keep your balance
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Keep Your Balance. A look into what it costs when you’re on your own. Food. Consider the cost per day and multiply by 30. Estimate would be $300-$500 per month. - PowerPoint PPT PresentationTRANSCRIPT
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Keep Your Balance
A look into what it costs when you’re on your own
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Food• Consider the cost per day and multiply by
30. Estimate would be $300-$500 per month.
• Example: Someone who eats a bowl of cereal in the morning ($1), a sandwich and snacks at lunch ($6), chicken and vegetables at supper ($9). Each day would be about $16. $16 x 30 = $480
• Think about if you would eat more or less than this amount…
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A Place to Live: Rent These prices are all without utilities included.
In town Apartment1 bedroom - $7002 bedroom - $9003 bedroom - $1150
Not centrally located1 bedroom $5502 bedroom $7003 bedroom $950
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Utilities• Heat, hot water, electricity• 25% of TOTAL rent• Example: 3 bed apt
$1150 x 0.25 = $ 287.50• Then, this would be divided by 3, since there are
3 in the apt.• $287.50 / 3 = $95.83
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Cell Phone• Basic Package $30/month
• Intermediate Package $70/month (data plan and unlimited texting)
• All Inclusive Package: $100/ month (data plan, unlimited texting, long distance, free evenings and weekends beginning at 5)
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Cable• Basic: $30/month
• Digital Cable - $50/month
• HD Digital Cable - $75/month
• Netflix Subscription - $8/month
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Internet• Unlimited High Speed $55
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Furniture• Think about how you will furnish your apartment.
Get hand – me – downs or buy furniture when you move out?
• The costs for furniture can be anywhere from $20 - $250 a month depending on if you get used furniture or brand new with financing (or just brand new).
• Decide what you think you would spend.
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Household Incidentals• Laundry soap, cleaning products, etc.
• For most people the average would be $40.
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TransportationPublic Transportation
Own a Car
• $80/month
• $5000 car, approximately $200/month for 2 years
• $10,000 car, approximately $400/month for 2 years
• $15,000 car, approximately $400/month for 3 years
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Transportation ContinuedGas – depending on how much you drive, and what you drive. Large Truck approx. $500, small car, approx. $250 per month. Insurance • Females - $800/year or $67/month• Males - $1200/year or $100/monthMaintenance (depends on what type of car you chose – newer would need less maintenance, whereas cheaper would need a little more)
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Clothing• Depends on how much of a shopper you are!
• You decide what you think you would spend on clothing in a month.
• If you’re a super shopper, aim for about $300 or more.
• If you’re not a shopper, go with about $75 as you will need to make sure you have underwear without holes!
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Personal Incidentals• Tooth paste, soap, first aid, make up, shampoo,
etc.
• $25 - $75/month
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Recreation and Entertainment
• Consider movies, online video rentals, books, magazines, travel, restaurants, etc.
• Think about how much you would spend each month on the activities that you do/or the entertainment that you take in.
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Health and Dental Insurance
• Everyone will budget about $80 a month for this.
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Insurance for your Apartment
• $20/month
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Savings for Emergencies
• Some of you are very conservative, whereas some of you wouldn’t think much about savings.
• Everyone should have at least $50 per month for emergency savings.
• If you are more conservative, you decide what would make you comfortable. 100? 200? You decide.
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Gifts for birthdays and other holidays
• You decide what you think you would spend.
• Do you normally have to attend a lot of events/birthdays? If yes, you need to budget for that.
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Travel and Vacations• Will you be travelling anywhere? If yes, you have
to factor in the costs of this as well.
• The average weekend trip to somewhere in NB would be approx. $500 (gas, food, lodging, etc)
• The average southern holiday would be approx. $1400 per person/week.
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Add up your total monthly expenses
Now, you will each receive a paycheck. Write down your job and monthly NET pay.
The moment of truth!Fill in what your monthly pay would be, subtract your total monthly expenses and you will have your balance!
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Your Pay Cheque!• On average, a student with only a high school
education, would make $13 per hour.
• Your job could be: Supervisor at DQ, employee at a store in the mall, call center employee, etc.
• You would be trained on the job, but not have paid for any further education.
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So…• At 40 hours per week you would earn $520
Gross, or $1040 every two weeks.• Taxes, EI and CPP would take that to $897
every two weeks or…
• $1794 NET a month. (Income)
• How did you make out? • Calculate:
Monthly Net Pay – Total Monthly Living Expenses = Balance (what you have left over)
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In the Black or in the Red?
SURPLUS DEFICIT• If your balance is more
than zero, you earned more than you spent…good for you!
• If your balance is less than zero, you spent more than you earned…Oh no!