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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 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 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 I’m 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 they’re achievable, so they have a clear timeframe and so you know when
you’ve 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:
I’ll 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 don’t want to work for anyone else. I’ll 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?
You’ll 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 don’t 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 don’t lose
track of them.
Check
Date
when done
Keeping my life together
Move to new home (apartment, university residence, etc.) September 1, 2010
Arrange utilities and telecommunications September 1, 2010
Buy insurance (home, contents, car, etc.) September 1, 2010
Apply for Social Insurance Number already have it
Apply for medical insurance family coverage 1 yr
Transfer banking accounts not needed
Change address on ID and other records September 1, 2010
My education
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 I’ll keep my job
Buy equipment and supplies
Enrol in job training program
Enrol in job placement program
Apply for apprenticeship or other work programs
Working for myself
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 June 30, 2010
Assets
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 $ 1,500.00
My investments
My other assets
My scholarships/bursaries $ 500.00
My student loans (the money I’ll get) $ 4,000.00
RESP in my name $ 2,400.00
Contributions from family and friends
Other
My total assets $ 8,400.00 A
Debts
List any debts that you expect to be responsible for.
My credit card balances $ -
My student loans (the money I’ll owe) $ 4,000.00
My car loan
My bank or other loans
My other debts (money owed to family and friends)
My total debts $ 4,000.00 B
My net worth (total assets minus total debts) $ 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: Don’t include scholarships, bursaries, loans, gifts or similar one-time receipts of money. List
them as Assets in Part 4.
Income after deductions $ 3,000.00
Income from investments or other sources
On-going financial support from family
Total Income $ 3,000.00 D
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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
Fixed I leave high school
Housing $ 5,070.00
Car payments $ -
Other loan payments $ -
Insurance
Car $ -
Home or contents $ 135.00
Other (e.g.: travel medical) $ 65.00
Utilities (electricity, gas) $ 310.00
Telecommunications (cable, Internet, telephone, cellphone) $ 370.00
Other $ -
Total fixed expenses $ 5,950.00
Variable
Food
Groceries $ 1,270.00
Eating out $ 635.00
Household (cleaning, maintenance, furniture) $ 300.00
Computer (hardware, software, accessories, supplies) $ 900.00
Health care (medical insurance, dental, glasses/lenses, medications) $ 500.00
Childcare $ -
Pets $ 420.00
Transportation
Car (gas, maintenance, repairs) $ -
Public transit $ 460.00
Clothing $ 960.00
Personal care (toiletries, hair care, make-up, laundry, etc.) $ 750.00
Recreation (movies, games, music, DVD/videos, clubs, $ 985.00
concerts, sports, etc.)
Travel $ 455.00
Gifts and charitable donations $ 210.00
Education, lessons, etc.
Tuition, fees $ 3,500.00
Books, supplies $ 525.00
Other $ 250.00
Savings $ -
Total fixed expenses $ 12,120.00
Total expenses $ 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 from D $ 3,000.00
Expenses from E $ 18,070.00
Difference $ (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) $ - G
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 friend’s 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 you’d solve them.
How will I make sure I don’t 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 don’t meet my savings goal?
I’ll apply for more student loans
Do I have an emergency fund for unplanned expenses?
No – I’ll have to ask Mom and Dad
Do I have enough insurance?
It’s 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 don’t 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. That’s why it’s 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 it’s 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 don’t 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 Phone: 250-555-1144
Apply by: #################
Check back by: #################
Apply to:
Address:
Name of contact: Phone:
Apply by:
Check back by:
Apply to:
Address:
Name of contact: Phone:
Apply by:
Check back by:
Apply to:
Address:
Name of contact: Phone:
Apply by:
Check back by: