lifestyle reality checkstanleyjen.weebly.com/.../financial_reality_check.pdf+ handout 2-1, lifestyle...

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module 2 – nova scotia

lifestyle reality checkOverviewstudents will:•completeaquestionnaireontheirfuturelifestylegoalscomparingexpensestoarealisticincomelevel

•discusstheneedforarealisticunderstandingofpersonalfinances

Thequestionnaireshowsstudentsthattheyneedarealisticvisionoftheirfuturelifestyleinordertomakeachievableplansfortheireducationandcareer.

curriculum areasUsethismoduletoteachLearningOutcomesincurriculumareassuchas:•CareerandLifePlanning•Life/WorkTransition•ApplicationsofMath,ConsumerMath

Foradetailedlistingbyprovince/territoryandcourse,refertoLearningOutcomesontheeducatorpagesatwww.fcac.gc.ca, Educational Programs > The City.

OutcOmesStudentswillbeableto:•describeaspectsofthelifestyletheyenvisionfortheirfuture•discusshowfinancialskillscanhelpthemachievepersonallifestylegoals

•comparesomeexpensesfromthelifestyletheyenvisionwithrealisticincomelevels

•prepareforsubsequentactivitiesleadingtoModule10(FinancialPlan)

materials and tOOls•copyforeachstudentof+Handout2-1,LifestyleRealityCheck(alsoavailableonlineatwww.fcac.gc.ca, Educational Programs > The City,Module2)

+Handout2-2,LifestyleRealityCheck–AnswerSheet+Handout2-3,QuickQuiz–LifestyleRealityCheck

•overheadprojector,ifusing

in-class time required•onelesson(approximately45minutes)

preparatiOn•Ifstudentshavedevelopedastatementoftheirpersonaleducationandcareergoalsinpreviouscareercounsellingclasses,askthemtobringtheirgoalstotheclass.

key wOrdslifestyle,reality,goals,choices

tip: This activity works best as a computer-

based activity, although the hard copy version

is presented here. See Materials and Tools for computer references.

The City Module 2 - Nova Scotia

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module 2 (cont'd)

suggested apprOach

1.Reviewstudents’educationandcareergoals.a)Havestudents:•Reviewtheeducationalandcareergoalstheydevelopedinothercourses.

•PlaceastatementoftheirgoalsintheirFinancialLifeSkillsbinderorportfolio.

ALTERNATIVE:Ifstudentshavenotalreadydevelopedtheireducationandcareergoals,havethem:•Writeoneortwosentencestocompletethefollowingstatements:+Thecareergoalformylifeis:+TheeducationorpreparationIneedtomeetmycareergoalis:

•PlacethestatementoftheirgoalintheirFinancialLifeSkillsbinderorportfolio(asdescribedinModule1).

b)Pointoutthatstudents’goalsmaychangeastheyreviewtheirchoices,buttheycanusetheirstatementtocarryoutthefinanciallifeskillsactivitiesthatfollow.

2.Askstudentswhattheword“lifestyle”means.a)Explainthatlifestylemeansthewaypeoplechoosetolivetheirlife,includingwheretheylive,howtheydress,whatworktheydo,whattheydoforentertainment,etc.

b)AskforsomeexamplesofmodernlifestylesinCanada.E.g.,•A rural lifestyle involves living in or near a small town, often in

resource-based occupations, often with outdoor forms of recreation and more limited choices in entertainment.

•Anurbanlifestyleinvolveslivinginalargercity,ofteninanapartment,withanofficeorservicejob,andachoiceofmovies,concerts and other events for entertainment.

3.Havestudents:•GototheLifestyleRealityCheck(atwww.fcac.gc.ca, Educational Programs

> The City, Module2).•Completethequestionnaireonline.•Printouttheresultsofthequestionnaire.

ALTERNATIVE:DistributeHandout2-1,“LifestyleRealityCheck,”andhavestudentscompletethequestionnaireonpaper.

4.LeadaclassdiscussionabouttheresultsoftheLifestyleRealityCheck.Promptdiscussionwithquestionslikethefollowing:•WhatsurprisedyouabouttheresultsoftheLifestyleRealityCheck?

+ Answers will vary.•Woulditbeeasiertochangetheexpenseitemsyouchoseortochangetheincomeyouneed?+ It is generally easier to manage expenses than to increase your

income level, especially in the short term.•Areallthechoicesyoumadeessential,orcantheybechangedtoreduceyourexpenses?+ Answers will vary.


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module 2 (cont'd)

•Willyourcareeroroccupationprovideenoughincomeforthelifestyleyouwant?+ Answers will vary.

•Doyouhavetheknowledgeandskillstomakethefinancialchoicestosupportyourlifestylegoals?+ Mostpeoplelearnfinanciallifeskillsbytrialanderrorandby

making costly mistakes. By learning these skills in school, you can gainknowledgeandconfidencetodeveloptheskillsyouneedinasafe environment.

•Howcouldgoodfinancialskillshelpyouachieveyourlifestylechoices?+ Whatever your goals, you will need money to reach them. The betteryou’reabletoplanandmanageyourfinances,themorelikely you’ll be to reach your goals.

Option:HavestudentsrevisetheiranswerstotheLifestyleRealityCheckandseehowtheirchangesaffecttheoutcome.

5.DistributeHandout2-2,“LifestyleRealityCheck–AnswerSheet.”Havestudentscompletequestions1and2.

6. Home connections.Havestudents:•TakehometheirLifestyleRealityChecksheet.•Discusstheirpersonalgoalswiththeirparentsoranotheradultanddiscusshowtheirfamilycansupporttheminachievingthosegoals.

•WriteasummaryoftheirdiscussiononHandout2-2,“LifestyleRealityCheck–AnswerSheet.”

•AddthehandouttotheirFinancialLifeSkillsbinderorportfolio(asdescribedinModule1).

tip: Ensure that studentsfileaprintout

of their Lifestyle Reality Check so they can refer

to it again later.


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module 2 (cont'd)

evidence fOr assessment•Duringtheclassdiscussion,ensurethatstudentscan:+describesomeaspectsofafuturelifestyletheyenvisionforthemselves

+comparetherelatedexpensestoarealisticincome+discusshowfinancialskillscanhelpthemachievepersonallifestylegoals

•Reviewthestudents’Handout2-2,“LifestyleRealityCheck–AnswerSheet,”toensuretheycan:+describeaspectsofafuturelifestylethey’dliketohave+listthingstheylearnedabouttherealityoftheirpreferredlifestyle

•DistributeHandout2-3,“QuickQuiz–LifestyleRealityCheck,”andhavetheclasscompletethequiz.Correctanswersareasfollows:1) Definethewords: lifestyle: Answer: A way or style of living; your normal habits,

pastimes, attitudes, standard of living, etc. goals: Answer: Aim, purpose or ambition2) Nametwoofthepossiblecareerchoicesthatwillprovideenough

incomeforthelifestyleyouwant. Answers will vary.3) Describeonewaythatcareerchoiceaffectslifestyle. Answer: Career choice can affect where you live, your income, the

money you have to pay for education and the lifestyle choices that are realistic.

4) Describetwoaspectsofafuturelifestyleyou’dliketohave. Answers will vary.5) Whyisalifestylerealitycheckausefulpartoffinanciallifeskills? Answer: Financial life skills must be based on a realistic

understanding of an individual’s income and expenses.

extensiOn activities•Havestudentsusemagazineordigitalimagestocreateacollageorvideoillustratingthelifestylethey’dlikeforthemselves,andsummarizeinafewwordsorsentenceswhattheirfuturelifestylemightbe.

•HavestudentsgatherpicturesofdifferentpersonalpossessionsandplacethemincolumnslabelledLifestyleDreamsandRealityCheck,accordingtowhetherornotthey’rerealisticforthem.

•Havestudentsresearchanddebatethepropositionthatlifestyledreamsarenecessarytosetrealisticpersonalgoals.


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HANDOUT 2-1

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LIFESTYLE REALITY CHECK

Name: _______________________________Class/Block: __________ Date: ______________

STEP 1:Choose where you'll live when you leavehigh school. Then enter the amount appropriate for your area, using the figures given as a guide.

+ +

Estimated average costs forNS youth after high school

Your BudgetLarge City/

Urban CentreRest

of NS

Costs per month

HousingAt home with parents ____________ 131 131One-bedroom apartment ____________ 885 488Share two-bedroom apartment with roommate ____________ 420 268TransportationNew car – Toyota Matrix ____________ 791 773Used car – 2002 Chevrolet Cavalier ____________ 502 491Public transit – monthly pass ____________ 65 —FoodEat at apartment only ____________ 231 236Eat at apartment and eat out occasionally ____________ 283 267UtilitiesElectricity ____________ 49 49Heating – electric ____________ 69 69Heating – gas / oil ____________ 67 67TelephoneLocal (basic service) ____________ 44 44Long distance (talk a little) ____________ 5 5Long distance (talk a lot) ____________ 22 22Cellphone (local) ____________ 33 33ComputerHardware ____________ 65 98Software ____________ 27 27Internet connection ____________ 41 41ClothingShop a little ____________ 48 56Shop a lot ____________ 191 191Health careMedications and dental ____________ 30 39Glasses/lenses ____________ 11 13InsuranceMedical premiums (if not under parents’ plan) ____________ — —Apartment contents insurance ____________ 19 16


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Large City/ Rest of Urban Centre AlbertaEntertainmentCable (basic) ______________ Movies (and popcorn, etc.) ______________ Rentals: video / DVD / games ______________ Purchases: music ______________ Purchases: video / DVD / games ______________ Concerts and professional sports ______________ Night clubs / pubs ______________

RecreationSports fees / equipment ______________ Lessons ______________ Health club membership ______________

PersonalHaircut: man ______________ Haircut: woman ______________ Manicures, etc. ______________ Makeup ______________ Personal care (shampoo, soap, etc.) ______________ Dry cleaners ______________ Laundry at laundromat ______________

Education (tuition, fees, books, etc./ 12 mos.)University ______________ College / University College ______________ Technical ______________

OtherBanking fees ______________ Newspapers ______________ Books / magazines ______________ Religious / charity ______________ Gifts ______________ Pets ______________ Bottled water service ______________ New furniture (averaged over year) ______________ Used furniture (averaged over year) ______________ Travel: low-cost vacation by car (save per month) ______________ Travel: vacation including plane fare (save per month) ______________

Enter any missing expenses directly here:________________________________________ ______________________________________________________ ______________________________________________________ ______________

Total Expenses: ______________ ______________Enter total expenses in Box B of Step 3.

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38 38 61 58 33 33 35 35 21 21 49 49 71 71

27 27 16 16 49 41

22 16 34 30 22 22 27 24 16 16 22 16 22 22

484 484 429 429 400 400

16 16 24 16 19 19 5 5 27 27 33 33 34 30 316 451 119 169 44 44 229 229

HANDOUT 2-1 (cont'd)

LIFESTYLE REALITY CHECK (cont'd)

+ +

Large City/ Urban Centre

Rest of NS

EntertainmentCable (basic) ____________ 38 38Movies (and popcorn, etc.) ____________ 52 48Rentals: video / DVD / games ____________ 33 33Purchases: music ____________ 35 35Purchases: video / DVD / games ____________ 21 21Concerts and professional sports ____________ 49 49Night clubs / pubs ____________ 71 71RecreationSports fees / equipment ____________ 27 27Lessons ____________ 16 16Health club membership ____________ 49 41PersonalHaircut: man ____________ 22 16Haircut: woman ____________ 34 30Manicures, etc. ____________ 22 22Makeup ____________ 27 24Personal care (shampoo, soap, etc.) ____________ 16 16Dry cleaners ____________ 22 16Laundry at laundromat ____________ 22 22Education (tuition, fees, books, etc./ 12 mos.)University ____________ 597 597College / Technical ____________ 263 263OtherBanking fees ____________ 11 11Newspapers ____________ 24 16Books / magazines ____________ 19 19Religious / charity ____________ 5 5Gifts ____________ 22 22Pets ____________ 19 19Bottled water service ____________ 34 30New furniture (averaged over year) ____________ 229 229Used furniture (averaged over year) ____________ 89 87Travel: low-cost vacation by car (save per month) ____________ 46 44Travel: vacation including plane fare (save per month) ____________ 229 229Enter any missing expenses directly here:________________________________________ ____________________________________________________ ____________________________________________________ ____________Total Expenses: ____________Enter total expenses in Box B of Step 3.

____________


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©HANDOUT 2-1 (cont'd)

LIFESTYLE REALITY CHECK (cont'd)

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STEP 2:Choose an occupation and enter average monthly take-home pay in Box A of Step 3.

Average monthly take-home pay* (after payroll deductions)

Food and beverage servers** 1,296 Bartenders** 1,397 Bakers 1,700 Service station attendants 1,429 Hairstylists and barbers 1,628 Cooks 1,594 Early child educators and assistants 1,594 Retail salespersons and clerks 2,228 Labourers in fish processing 1,943 Tour and travel guides 1,932 Receptionists and switchboard operators 1,937 Secretaries (except legal and medical) 2,336 Customer service representatives – financial services 2,266 Bookkeepers 2,348 Paralegal and related occupations 2,483 Motor vehicle body repairers 2,466 Chefs 2,065 Web designers and developers 2,816 Truck drivers 2,890 Dental assistants 2,248 Graphic designers and illustrators 2,525 Insurance agents 3,491 Musicians and singers 2,522 Firefighters 4,277 Welders and related machine operators 2,863 Psychologists 4,404 Computer programmers & interactive media developers 3,586 Plumbers 2,971 Managers in financial and business services 4,397Industrial electricians 3,750 Correctional service officers 3,552 Journalists 3,748 Dietitians and nutritionists 3,629 Registered nurses 3,705 Sales, marketing and advertising managers 4,864 Veterinarians 4,251 Civil, mechanical, electrical and chemical engineers 4,739 Secondary school teachers 3,628 Lawyers 5,111 Government managers – health and social policy 4,839 development and program administration RCMP officers (after 36 months of duty) 5,108 General practitioners and family physicians 6,637

* Source: Statistics Canada Census 2006 (adjusted by FCAC for estimated wage increases and deductions)** Doesn't include tipsIncome is reduced by as much as 40% to allow for income tax and related deductions.Assumes full-time employment. Part-time employment would have a lower average monthly salary.


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Handout 2-1 (cont'd)

lifestyle reality check (cont'd)

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step 3:Your chosen career from step 2 ____________________________________________

Your monthly take-home pay from step 2 _____________ BoxA

total monthly expenses from step 1 _____________ Box B

monthly difference _____________ (AminusB)

Note: If the difference is positive, you can add it to your monthly savings.If it’s negative, you can’t support your lifestyle with this career.

Note: You may not get full time work or top salaries right away, especially if you’re pursuing your education.If you’re paying for a family, your expenses will be much higher.


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lifestyle reality check – answer sheet

Name:_______________________________Class/Block:__________Date: ______________

1.Describethefuturelifestyleyou'dliketohave.(E.g.,Wherewouldyouliketolive?Whatkindofworkyouwouldliketodo?Whatrecreationandentertainmentwouldyouchoose?) Continueonthebackifyouneedto.

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

2.ListthreethingsyoulearnedbydoingtheLifestyleRealityCheck.

1. ____________________________________________________________________________

______________________________________________________________________________

2. ____________________________________________________________________________

______________________________________________________________________________

3. ____________________________________________________________________________

______________________________________________________________________________

3.WriteasummaryofyourdiscussionwithyourparentsoranotheradultaboutyourLifestyleRealityCheck.Howcantheyhelpyouachieveyourgoals?

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

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Handout 2-3

quick quiZ – lifestyle reality check

Name:_______________________________Class/Block:__________Date: ______________

1.Definethewords:

a.lifestyle _____________________________________________________________________

b.goals _______________________________________________________________________

2.Nametwoofthepossiblecareerchoicesthatwillprovideenoughincomeforthelifestyleyouwant.

______________________________________________________________________________

______________________________________________________________________________

3.Describeonewaythatlifestyleaffectscareerchoice.

______________________________________________________________________________

______________________________________________________________________________

4.Describetwoaspectsofafuturelifestyleyou'dliketohave.

______________________________________________________________________________

______________________________________________________________________________

5.Whyisalifestylerealitycheckausefulpartoffinanciallifeskills?

______________________________________________________________________________

______________________________________________________________________________

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lifestyle reality checkstanleyjen.weebly.com/.../financial_reality_check.pdf+ handout 2-1, lifestyle...

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