First Year Project
Imagine that you have just graduated from high school, college, or university. It is now June 30th the year 20________, and that you are starting your first entry-level employment position.
You may live anywhere in Canada, and you may choose to share accommodation with a friend to reduce your first year out-of-school cost.
Your starting salary is between $25,000 ($13/hr after tax) and $ 35,000 per year ($18/hr after tax)based on a 40hr work week; depending on the job you have chosen (research job’s likely income). Kindly, I have decided to make this your NET income for our purposes so you don’t have to figure out income tax. A second part time position is permitted, but must not exceed 8 working hours per week at a wage of no more than $15/hour.
Your project must reflect the “real world” opportunities and expenses you are likely to experience in your first year out. You must live within your budget!
5%+ of your earnings must be applied to savings, and you are allowed a small start-up donation from you family that cannot exceed $3000.00
The more realistic you are… the more you will gain in your understanding of budgeting and what excitement and challenges you will face on your own outside of school.
Your project must include the following:
- A title/cover page (1st year project, names, block)
- A table of contents
Budget:
a) Income and Savings statement – you must include proof of income: http://www.jobbank.gc.ca/wage-outlook_search-eng.do?reportOption=wage
b) You must also include a plan for your savings. Will you simply put them into a savings account? Will you invest them?
c) Monthly cash flow statement – a record of your monthly income and expenses can be completed using Microsoft Excel .(consists of Line items; see below)
Accommodation:
a) Rental of accommodation – you must find a place to live. A print out of the rental property must be included. (Line item in budget)
c) Remember that when renting an apartment, house etc. there are additional costs such as a damage deposit, first and last months rent…
Furnishing: and decorating plan and cost – you must furnish your new accommodation; please include (room by room list/ pictures of the furniture and décor that you plan on purchasing. No you may not rent a furnished suite ( Line item in budget)
http://www.ikea.com/ca/en/ or http://www.sears.ca/catalog/furniture-en-wp-1088 or https://www.potterybarn.ca/ or https://vancouver.craigslist.ca/search/fua
Transportation:
a) Research all the costs to purchase and all the expenses involved in owning a new or used car – gas costs, insurance, and traffic violations. Or bussing/biking.
b) Cost of public transportation in your area (provide proof via their website/print out) ( Line item in budget)
c) Provide a map showing where you live, where you work and the method and duration of your commute.
Special Events and Entertainment:
a) Write a paragraph outlining why you choose to live where and how you do. How will you spend your leisure time? What about fitness and health? What are you saving up for?
b) Any entertainment or special events that may occur for you in your first year must be included in this section – concerts, birthdays, hobbies, socializing… Line item in budget)
Food, Personal, and household Expenses:
a) Weekly menu mulitiplied by 4 weeks include:
a. expenses, any eating out must also be included in this section.
b. Provide evidence of cost estimate (family recipts or printout from online flyer to represent range of costs)
c. Generate a bi-monthy total cost for your budget (line item)
b) Household expenses- cleaning stuff, repairs to any appliances…(line item in budget)
c) Personal expenses – clothes, medicine, hair cuts, salon etc., make-up, game’s…(line item in budget)
Class Participation:
a) Develop a one-page summary log of your activities during class that have contributed to the project. You must have your sheet signed by me on a daily basis.
Some resources that you will find useful in completing this project include: Internet, friends and family, advertising, flyers, phone research, newspapers, teacher
Some helpful websites:
http://www.jobbank.gc.ca/home-eng.do?lang=eng
FIRST YEAR PROJECT:
MARKING SHEET
Name: ____________________
o Title Page /1
o Table of Contents /2
o Monthly/Yearly Cash Flow Statement” /10
5% of income allocated towards savings /5
Proof of Income included /2
Budget layout clear /5
o Accommodation
Printout of rental advertisement/info. /5
Furnishings/decorating plan included /10
o Transportation
Car and expenses and/or /5
Cost of Public Transportation
- Special Events and Entertainment /5
o Food, Personal, and household Expenses
Weekly menu and Prices /10
Personal Items (clothing, makeup…) /2.5
Cleaning supplies, repairs to household items… /2.5
