of financial independence save and invest to reach financial goals One critical tip is you pay yourself first. Set aside 10% of your net income for investing, paying off debt or build an emergency fund. The following table shows recommended levels of spending (guidelines only): Category Percent Housing 30% Food 25% Transportation 12.5% Clothing 7.5% Health/Fitness 5% Entertainment 5% Insurance 5% Savings 10% Page 9 of 16

11 Monthly Budget Form Grade 11 Essentials Math 1. Net Income Amount per Annual Average Monthly Income pay period Amount First Income \$ 370*52 \$_ ) \$_3 211 Second Income \$ 742*26 \$_ Other Income \$ \$ Total Annual Income \$_ Monthly Savings 2. Monthly Savings \$_ ) \$_ (10% of Average Monthly Income) 3. Monthly Expenses Mortgage or Rent \$ Car Payments \$ Telephone \$ 40 Electricity \$ 90 Other Utilities \$ Cable \$ Groceries \$ 370 Clothing \$ 180 Car Maintenance \$ Gasoline \$ 190 Health and Disability Insurance \$ Personal Care \$ 45 Entertainment \$ 150 Other Furniture \$ Other Gifts \$ Total Monthly Expenses TOTAL MONTHLY EXPENSES 3) \$ Annual Expenses Annual Amount Monthly Amount Car Insurance \$_ \$ Life Insurance \$_ \$ Property Taxes \$_ \$ Home Insurance \$_ \$ Vacations \$ \$ Newspaper and Periodicals \$_220 \$ Other \$ \$ Total Monthly Contributions to Annual Expenses TOTAL MONTHLY CONTRIBUTIONS TO ANNUAL EXPENSES 4) \$_ Summary 1. Average Monthly Income 1) \$_ Savings 2) \$_ Total Monthly Expenses 3) \$_ Total Monthly Contributions to Annual Expenses 4) \$_ Total Amounts \$ Amount available for other savings or expenditures (deficit) 5) \$ (176.57) Note: If a budget is in a deficit positions, it needs to be analyzed for possible adjustments to spending Page 11 of 16

12 Jason and Camilla are in a deficit. (A deficit is indicated by the brackets.) This means that they are spending more money than they make. This is not a good financial situation. You do not want to spend more money than you have. What changes can you suggest to Jason and Camilla so they can balance their budget? (A balanced budget means they aren t spending more than they earn) Analyzing the budget it looks like they have spent a lot of money this month on furniture and entertainment. If you don t have enough money they should not be spending money on furniture or gifts. Although, if they just purchased a house they likely will not have to purchase furniture every month so this expense will not occur next month which would mean that they will have a balanced budget next month. Page 12 of 16

13 Example: Jason Williams and Carol Grimes are a young married couple who have just purchased their first home. Jason is a desktop publisher and receives a gross salary of \$480 a week. After deductions, his net salary is \$370 a week. Carol is a pharmacy technician and receives a gross salary of \$882 biweekly. After deductions, her net biweekly salary is \$742. Jason and Carol prepare a budget each month. If their budget indicates a shortfall or deficit, they adjust the budget to remove the deficit. Jason and Carol would like to purchase living room furniture during the month of March. They expect their other expenses for the month of March to include the following: a mortgage payment is \$ car payment is \$ a telecommunications payment is \$42.50 a hydro payment is \$90.00 a heating and water payments are \$ a cable payment is \$21.20 a groceries are \$ a clothing is \$ a gasoline expense is \$92.00 a health and disability insurance is \$62.80 a month a personal care expenses are \$45.00 an entertainment is \$ Their annual expenses include the following Autopac payment is \$ life insurance premiums are \$ property taxes on their new home are \$ home insurance is \$ newspapers and periodicals are \$220 a year a. Can Jason and Carol afford to purchase a new living room set? No, they cannot afford to purchase the new furniture because their budget is in a deficit. b. If Jason and Carol don t have a balanced budget, can you make some suggestions where they can reduce the amount they spend each month? If they wanted to save money for the purchase of the new furniture then I would suggest that they spend less on clothing and entertainment each month. They can save this money each month until they have enough to purchase the new furniture. Page 13 of 16

14 Monthly Budget Form Grade 11 Essentials Math 1. Net Income Amount per Annual Average Monthly Income pay period Amount First Income \$ 370 x 52 \$ ) \$_3 211 Second Income \$ 742 x 26 \$ Other Income \$ \$ Total Annual Income \$ Monthly Savings 2. Monthly Savings \$_3 211 x ) \$_ (10% of Average Monthly Income) 3. Monthly Expenses Mortgage or Rent \$_ Car Payments \$_ Telephone \$_42.50 Electricity \$_90.00 Other Utilities \$_ Cable \$_21.20 Groceries \$_ Clothing \$_ Car Maintenance \$ Gasoline \$_92.00 Health and Disability Insurance \$_62.80 Personal Care \$_45.00 Entertainment \$_ Other (furniture) \$ Other (gifts) \$ Total Monthly Expenses TOTAL MONTHLY EXPENSES 3) \$_ Annual Expenses Annual Amount Monthly Amount Car Insurance \$_ \$_69.71 Life Insurance \$_ \$_30.85 Property Taxes \$_ \$_ Home Insurance \$_ \$_33.18 Vacations \$ \$ Newspaper and Periodicals \$_ \$_18.33 Other \$ \$ Total Monthly Contributions to Annual Expenses TOTAL MONTHLY CONTRIBUTIONS TO ANNUAL EXPENSES 4) \$_ Summary 1. Average Monthly Income 1) \$_ Savings 2) \$ Total Monthly Expenses 3) \$ Total Monthly Contributions to Annual Expenses 4) \$_ Total Amounts \$_ Amount available for other savings or expenditures (deficit) 5) \$_(362.97) Note: If a budget is in a deficit positions, it needs to be analyzed for possible adjustments to spending Deficit positions are shown in brackets this means that you have spent more money than you earn. Page 14 of 16

15 Curriculum Outcomes: 11E4.M.1. Solve problems that involve personal budgets. Assignment: Budgets 1. Prepare a budget for Kirk Donner for the month of October. Use one of the budget forms provided at the end of the lesson, or create a worksheet of your own. Kirk is a university student who lives at home with his parents. During the past year, he worked for a lawn service in the summer months and earned a net income of \$4800. He also works part-time during the year, and earns a net income of \$90 per week. Kirk was awarded a scholarship of \$1000. Kirk s expenses for the month of October will include the following: payment of \$ to his parents for board and room car payment is \$ gasoline expense is \$65.00 clothing is \$ personal care expense is \$25.00 entertainment expense is \$ gifts are \$35.00 CD expense is \$20.00 Kirk s annual expenses will include the following: university tuition is \$3200 books and supplies are \$550 Autopac payment is \$ vacation is \$750 magazine subscription is \$28 a year Christmas gifts are \$ b) Is Kirk s budget in a deficit position? c) Kirk has to pay for his textbooks. Will he be able to? Page 15 of 16

16 2. Prepare a budget for Dana Smythe for the month of May. Use one of the budget forms provided at the end of the lesson, or create a worksheet of your own. Dana has completed a welding course and has just started working. She has a biweekly net salary of \$1090. Dana is trying to save money to buy a car. Her expenses for the month of August will include the following: rent payment is \$525.00, and she shares this with her two roommates bus pass is \$55.85 telecommunications payment is \$30.00, which she shares with her two roommates hydro payment is \$56.00, which she shares with her two roommates water payment is \$36.00, which she shares with her two roommates cable payment is \$21.20 which she shares with her two roommates groceries are \$ clothing is \$ health and disability insurance is \$42.80 personal care expense is \$3000 entertainment expense is \$8000 gifts are \$2140 student loan payment is \$ charitable contribution is \$25.00 Dana s annual expenses will include the following: tenant s insurance is \$252, which she shares with her two roommates vacation is \$1500 newspaper subscription is \$168.60, which she shares with her two roommates gym membership is \$450 a) Is Dana s budget in a deficit position? b) Dana would like to purchase a car for about \$8000 in the near future. How much is Dana able to set aside in May to purchase a car? How long will it take Dana until she is able to afford a car if she sets aside the same amount each month? Page 16 of 16

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