My Financial Plan

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
My future goal is to pursue a career in the medical field
to:

1. By the day I leave high school, what do I want to have done?

My education
goal:

Pass all my courses with an A (86-100) average

Have a part-time job in Grade 12 and find a full time job in the
following summer that will improve beneficial skills and provide a
source of revenue
My savings goal: Save $2000 for tuition (saving is starting now: summer 2016)
My work goal:

My personal
goals:

Have the financial stability to travel before starting post-secondary

education

2. One year after I leave high school, what do I want to have

done?
The year after I leave high school runs from: June 2019
to
June 2020
I'll need some education or training. My education/training goal is to:
One year after I leave high school, I want to be finishing my first undergraduate year
specifically taking courses of Science, Math, and English
I have to have a job to get money and experience. My employment goal is to:
-My employment goal is to be gaining as much experience as I can in medicine
(hospitals, clinics etc)
- During my first year in college I hope to have a part-time
job
- Gain a full time job
during summer break to help with expenses and for saving
I don't want to work for anyone else. I'll create my own job. My business goal is to:
-Further my skills in Photography, through personal application. (Skills that can be
used to start an independent business)
The rest of my life is important. My personal goals are to:
-Purchase a new laptop
-Begin saving/thinking about buying a car
-Contribute towards a family vacation

3. 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 2019
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
$ 2400
My investments
$
My other assets
$
My scholarships/bursaries
$ 20,000
My student loans (the money I'll get)
$
RESP in my name
$
Contributions from family and friends
$ 1000
Other
$
My total assets
$
23,400
Debts
List any debts that you expect to be responsible for:
My credit card balances
My student loans (the money I'll owe)
My car loan
My bank or other loans
My other debts (money owed to family and friends)
My total debts

$
$
$
$
$
$

My net worth (total assets minus total debts)

$ 33,400

4. 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.
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
$ 6000
Income from investments or other sources
$
On-going financial support from family
$
Total Income
$ 6000

5. 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.
Fixed
Housing
$
Car payments
$
Other loans payments
$
Insurance
Car
$
Home or contents
$
Other (e.g.: travel medical)
$
Utilities (electricity, gas)
$
Telecommunications (cable, internet, telephone, cellphone)
$
Other
$
Total fixed expenses
$ 0

Variable (you will have many of these numbers from your

budget)
Food
Groceries
Eating out
Household (cleaning, maintenance, furniture)
Computer (hardware, software, accessories, supplies)
Health care (medical insurance, dental, glasses/lenses, medications)
Childcare
Pets
Transportation
Car (gas, maintenance, repairs)
Public transit
Clothing
Personal care (toiletries, hair care, make-up, laundry, etc.)
Recreation (movies, games, music, DVD/videos, clubs, concerts,
sports, etc.)
Travel
Gifts and charitable donations
Education, lessons, etc.
Tuition, fees
Books, supplies
Other
Savings
Total variable expenses

$
$
$
$
$
$
$

240
1000
200

$
$ 130
$ 360
$ 360
$ 240
$
$

2000

$
$
$
$
$

6500
1200

12,230

Total expenses
$ E 12,230
TIP: Check carefully. Are these expenses realistic for you? Do you have to re-think
anything? Have you left anything out?

6. Will I have enough money to meet my goals?

Enter the information from your estimate in the blanks below.
In the year after I leave high school:
Income from D
Expenses from E
Difference

$ 6000
$ 12,230
$ -(6,230)

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)

$ N/A

If the difference is a negative number, you have a few options:

1) Cut back! Reduce your expenses and adjust Step 5.
2) Push on! Work more to earn more money and adjust Step 4.
3) Use your resources! Try the funding strategies in Step 7.

7. What can I do to get the extra money I need?

You have resources!
You can raise the funds you need with these strategies:

Use the assets listed in Step 3

Ask family for support
Use my scholarships and bursaries
Use my student loan
Use my savings
Use my RESPs and other investments
Apply for additional government scholarships or bursaries
Apply for additional community/other scholarships or bursaries
Apply for additional student loans
Apply for a bank loan or line of credit
Earn additional income in part-time or full-time employment
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

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Amount
1000
20,000

1,000
1,000

600

23,600

TIP: If your resources are greater than your excess expenses, decide which resources
you'll use first.

8. What could go wrong?

Use this checklist to think ahead about possible problems and how you'd solve them.
What will I do if the cost of tuition or some of my other expenses go up a
lot?
At this point I am not planning to take out a student loan, but if needed, such as a
situation like this I may turn towards a loan
What will I do if I don't meet my savings goal?
I will cut back on my expenses and save more from monthly income
Do I have an emergency fund for unplanned expenses?
No, I will receive help from family support
Do I have enough insurance?
I am not including insurance expenses in this plan as I am not planning to get a
house or car in this time period.
How will I make money if my job falls through?
I will continue to look for jobs and maybe rely on personal skill to start a small
business
Who can I call for emergency advice if things don't work out?
I can contact almost anyone in my family, most specifically my parents
What other problems might come up?
I cannot think of any other problems but if problems to occur I always have family
support and savings to help

9. 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 family agrees with most of my financial plan. My parents believe to aim
high when it comes to achieving scholarships, getting at least $30,000.
They also agree with my choice to stay at home and not move out in the first
year.
My father believes it could help to buy a car at an earlier time rather than take
public transit. I think sticking to transit will significantly lower expenses.