SIR
WINSTON CHURCHILL BUDGET RESEARCH ASSIGNMENT
"Where money goes before, all things are possible" Shakespeare
Recommended Reading:
The Wealthy Barber David Chilton
Rich Dad, Poor Dad: What the Rich Teach
Their Kids About Money--That the Poor and Middle Class Do Not Robert T.
Kiyosaki, Sharon L. Lechter
| Introduction: The Budget Research Assignment is designed to have students; through meticulous investigation, develop a realistic financial plan for the first year they begin their career. The Career Research Assignment will be a "snap shot" of a single month during the first year of the students selected career. Scenario: You will be working in St. Catharines and will have completed all education and training necessary to begin your career. (i.e.1st year; Veterinarian, Landscape Designer, etc). You will be living in St. Catharines in a rented dwelling or a mortgaged house. (Your parents moved while you were away in you last year of Apprenticeship/College Diploma/University Degree/Post Graduate Degree and they don’t include the return address on their letters). If you run your own company/clinic you will have to consider various types of Insurance (i.e. malpractice) and personal savings plans not provided by and employer. If you are employed by a company there may be automatic deductions for union dues and company sponsored savings/pension plans. Instructions: Use the work sheet provided to research your budget for the 1st year you begin your career. Transfer this information to a computer generated format and include all source documents to support your totals. (i.e. grocery lists with prices for monthly purchases, feature sheet for home of your choice, list identifying how the total/monthly payments for this outstanding student loan was arrived at.
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BUDGET RESEARCH ASSIGNMENT 1. Gross Monthly Income: Step One: Go to the website www.careercruising.com and enter the User Name as Niagara and the Password as 23190. Step Two: Click on Explore Careers ,enter the name of your career and click Go. Step Three: Click on the career you are researching. Click on Earnings and record lowest annual income from the average income range listed. 2. Deductions from Gross Pay: Use the following information to research deductions that will be taken off your gross pay at the source. Be sure to fill in the blanks that are included in this section as a part of the assignment. The major deductions from the gross pay made at the "source" are regulated by our federal government and administered by your employer. The URL for the Personal Income Tax Deduction and general
information to enable you to answer the following questions is as follows:
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3. Additional Government Deductions: Employment Insurance: (1.73% to a max of $711) Comments: Variable Expenses: Gather accurate information by researching newspapers, calling companies and other things to complete a minimum of 16 items. No item will be accepted if it is not supported by attached anecdotal information or hard copy of information course. (i.e. record of who, what, where and when regarding a phone call to your parents insurance company for insurance information, a photocopy of a newspaper advertisement for apartment rental, grocery list for the month with prices/quantities identified.) Here are some links that the students might find helpful. The student can find the price and write which web site he/she got it from instead of using advertisements/ flyers. These are called "anecdotal notes". www.statefarm.com
(life insurance, rent insurance, auto insurance)
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| $ Gross Monthly Income | $ | Deductions | |
| Employment Insurance (1.73% to a max of $711) | $ | $ | |
| Canadian Pension Plan(4.9% to a max of $2200) | $ | $ | |
| Income Tax (use total from tax calculator) | $ | $ | |
| Company Pension Plan or RSP (7.5% of gross pay) | $ | $ | |
| Long term disability(1.5% of gross pay) | $ | $ | |
| Medical Plan ( 6% of Gross) | $ | $ | |
| Union Dues (1.5% of gross pay) | |||
| Life Insurance Group Policy (.2% of gross pay) | |||
| Net Monthly Income | $ |
$ |
Total Deductions |
| Expenses | |||
| Professional Membership | $ | $ | |
| Dining Out/Entertainment | $ | $ | |
| Laundry/Dry Cleaning | $ | $ | |
| Rent | $ | $ | |
| Gas | $ | $ | |
| Hydro | $ | $ | |
| Rental Insurance | $ | $ | |
| Auto Insurance | $ | $ | |
| Automobile Maintenance | $ | $ | |
| Gas/ Bus Pass | $ | $ | |
| Clothing | $ | $ | |
| Groceries | $ | $ | |
| Vacation | $ | $ | |
| Personal Health Care | $ | $ | |
| Phone Installation/line/Cell | $ | $ | |
| Cable TV/Internet | $ | $ | |
| Household cleaning supplies/Vacuum | $ | $ | |
| Furnishings, pots, pans, cutlery | $ | $ | |
| Life Insurance | $ | $ | |
| School Loan | $ | $ | |
| Computer | $ | $ | |
| Professional Magazine/Newspaper | $ | $ | |
| $ | $ | ||
| $ | $ Total Variable expenses | ||
| Total Savings | $ | ||
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Category |
Learning Expectation |
4 |
3 |
2 |
1 |
0 |
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Knowledge/
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Totals for Gross Income, Government/Employer Deductions are accurate indicating an understanding of Career Cruising and Internet. |
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Has included advertisements/anecdotal noted which specifies rent costs, grocery costs and insurance costs, etc, which demonstrates knowledge of the methods used to obtain information related to determining various expenses. |
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A complete and accurate list of post net income expenses indicates an understanding of the expenses incurred by living successfully/independently following formal education. |
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Thinking/ |
Uses critical and creative thinking skills to generate a complete and accurate list of government deductions and after net income expenses. (Government deductions and expenses sections are complete and accurate). |
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Uses critical and creative thinking skills to access sources of information which accurately identify deductions and after net income expenses. (Has included advertisements and anecdotal notes which verify the expense totals indicated on the assignment). |
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Demonstrates logic in choice of expenses and presentation of financial information. (The 16 most important items have been factored in such as rent, transportation, food and insurance). |
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Communication |
Numerical totals and overall format are computer generated and legible. (The assignment is computer generated and well-organized). |
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Explanations for expense totals contain specific and through information as to how totals were obtained. (Has included advertisements and anecdotal notes which verify the expense totals indicated on the assignment). |
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Totals for Gross Income, Net Income, Deductions and Expenses are accurately reported. |
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Application |
Expenses are realistic and demonstrate logical decisions. |
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Concepts such as organization, research skills and proper financial planning are evident. |
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Total: /44 |
Levels 4= Excellent, Always 3= Good, Many Times 2= Fair, Sometimes 1= Poor, Hardly 0= Never, Incomplete |
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