open my own restaurant Remember, a financial plan is a living document it changes as you do. Check it and revise it regularly to keep it up-to-date.

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1 Overhead 14-3 Name: Any Student Class/Block: 1 Date: June 13, 2010 A financial plan is your roadmap to your future. A roadmap that s detailed and accurate can help you get there with less trouble and less expense. A roadmap that s vague or inaccurate can lead you down rough roads and into dead ends. Fill in the blanks that apply to you with as much detail as you can. Take the time to research and check out anything you aren t sure of. Before you start, you have to know where you want to end up. My future career goal is to: open my own restaurant Remember, a financial plan is a living document it changes as you do. Check it and revise it regularly to keep it up-to-date. 1. By the day I leave high school, what do I want to have done? My education goal: pass all my courses with a 75% average My work goal: My savings goal: work part-time at a restaurant while I m in Grades 11 and 12 and line up a full-time job for the summer after I leave high school save $1,500 for my college tuition My personal goals: be ready to move into an apartment with a roommate and get a cat Write your goals so they re achievable, they have a clear timeframe and so you ll know when you ve accomplished them. E.g.: My goal is to complete first year arts with a 75% average at the University of Northern British Columbia by spring My goal is to save $5,500 in my college fund by the end of My goal is to work at Burger Joint when I graduate, and find a new job paying at least $2,000 a month by July My goal is to establish a profitable small business selling T-shirts to students in the Okanagan region by September My goal is to save $5,500 in my business start-up fund by the end of My goal is to save $4,500 by the end of 2012 so I can travel _TSS_r1.indd 13

2 2. One year after I leave high school, what do I want to have done? The year after I leave high school runs from: [date] July 1, 2012 to [date] July 1, 2013 To support my career goal: I ll need some education or training. My education/training goal is to: complete the cook training course at the culinary institute by June 1, 2013 I have to have a job to get money and experience. My employment goal is to: get as much experience as I can working in a high-end restaurant by July 1, 2013 I don t want to work for anyone else. I ll create my own job. My business goal is to: take a course on restaurant management by July 1, 2013 The rest of my life is important, too. My personal goals are to: take at least one vacation in the sun by June 1, _TSS_r1.indd 14

3 Overhead 14-3 (continued) 3. When do I have to have things ready? What are my deadlines? You ll have to keep track of dates and deadlines to make sure you can accomplish your goals for the first year after high school. Enter any dates that apply below. The program information on the EducationPlanner website ( can help you find deadlines for education programs in BC. If you don t know of any important deadlines, use the internet, published information or telephone contacts to get key information and enter it below. Use the form at the end of this plan to keep track of any applications you make. Create a timeline or put these dates in your daytimer or calendar so you don t lose track of them. Date Check 3 Keeping my life together when done Move to new home (apartment, university residence, etc.) September 1, 2012 o Arrange utilities and telecommunications September 1, 2012 o Buy insurance (home, contents, car, etc.) September 1, 2012 o Apply for Social Insurance Number already have it o3 Apply for BC Medical insurance family coverage for 1 year o3 Transfer banking accounts not needed o3 Change address on ID and other records September 1, 2012 o My education Apply to educational institutions July 30, 2012 o Use the PAS BC online application at to apply to educational institutions in BC. Apply as soon as you have your records the earlier the better. Pay tuition and student fees September 15, 2012 o Apply for government scholarships/bursaries July 15, 2012 o Apply for community/other scholarships/bursaries April 15, 2012 o Apply for student loan September 15, 2012 o Arrange RESP/investment withdrawals September 1, 2012 o Apply for student housing not applicable o My job Apply for employment not applicable o3 Buy equipment and supplies not applicable o Enrol in job training program not applicable o Enrol in job placement program not applicable o Apply for apprenticeship or other work program not applicable o Working for myself Research and write business plan not applicable o Meet with a business adviser not applicable o Apply for line of credit or other loans not applicable o Check the resources on self-employment on the WorkInfoNET Youth website ( _TSS_r1.indd 15

4 4. What will I be starting out with? This is your projected net worth statement for the end of high school. Date I leave high school June 30, 2012 Assets List financial assets you expect to have when you leave high school, either your own or those your family has set aside for you. Enter any amounts that apply. Consult your family before including assets from them to be sure your financial expectations are the same as theirs. My savings $ 1, My investments $ My other assets $ My scholarships/bursaries (the money I hope to get) $ My student loans (the money I hope to get) $ 4, RESP in my name $ 2, Contributions from family and friends $ Other $ My total assets $ 8, A Debts List any debts you expect to be responsible for. My credit card balances $ My student loans (the money I may owe) $ 4, My car loan $ My bank or other loans $ My other debts (money owed to family and friends) $ My total debts $ 4, B My net worth (total assets minus total debts) $ 4, C = (A B) 5. What will my annual income be? List the income you expect to have in the year (the complete 12-month period) after you leave high school. Use your Freedom 18 Budget research to help you estimate. Don t include here scholarships, bursaries, loans, gifts or similar one-time receipts of money. List them as assets in Step 4. Income after deductions $ 3, Income from investments or other sources $ On-going financial support from family $ 1, Total Income $ 4, D _TSS_r1.indd 16

5 6. What will my annual expenses be? List the expenses you expect to have in the year (the complete 12-month period) after you leave high school. Use your Freedom 18 Budget research to help you estimate. Fixed The year after I leave high school Housing $ 5, Car payments $ 00 Other loan payments $ 00 Insurance Car $ 00 Home or contents $ Other (e.g.: travel medical) $ Utilities (electric, gas) $ Telecommunications (cable, internet, telephone, cellphone) $ Other $ 00 Total Fixed Expenses $ 6, Variable Food Groceries $ 1, Eating out $ Household (cleaning, maintenance, furniture) $ Computer (hardware, software, accessories, supplies) $ Childcare $ 00 Pets $ Transportation Car (gas, maintenance, repairs) $ 00 Public transit $ Health care (medical insurance, dental, glasses/lenses, medications) $ Clothing $ Personal care (toiletries, hair care, makeup, laundry, etc.) $ Recreation (movies, games, DVDs, clubs, concerts, sports, etc.) $ Travel $ Gifts and charitable donations $ Education, lessons, etc. Tuition, fees $ 4, Books, supplies $ 1, Other $ Savings $ 00 Total Variable Expenses $ 13, Total Expenses per Year $ 19, E Check carefully. Are these expenses realistic for you? Do you have to rethink anything? Have you left anything out? _TSS_r1.indd 17

6 7. Will I have enough money to meet my goals? Enter the information from your estimates in the blanks below. In the year after I leave high school: If the difference is a positive number, you can add it to your savings. Income from D $ 4,700.00) Expenses from E $ 19,955.00) Difference $ (15,255.00) F Additional savings I can add to my assets from F (if positive) $ G If the difference is a negative number, you have a few options. 1) Cut back! Reduce your expenses and adjust Step 6. 2) Push on! Work more to earn more money and adjust Step 5. 3) Use your resources! Try the funding strategies in Step What can I do to get the extra money I need? You have resources. You can raise the funds you need with these strategies: For advice, check out the Achieve BC website ( and the WorkInfoNET Youth website ( Use the assets I listed in Step 4: Amount Ask family for support $ Use my scholarships and bursaries $ Use my student loan $ 4, Use my savings $ 1, Use my RESP and other investments $ 2, Apply for additional government scholarships/bursaries $ Apply for additional community/other scholarships/bursaries $ Apply for additional student loans $ 3, Apply for a bank loan or line of credit $ Earn additional income in part-time or full-time employment $ 3, Earn income from self-employment $ Apply for a co-operative work arrangement $ Apply for an apprenticeship program $ Apply for sponsorship $ Apply to a military program $ Total $ 15, You can use the assets to cover the difference (Box F) above. If the resources you can use are greater than your expenses, decide which you ll use first _TSS_r1.indd 18

7 9. Where can I get the support and advice I need? Family members parents, aunt can lend me furniture for apartment Friends friend s dad can hire me to work part-time School counsellors and career centre Planning 10 teacher Community leaders Junior Chefs adviser can give references Community agencies Bank Education Foundation has online advice Financial advisers parents financial adviser will tell me about RESP payments Library and other information resources library has recipe books I can use Online resources yourmoney.cba.ca has financial planning advice EducationPlanner website ( check info on financial aid Achieve BC website ( lots of links on schools and jobs WorkInfoNET Youth website ( good info on jobs The Money Belt ( good financial information for young people BCSC website ( click Planning 10) check worksheets in students area of website _TSS_r1.indd 19 6/27/10 4:45 PM

8 10. What could go wrong? Use this checklist to think ahead about possible problems and how you d solve them. How will I make sure I don t miss any important dates and deadlines? Put dates on calendar What will I do if the cost of tuition or some of my other expenses go up a lot, or if I don t meet my savings goal? Wait a semester to apply and work three months longer. Apply for more student loans Do I have an emergency fund for unplanned expenses? No I ll have to ask Mom and Dad Do I have enough insurance? It s in my budget How will I make money if my job falls through? Contact friends and Employment Centre to find job in another restaurant Who can I call for emergency advice if things don t work out? Aunt has lots of experience and I can talk to her What other problems might come up? _TSS_r1.indd 20

9 11. How do I keep my plan up-to-date? No plan can anticipate everything that may come up in the future. That s why it s important to review your plan regularly and adapt it to changes in your life and your goals. Save your plan on your computer using the downloadable file available from the BCSC at bc.ca, click Planning 10. Then you can update it easily every year. To keep my plan up-to-date, I ll review and update it in [month] July of each year. 12. Family check-in Discuss your financial plan with your parents or guardians to be sure it s realistic for you. Write a summary of your discussion. My mom says this is realistic because I like to cook, but she thinks I should save money by living at home instead of in an apartment until I have a full-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 afford a car yet _TSS_r1.indd 21

10 Applications Template Use this form to keep track of important contacts and deadlines. Make copies and keep a separate page for each type of application employment, schools, scholarships, bursaries, etc. My applications for Scholarships and bursaries Les Dames d Escoffier Bursary for Cooking Students Broadway, Cedar Heights Name of contact: Ms. Rosalie Wong Phone: Apply by: February 1, Check back by: June 1, 2012 Revolving Club Central Road, Cedar Falls Name of contact: Mr. Bill Wheeler Phone: Apply by: April 1, Check back by: June 15, 2012 Southern Kinetic Society Box 12858, Cedar Junction Name of contact: Mr. Ben Sandhu Phone: Apply by: March 31, Check back by: June 30, 2012 Name of contact: Phone: Apply by: Check back by: Name of contact: Phone: Apply by: Check back by: Name of contact: Phone: Apply by: Check back by: 14_TSS_r1.indd 22