Learning Activity 3.2 Assignment: Budgeting a Future

It's your turn to decide your dream future. What kind of career would you like to pursue? Where would you like to live? Are you willing to change cities? What is your budget and lifestyle? What kind of life would you like to have when this course ends? Your choices now will affect your future lifestyle choices.

To help you better consider and answer these questions for this assignment, you will be completing five tasks to create your future.

You will complete the following tasks:

1. collect data regarding a career choice
2. gather, interpret, and compare information on renting and owning accommodations
3. create a detailed expense list
4. prepare a budget
5. create a future floor plan of your accommodation

You will decide the format of your assignment. Some ideas on how to assemble the assignment include the following, but are not limited to the following ideas:

• a slide presentation
• a typed-out document
• a video
• a blog (using blog tool of your choice)

Task 1 - Choose a career

Start by choosing a career you may be interested in pursuing. Your career can be related to using mathematical skills and knowledge but is not mandatory. Some examples of careers are electricians, plumber, accountant, data scientist, hair stylist, and nurse.

Write a description of the career which includes:

1. The specific education required to obtain a job in this field, post-secondary or apprenticeship programs needed to be successful in the career. List the high school pre-requisite courses needed to enter the program.
2. A general description of the job duties, roles, and responsibilities of a person in this career. What does someone do on a day-to-day basis.
3. The estimated starting salary for this career and the job prospects.
4. The location of the job. Are there any characteristics and limitations that should be taken into consideration. For example, is it in a rural or urban area, is it in another city or province, or in another country entirely.

Task 2 - Find an accommodation

Where you live will depend on the type of accommodation available and the career you have chosen. When looking for an accommodation you will consider both renting and owning a property. You must also think about the location of where you are able to find a job in your chosen field. When looking for accommodations you will come across many options to choose from, so you will need to consider the features you need or may want in your future dwelling. For example, must it be walking distance from your work or a grocery store? Do you have access to a vehicle, so will you need parking? Does it need to include utilities?

Create an itemized list of features you would consider a need or want in your future accommodation. Provide an explanation or justification for each feature you have included.

Complete part a and b to complete the task.

Part a - Considering a rental accommodation

Research three rental accommodations you would consider. Once you have found three options, create a chart containing the following information to compare the properties:

• a description of each accommodation
• a comparison of the costs associated with the option, including location, transportation, utilities, additional fees etc.
• a comparison of the degree to which these accommodations have the features you listed

Part b - Considering an owned accommodation

Research three sale properties that you would consider for an accommodation. Keep in mind the list you created for the features you may need or want in your accommodation. Once you have found three options, create a chart containing the following information to compare the properties:

• a description of each accommodation
• the costs associated with each accommodation which include, the down payment, the monthly mortgage payment, mortgage insurance (if applicable), maintenance expenses, and taxes
• other costs associated with the purchase and ownership of a property
• the degree to which these accommodations have the features you listed

Task 3 - Considering expenses

Starting a new career means having expenses. Some expenses are a need, and some are a want. Ultimately, this is up to you to decide what is a want and a need. This can differ from person to person. Consider what you will need, including accommodation, transportation, clothing, food, tools, and saving and what you may want, entertainment, and continuing education.

Create a detailed list of your expenses by researching costs and estimates for each month.

Task 4 - Drafting a budget

Create a monthly budget based on your research on salary and your monthly expenses. Decide whether you will rent or buy your accommodation and include the cost in your budget. You may use any tool available to create your monthly budget.

Write a short summary of your budget and explain if there are any changes you should make to reduce your monthly expenses.

Task 5 - Design a floor plan

Now that you have a budget and accommodation, it is time to design the floor plan of your space. Choose a variety of shapes to design your living space with the outer shapes being rectangles to represent the room. State all the measurements of each shape in the metric system and what the shape represents. For each room calculate the area to then find the total area of the floor plan in the metric system. You may use any graphing software or application to create your floor plan.