Canadian Business Start-Up Grants

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					 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                             page 1


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
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                            page 3


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
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                              page 4


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?
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                   page 7


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.
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                         page 8


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.
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                            page 10


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.
 63c64536-cb58-4a7d-a7a8-f5ab9973fae3.xls                                                          page 11


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:

				
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