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My Financial Plan Name: Any Student

Class/Block 1 Date: July 13, 2009

A financial plan is your roadmap to your future. A roadmap thats detailed and accurate can help you get there with less trouble and less expense. A roadmap thats 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 arent 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

Tip: 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:

work part-time at a restaurant while Im in Grade 12 and line up a full-time job for the summer after I leave high school

My savings goal:

save $1,500 for my college tuition

My personal goals: be ready to move into an apartment with a roommate and get a
cat

Tip: Write your goals so theyre achievable, so they have a clear timeframe and so you know when youve accomplished them. E.g.: My goal is to complete first year arts with a 75% average by spring 2011. My goal is to save $5,500 in my college fund by the end of 2011. My goal is to work at Burger Joint when I graduate, and find a new job paying at least $2,000 a month by March 2011. My goal is to establish a profitable small business selling T-shirts to students in the Okanagan region by September 2011. My goal is to save $5,500 in my business start-up fund by the end of 2011. My goal is to save $4,500 by the end of 2011 so I can travel.

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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, 2010 to [date] July 1, 2011

To support my career goal: Ill need some education or training. My education/training goal is to:
pass the cook training course at the culinary institute by June 1, 2012

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, 2012

I dont want to work for anyone else. Ill create my own job. My business goal is to:
take a course on restaurant management by May 1, 2012

The rest of my life is important, too. My personal goals are to:

take at least one vacation and find an apartment in a nicer area by June 1, 2012

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3. When do I have to have things ready? What are my deadlines? Youll 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. Tip: The program information available from the institution your choose or through the CanLearn website (www.canlearn.ca) can help you find deadlines for education programs. If you dont know of any important deadlines, use the internet, published information or telephone contacts to get the 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 dont lose track of them.
Date Keeping my life together Check when done

Move to new home (apartment, university residence, etc.) Arrange utilities and telecommunications Buy insurance (home, contents, car, etc.) Apply for Social Insurance Number Apply for medical insurance Transfer banking accounts Change address on ID and other records
My education

September 1, 2010 September 1, 2010 September 1, 2010 already have it family coverage 1 yr not needed September 1, 2010

Apply to educational institutions March 31, 2010 Tip: Use the online application forms to apply to educational institutions. Apply as soon as you have your records the earlier the better. Pay tuition and student fees September 15, 2010 Apply for government scholarships/bursaries July 15, 2010 Apply for community/other scholarships or grants April 15, 2010 Apply for student loan September 15, 2010 Arrange RESP/investment withdrawals September 1, 2010 Apply for student housing not applicable
My job

Apply for employment Buy equipment and supplies Enrol in job training program Enrol in job placement program Apply for apprenticeship or other work programs
Working for myself

Ill keep my job

Tip: Check out the resources on self-employment on the Canadian Youth Business Foundation website (www.cybf.ca). Research and write business plan Meet with a business adviser Apply for line of credit or other loans

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4. What will I be starting out with? Tip: This is your projected net worth statement for the end of high school.
Date I leave high school Assets June 30, 2010

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. Tip: Consult your family before including assets from them to be sure your financial expectations are the same as theirs. My savings My investments My other assets My scholarships/bursaries My student loans (the money Ill get) RESP in my name Contributions from family and friends Other My total assets
Debts $ 1,500.00

$ $ $

500.00 4,000.00 2,400.00

8,400.00

List any debts that you expect to be responsible for. My credit card balances My student loans (the money Ill owe) My car loan My bank or other loans My other debts (money owed to family and friends) My total debts My net worth (total assets minus total debts)

$ $

4,000.00

$ $

4,000.00

4,400.00 C=(A B)

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5. What will my 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. Tip: Dont include scholarships, bursaries, loans, gifts or similar one-time receipts of money. List them as Assets in Part 4. Income after deductions Income from investments or other sources On-going financial support from family Total Income
$ 3,000.00

3,000.00

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6. What will my 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 your estimate. The example is for British Columbia; expenses may be different in your area.
The year after I leave high school $ 5,070.00 $ $ $ $ $ $ $ $ $ 135.00 65.00 310.00 370.00 5,950.00

Fixed Housing Car payments Other loan payments Insurance Car Home or contents Other (e.g.: travel medical) Utilities (electricity, gas) Telecommunications (cable, Internet, telephone, cellphone) Other Total fixed expenses Variable Food Groceries Eating out Household (cleaning, maintenance, furniture) Computer (hardware, software, accessories, supplies) Health care (medical insurance, dental, glasses/lenses, medications) Childcare Pets Transportation Car (gas, maintenance, repairs) Public transit Clothing Personal care (toiletries, hair care, make-up, laundry, etc.) Recreation (movies, games, music, DVD/videos, clubs, concerts, sports, etc.) Travel Gifts and charitable donations Education, lessons, etc. Tuition, fees Books, supplies Other Savings Total fixed expenses Total expenses

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1,270.00 635.00 300.00 900.00 500.00 420.00 460.00 960.00 750.00 985.00 455.00 210.00 3,500.00 525.00 250.00 12,120.00 18,070.00 E

Tip: Check carefully. Are these expenses realistic for you? Do you have to re-think anything?Have you left anything out?

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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: Income Expenses Difference

from D from E

$ $ $

3,000.00 18,070.00 (15,070.00) F

If the difference is a positive number, you can add it to your savings. Additional savings I can add to my assets from F (if positive) $ 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 8.

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8. What can I do to get the extra money I need?

You have resources! You can raise the funds you need with these strategies:

Tip: For advice, check out the CanLearn website (canlearn.ca) and similar sites. Use the assets listed in Step 4 Amount Ask family for support Use my scholarships and bursaries $ 500.00 Use my student loan $ 4,000.00 Use my savings $ 1,500.00 Use my RESPs and other investments $ 2,400.00 Apply for additional government scholarships or bursaries $ 500.00 Apply for additional community /other scholarships or bursaries $ 500.00 Apply for additional student loans $ 3,000.00 Apply for a bank loan or line of credit Earn additional income in part-time or full-time employment $ 3,000.00 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 $ 15,400.00 Tip: If your resources are greater than your excess expenses, decide which resources you'll use first.

9. Where can I get the support and advice I need? Family members parents, aunt can lend me furniture for apartment Friends friends dad can hire me to work part-time School counsellors and career centre Career Planning teacher Community leaders Junior Chefs adviser can give references Community agencies bank education website 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 CanLearn has financial planning advice FCAC website (www.themoneybelt.gc.ca) check online budget calculator Provincial/territorial websites check provincial financial programs CanLearn website (canlearn.ca) check info on financial aid

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10. What could go wrong? Use this checklist to think ahead about possible problems and how youd solve them. How will I make sure I dont 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?

Wait a semester to apply and work three months longer

What will I do if I dont meet my savings goal?

Ill apply for more student loans

Do I have an emergency fund for unplanned expenses?

No Ill have to ask Mom and Dad

Do I have enough insurance?

Its 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 dont work out?
Aunt has lots of experience and I can talk to her

What other problems might come up?

None I can think of, but I'll watch for problems.

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11. How do I keep my plan up-to-date? No plan can deal with everything that may come up in the future. Thats why its important to review your plan regularly to adapt your plan to changes in your life and your goals. Tip: If you save your plan on your computer using the downloadable spreadsheet file available from the FCAC at www.themoneybelt.ca, Module 8, you can update your plan every year. To keep my plan up-to-date, I will:
review my tuition and living costs and add up my work savings

I'll review it and revise it on [date]July

of each year.

12. Family check-in Discuss your financial plan with your parents or guardians to be sure its 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 dont think I can afford a car yet.

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Applications Template Use this form to keep track of important contacts and deadlines. Make copies and keep a separate page for employment, education, and scholarships and bursaries.
My applications for scholarships and bursaries

Apply to: Northern Bursary for Cooking Students Address: 300 1598 Broadway, Maple Heights, V6K 1J2 Name of contact: Ms. Rosalie Wong Phone: 604-555-1234 Apply by: ################# Check back by: ################# Apply to: Western Barbecue Club Address: 14858 Central Road, Maple Falls, V8V 0S0 Name of contact: Mr. Bill Wheeler Phone: 250-555-4321 Apply by: ################# Check back by: ################# Apply to: Southern Fine Dining Society Address: Box 12858, Maple Junction, V4W 1M7 Name of contact: Mr. Ben Sandhu Apply by: Check back by: Apply to: Address: Name of contact: Apply by: Check back by: Apply to: Address: Name of contact: Apply by: Check back by: Apply to: Address: Name of contact: Apply by: Check back by:

Phone:

250-555-1144 ################# #################

Phone:

Phone:

Phone: