MAP4C : Cumulative Project Creating Financial Plan

This assignment is about a dream job. ( my dream job after high school is nursing)

Part 1 A. Research and identify a job that you want to have after high school or college/university. (the job i want is nursing) - Research the starting salary (gross income) and any other benefits of the chosen profession - Determine the net annual income - google "net pay calculator Ontario Canada" and select the website https://www.icalculator.info/canada/taxcalculator/annual/2020/Ontario.html and enter the gross annual income to determine the net annual income. B. Create a budget spreadsheet (may use the provided template as a starting point.) Enter the gross salary and net salary. Make sure the monthly salary is calculated properly. There is a sample budget on the website for you to use as a guide but that one is meant as a sample only - it is not a thorough assignment.

Part 2 A. Transportation Costs Based on the personal needs (i.e. vehicle for work, occasional trips etc.) identify the transportation choice (car, truck, bike etc.) and identify the purchase price. In "word" or "docs" report, describe the vehicle you plan to purchase. State whether you will buy or lease the vehicle. Determine how you plan on paying for this vehicle and determine your monthly payments using an online payment calculator (Google fn calculator and select TVM Calculator). Enter the amount you plan to borrow as PV, be sure to state in your "word or docs file" the cost of the vehicle, the interest rate, the length of time you plan to take paying off your loan. You may find it easier to use a bank car loan calculator -- or google "CIBC car loan calculator". Identify and estimate any other vehicle expenses to be included in your monthly budget (insurance, licence sticker, gas, maintenance, etc.).

B. Housing Costs Based on your salary determine the maximum mortgage you can afford and the monthly payments. Use the following website https://www.ratehub.ca/mortgageaffordability-calculator to help estimate the maximum mortgage. Include the cost of your car loan as your monthly debt payments. Allow the computer to estimate the other fees. Record your Maximum Mortgage Value, maximum mortgage monthly payment, and the mortgage rate in your docs file. Go shopping for a home on-line that would fit your budget. If you cannot afford to buy a home, you may "double up" -- assuming that you are married or purchasing a home with someone else so all your housing costs will be cut in half. Include a description of your home and the total cost of your home in your word file. To calculate your mortgage payments once you find a home to buy, use the mortgage rate from your mortgage affordability calculation, assume you have a $25,000 down payment and that you are amortizing the mortgage over a 25-year period. The following website will calculate this for you. https://www.cmhc-schl.gc.ca/en/financeand-investing/mortgage-loan-insurance/homebuying- calculators/mortgage-calculator State the amount of the monthly mortgage payments in your word file and whether you are buying the home alone or splitting the costs in half. Record your monthly mortgage payment in your budget spreadsheet. Research other costs (property taxes, heating, hydro, water, life insurance on mortgage, home insurance, etc.) associated with accommodations; add these costs into your budget spreadsheet. You may need to add rows or columns to your spreadsheet as you enter more expense categories. In "Excel", Click on a row then from the 'home menu' choose the 'down arrow' beside 'insert' then click on "sheet rows", in "Sheets", put curser where you want to insert a row, then click on "insert", and choose "insert row above" or "insert row below". Rent Mortgage, property taxes, life Insurance, home insurance Tenant Insurance Utilities Heat, Hydro, Water Phone Satellite/cable Internet Netflix Spotify Groceries Dining Out Pet - food, toys, vet, grooming Cleaning - dish soap, laundry detergent, bathroom, kitchen, floor cleaners, dustings supplies, etc.

Coin Laundry

Entertainment - movies, theatre, flights to sports games, sports, books, concerts, hobbies, gaming, gifts Clothing Charitable Donations Medical (prescriptions - most free until age 25, eye care, dental) Tylenol, other medications Personal care - haircuts, massage, physio, Cosmetics - shampoo (stuff for hair), soap, make up, toilet tissue, Kleenex, paper towels Savings - short term (less than one year), long term Vacation Transportation - car loan, insurance, licence, gas, maintenance, repairs, parking, tickets (or bus)

Part 3 A. This is the final part of your summative. In this part, you must complete your budget spreadsheet, by adding other expenses into your excel or sheets budget sheet. Key items to include are listed at the end of part 2. Ensure your budget is balanced (total expenses equal net income) any budget surplus should be put into savings. More marks will be awarded for realistic values and thoroughly considering all expenses.

C. Identify the key expense categories Auto expenses (lease or loan, licence sticker, insurance, gas, repairs, maintenance, etc.) Housing (mortgage, property tax, life insurance, home ins., heating, hydro, water, repairs, etc.) Food Recreation Savings Other -- Remember to include items such as shampoo, other cosmetics, toilet tissue, cleaning supplies, vices, etc. Create a pie chart to illustrate where the percent of monthly expenses are being spent. All transportation costs should be combined in your pie graph, all housing costs should be combined, etc., (Use the grouping categories stated above.)