Budget Unit Marking Criteria

Name:

Budget Unit – Marking Criteria

Marking criteria for each section below are:

completion and clarity of each mini-assignment
accurate recording of figures, percentages, and costs
when appropriate, clear, concise answers to specific questions

Mini-assignments

A.Occupation, Income, Spending Budget

B.Accommodation, Hook-up Costs, and Abbreviations

C.Tenancy Act Questions

D.Menu and Food Costs

E.Clothing

F.Transportation

G.Recreation/Entertainment

H.Personal Care Items and Medical Costs

I.Charities/Gifts/Miscellaneous

J.Savings

K.Little things we forgot to tell you

L.Budget Analysis and Conclusion

Total:/60

Comments and/or corrections that need to be made:

Occupation, Income, and Spending Budget

Starting Wage:______

ORGross Income: (40 h/wk x 50 weeks)

(before deductions) ______

Subtract: 30% Income Tax

And other deductions______

Total Net Income:

(after deductions) ______

Monthly Income:

(divide Net Income by 12) ______

Suggested Monthly Amount: $

In the box, indicate how many roommates you will have. If you aren’t having a roommate, indicate 0.

Why did you select this place?

______

Monthly Costs:

Rent:______

Utilities (heat/hydro/hot water)______

Telephone (optional):______

Cable (optional):______

Internet (optional):______

Total: Divided by # of Roommates = (A)

Costs That Are Not Shared:

Cellular Phone (optional):______

Tenant’s Insurance______

Total:______(B)

Total Accommodation Expenses:(A) + (B) =

Hook-up costs are one-time costs that you must pay in order to receive the service. You need to be aware of it but you do not need to factor these costs into this budget.

Telus:$26.95FortisBC: $85.00

Shaw Cable: $39.95

Accommodations – Abreviations

What is the meaning of the following abbreviations taken from the newspaper “For Rent” ads?

Bldg

w/w

H/w / ste
Nr / f/f fridge
Grd / br
Pkg / flr
Ldry / lse
Ref req’d / d/w
W/d / cv incl
N/p f/p o/d pool / n/s
Utils incl / t’hse
Prv entr / crn
Hse / grd lvl
Mn flr / av immed
Gar / exc loc
Mn flr ste / bsmt ste
Rec ctr / lux condo
Shr ldry / sec pkg
Cds / balc
B/I vac
2BR m/flr ste New carpets & ktchn Close to SFU & Lougheed Mall $800/mo 937-5878 / 1849 Salisbury Ave New 2BR/bsmt all appls $700 Immed Call Sing 873-2288 / Lge 2BR penthouse oak flrs patio d/w $1050/mo 2525 Lonsdale Ph 985-1297 / Clean 2BR grnd lvl f/p n/s n/pets nr schools, shopping, bus $525 Av now 582-2529 / Great view top flr 2BR 2bth in ste appl u/g prkg New blcg 534-6863 or 860-3066
2 bdrm grd lvl shr lndry n/dogs $700 incl util 944-8451 / Bright 1BR with balcony sec. U/g prkg $550 Avail Immed 255-5290 / 1BR bsmt ste nr Skytrain N/S $400 incl utils 5801062 / Nr Guildford clean 2BR $600 N/pet sec prkg Oct 1 581-7070 / !BR bsmt ste avail now $500 939-2097 aft 5pm
Hurry! 1BR ht pd w/lndry $50 299-9211 Active Mgmt No fee / Spac. Modern 1 & 2BR No pets 523 Galensbury 939-8653 / 3BR upper flr of hse 1 ½ bath nr Guildford $800 944-6075 / Pets stes $350/hses $430+ Homehunters 589-6111 fee / 1BR new ste avail immed No pets n/s $500 incl all util 597-8785
1 & 2BRs incl heat h/w pkg Very quiet, Beaut area in Sry Seniors also welcome 584-7475 / Maryhill Newer 2BR/mn flr. F/p 5 appls no pets $850 + 2/3 util Oct 1 299-8971 / $450 mo utils incl furn or unf btwn No 10 Hwy & Scotsdale Mall now 591-3804 aft 6 / Wentworth Place 10736 150th St. 1BR & 3BR stes $490 to $715 No pets 581-2915 / Spacious grnd level 1BR ste on acr Avail immed 3 appls f/p n/s no pets $750 + ½ utils 531-1320
Loaded! 2BR utlis pd n/s $950 299-9211 Active Mgmt No fee / 3BR main flr ste $850 incl hydro 294-0248 or 583-3504 / Brand new 1BR ste Av/immed $500 596-6812 596-5651 / Stylish! 1BR all utils pd $800 299-9211Ative mgmt no fee / 2 BR bsmnt $650 Available Oct 1 941-1613
1BR ste newly renov w/d + 3 appls Nr Skytrain $550 util incl Avail immed 580-3143 / Bright 3BR mn flr f/p nr amen, school fenced no pets $800 negot 597-/8/6 589-7911 / Lge 3BR mn flr landry Oct 15 $825 + util 290-5926 mgs / SENIORS BLDG Guildford area 2 & 3BR immed Secured pkg 585-2132 / New 1BR bsmt ste Newton avail Oct 1 n/s n/pets $475 incl hydro & cable 597-5605
2BR stes PoCo $625 & $675 heat/hw/cbl prkg inc. 464-3550 / 2BR apt $680-$720/mo PoCo No pets 941-9051 / Lge new 1bdrm bsmt ste Oct 1 $500 incl untils596-2938 / 1BR attic ste w/skylights & view $550 incl utils Avial immed 583-1614

Find a copy of the Residential Tenancy Act – “Fairness in Renting – A Guide for Tenants” or go on-line at and answer the following questions:

What is a tenancy agreement? ( /2)

What is a Security Deposit and what does it cover? (Read entire booklet to find the answers) ( /2)

What are the Tenants’ rights and obligations? ( /9)

What are the landlords” rights and obligations? ( /14)

When is rent usually paid? ( /1)

What is arbitration? ( /1)

What is a justifiable rent increase? ( /1)

What is involved in a rent increase dispute? ( /1)

What is involved in ending a tenancy? ( /1)

How do you get your security deposit back? What happens if you are unable to do so? ( /2)

Where is the closest Residential Tenancy Branch Office? ( /1)

What is the toll-free number that you can call for information? ( /1)

Suggested Monthly Cost $

Items needed weekly / # / x Cost/Item / Total Cost
Subtotal (A)
+ 10%
Subtotal (B)

(B) x 4 = (C)

Items needed monthly / # / X Cost/Item / Total Cost
Subtotal (D)

Suggested monthly cost $

Make a list of clothing items that you will need to buy over the next year. You may need clothes to handle job expectations and your lifestyle.

1. CAREER / Clothing: Name of Item / Quantity / Total Cost
(include one
Formal outfit
For job
Interviews)
Total A
2. WEEKENDS / Clothing: Name of Item / Quantity / Total Cost
Total B
3. RECREATION / Clothing: Name of Item / Quantity / Total Cost

A + B + C = /12 = Total Monthly Cost

Suggested monthly cost: $

Personal Care Items / $
$
$
$
$
$
$
$
$
$
$
Total (A) / $
Household Care Items / $
$
$
$
$
Total (B) / $
Medical Costs
BC Medical/Dental Care / $12.00
Medicines/Prescriptions / $10.00
Birth Control (if sexually active) / $
Total © / $
Totals (A) + (B) + (C) = Total Monthly Expense / $

Recreation/Entertainment

Suggested Monthly Cost: $ ______

Activities I enjoy doing
(remember seasonal activities) / Times per month / Cost each time / Cost per month

Other Costs:

A.Annual Fees (club memberships) (yearly / 12)$______

B.Annual Equipment Costs (yearly ______/12)$______

Weekend trips/vacations (long term outlook: 5 years; yearly funds /12)$______
Yearly/Monthly subscriptions for magazines, newspapers, etc.$______
Otherwise known as the government SIN Taxes (cigarettes, alcohol)$______

Total$______

Transportation

Suggested monthly cost =
Car / Going Green
Make/model/year / Bus pass per month / $
Price $ / Bike and maintenance / $
Monthly Payments ($200 used; $600 new)
Per month / $ / Taxi / $

Fuel, per month

/ $ / Car pooling costs / $
Maintenance/repairs (oil changes, tires, belts; ask someone who owns a vehicle for an estimate)
Per month / $
Car insurance
($1800 / 12 = per month / $
Total / $ / Total / $

Monthly Budgeted Cost of Transportation $

Charities/Gifts/Miscellaneous

Suggested Monthly Amount: $

Charitable Donations

Name of Organization / Amount
$
$
$
Total (A) / $

Gifts:

Birthdays
$
$
$
$
$
Christmas:
$
$
$
$
$
$
$
Total (B) / $

Total Expenses: (A) + (B) = $ / 12 =

Whatever is left over (Suggested Amount minus Total Expenses) may be used for other categories where you have spent more than the suggested amounts.

Little Things We Forgot to Tell You!

I have to pay taxes???

Ask someone you know who has a job (either full-time or part-time) to identify the different deductions that are taken off of his/her paycheque. If you work, you can use one of your own pay stubs.

a. / c.
b. / d.

Credit Cards and You!

What is the annual rate of interest for the following credit cards:

VISA (Royal Bank or CIBC) % per annum

Mastercard (Bank of Montreal) % per annum

If you have an outstanding balance of $1,000.00 for a one month period, what will your interest fee be?

(% per annum / 12) x 1000 =

3.How much will your damage deposit be? (1/2 of your monthly rent) =

Have you thought about what you will do for furniture? What is the basic furniture that you will need and how much will it cost? $

You will need some means of transportation to move all of your possessions into your new home. Call a local moving company or a car/truck rental agency to find out how much it will cost to rent a small van for one day.

What other options do you have when it comes to moving day?

Savings Plan

Pay Yourself First!

(You must put 10% of your monthly income here.)

Suggested monthly amount: $

I intend to invest my money in the following ways:

Monthly Amount / Annual Amount / Interest Rate (ie. 0.0375) / Annual Interest / Annual Amount / Total Annual Amount + Interest
Savings Account / x 12 = / x / 0. / %= / + / =
RRSPs / x 12 = / x / 0. / %= / + / =
Bonds
(low risk) / x 12 = / x / 0. / %= / + / =
Stocks
(high risk) / x 12 = / x / 0. / %= / + / =
Mutual Funds / x 12 = / x / 0. / %= / + / =
Life Insurance / x 12 = / x / 0. / %= / + / =

Total Monthly Expenses: $

I will have saved $ (monthly expenses x 12) at the end of the first year.

Budget Unit Summary

Category / Suggested % / Suggested Monthly Amount / Actual Cost
Accommodations / 37%
Food / 10%
Clothing / 5%
Transportation / 15%
Recreation/Entertainment / 5%
Personal Care/Health / 5%
Miscellaneous/Charities / 13%
Savings / 10%
Totals / 100%
Amount Short
Amount Left Over

1.If you have money left, what would be a wise use for the money you have left over?

2.If you are short on funds, what are your options?

Budget UnitPage 1 of 14

Budget Unit Marking Criteria