My financial plan

Ashnoor Arora
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
Open my own optometry.
to:

1. By the day I leave high school, what do I want to have done?

My education
goal:

Pass all my courses with 90% or higher in each course

My work goal: Work part-time anywhere in the summer of Grade 10 and continue
until Grade 12
My savings
goal:

Save $5000 for my post-secondary education by the end of June

2019

My personal
goals:

Save $2000 so I can travel with my friends by the end of 2017

2. One year after I leave high school, what do I want to have

done?
The year after I leave high school runs September 6,
from:
2019

to

June 27, 2020

I'll need some education or training. My education/training goal is to: pass the preoptometry course at the University of Winnipeg by June 1, 2020.
I have to have a job to get money and experience. My employment goal is to: work as
an optometric assistant and gain some experience by June 1, 2020
I don't want to work for anyone else. I'll create my own job. My business goal is to:
take a course on clinic management and profitability by June 27, 2020
The rest of my life is important. My personal goals are to: Start searching for an
apartment and roommate by May 1, 2020.

3. 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: June 27, 2019
Assets: Savings account
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
$ 5000
My investments
$
My other assets
$
My scholarships/bursaries
$ 1000
My student loans (the money I'll get)
$ 5000
RESP in my name
$ 4800
Contributions from family and friends
$
Other
$
My total assets
$ 15800
A
Debts
List any debts that you expect to be responsible for:
My credit card balances
My student loans (the money I'll owe)
My car loan
My bank or other loans
My other debts (money owed to family and friends)
My total debts

$
$ 5000
$
$
$
$ 5000

My net worth (total assets minus total debts)

10800
C=(A-B))

4. 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.
TIP: Don't include scholarships, bursaries, loans, gifts or similar one-time receipts of
money. List them as Assets in Part 4.
Income after deductions
$ 21888
Income from investments or other sources
$
On-going financial support from family
$
Total Income
$
21888 D

5. 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.
Fixed
$
Housing
4950
Car payments
$
Other loans payments
$
Insurance
Car
$
Home or contents
$
Other (e.g.: travel medical)
$
Utilities (electricity, gas)
$ 780
Telecommunications (cable, internet, telephone, cellphone)
$ 648
Other
$
Total fixed expenses
$ 6378

Variable (you will have many of these numbers from

your budget)
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 variable expenses

$
$
$
$

2928
280
40
1100

$ 1000
$
$
$$ 468
$ 280
$
$ 620
$ 260
$
$ 6234
$ 2000
$
$
$
14950

$
E
21328
TIP: Check carefully. Are these expenses realistic for you? Do you have to re-think
anything? Have you left anything out?

Total expenses

6. Will I have enough money to meet my goals?

Enter the information from your estimate in the blanks below.
In the year after I leave high school:
Income from D
Expenses from E
Difference

$
21888
$
21328
$ 560

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)
$ 560
If the difference is a negative number, you have a few options:
1) Cut back! Reduce your expenses and adjust Step 5.
2) Push on! Work more to earn more money and adjust Step 4.
3) Use your resources! Try the funding strategies in Step 7.

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

You have resources!

You can raise the funds you need with these strategies:
Use the assets listed in Step 3
Ask family for support
Use my scholarships and bursaries
Use my student loan
Use my savings
Use my RESPs and other investments
Apply for additional government scholarships or bursaries
Apply for additional community/other scholarships or
bursaries
Apply for additional student loans
Apply for a bank loan or line of credit
Earn additional income in part-time or full-time employment
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

Amoun
t
$
$ 1000
$ 5000
$ 5000
$ 4800
$ 500
$
$ 2000
$
$ 750
$
$
$
$
$
$
19050

TIP: If your resources are greater than your excess expenses, decide which resources
you'll use first.

8. What could go wrong?

Use this checklist to think ahead about possible problems and how you'd solve them.
What will I do if the cost of tuition or some of my other expenses go up a lot?
Then I would ask my family for help.
What will I do if I don't meet my savings goal?
I would have to apply for more loans
Do I have an emergency fund for unplanned expenses?
No
Do I have enough insurance?
Yes
How will I make money if my job falls through?
Again, I would ask my friends and family to help. Also, I would find and
apply for other jobs but if that doesnt work then I will find jobs out of my
comfort zone such as working in a factory
Who can I call for emergency advice if things don't work out?
My Uncle because he has lots of knowledge and experience with this line of
work
What other problems might come up?
Another problem that might come up is that if my land lord increases the
rent and I dont have enough money to pay it, then Ill have to find another
place to live immediately.

9. 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 family thinks my plan is reasonable but they disagreed with me

about some things. My parents think that I should get a full-time job
instead of a part-time in the summer. They also said that I shouldnt
move into an apartment to early because its a waste of money and
because Im not ready for it. Also, they told me that theyd pay my
tuition fees for my post-secondary education. This was the summary of
our discussion about my plan for the future.