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Students will be able to:
differentiate between Gross Pay and Net Pay
Find the median Gross Pay of a particular job of interest
Estimate the monthly net pay using a website
determine the suggested amount for separate categories of budgetting
make preliminary budgets for each category (housing, transportation, etc)
Make decisions around priorities and budget categories
Determine whether or not you are in the black (accounting term for good / money left over) or red ( bad / running a deficit)
Timeline: 1 classes
Timeline: 1 classes
THIS IS A BONUS ASSIGNMENT THAT CAN BE USED TO UPGRADE YOUR MARK.
The Premise: You are freshly graduated from post-secondary school or going straight into working out of high school. You choose a job you would be qualified for. Find the median salary and budget your finances based off of this. You may have 1 or more roomates. Find a place to live. Budget Food, transportation, recreation etc. Talk to your parents to help you estimate costs. You may do this assignment with up to 3 people in class. Just share the sheet with each other.
Click on WorkBC Labour Markets or WorkBC Job Search to find a job you are interested in and find the median salary for hourly and yearly
Move into your CLC 12 folder and then budget folder
Watch Video 1
link to Salary Calculator
Complete sheet 01 Gross & Net Pay on the budget google sheet
Watch Video 2
start sheet 02 Budget Categories
you can only find the estimates for categories now
when you are done the
Complete sheet 03 Housing / Utilities
Complete sheet 04 Food
Complete sheet 05 Transportation
Complete sheet 06 Savings
Complete sheet 07 Debt Payments
Complete sheet 08 Clothing
Complete sheet 09 Health
Complete sheet 10 Personal
Watch Video 3: Section 11: Balancing the Budget
Fill in the What I Learned document (make a copy document) and hand in to google classroom.
Hand in the spreadsheet to google classroom
Budget Guidlines
Budget Guidlines
Video 2: Budget Categories
Video 2: Budget Categories
03 Housing / Utilities
03 Housing / Utilities
Rent, Renters Insurance, Cable or Sattelite TV, Subscriptions like Netflix, apple TV, Crave, amazon prime, home phone, mobile phone, electricity, Gas
04 Food
04 Food
don't overthink this one, just do your best and show to the family member that does the shopping and see what they think
even better do it with that family member
05 Transportation
05 Transportation
Public Transportation plus taxi / uber and no car
New car (ads will often come with a payment plan) plus gas & maintenance
Used car ( will have to figure out a car loan) plus gas & maintenance
06 Savings / Investments
06 Savings / Investments
could be savings, Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA), Investments
07 Debt Payments
07 Debt Payments
excluding car loan or lease (taken care of on the transportation budget
if you always pay your credit card off by the deadline their is no interest owing
if you do not pay them off in time the credit card interest can be as high as 22%
08 Clothing
08 Clothing
estimate the amount of money for clothing per month
if you buy items like socks 2 times per year divide the price by 6
if you buy an item like socks 1 time per year divide the price by 12
if you buy an item like a ski jacket once every 2 years divide the price by 24
09 Health
09 Health
if you make less than 44,000 / year MSP in BC is free
check if you type of job has pacific blue cross benefits
then chiropractors, physio, massage etc may only cost 20% of regular costs
massage $120, Physio $100, Acupuncture $100, etc
10 Personal
10 Personal
What do you want that is outside of regular categories?
Boat, dirt bike, ski pass, camper, guitar lessons,
11 Checking The Budget
11 Checking The Budget
update actual budget column in budget categories
determine Red or Black
make tough decisions to balance the budget
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