Calculating a Personal Budget

This course is Personal Finance Management, this assignment is about to calculate my personal budget, please follow the process to finish the form and Analysis. My program is Business Administration, just pick a realistic position for me to get my "income". If you have any question please let me know. Thank you!

BUSN BE450 – Budget Assignment – Page 1 BUSN BE450 – Budget Assignment 30 marks – 15% of Final Grade Submit in Canvas by Friday, August 7th at 11:59 pm No late assignments or email submissions will be accepted Purpose of the Assignment Upon completion of this assignment, you will be able to: • Identify future career opportunities and respective implications on your financial plan; • Recognize the difference between gross and net income; • Calculate the monthly disposable income after planned savings; • Create a rational and realistic budget • Consider the implications of short-term decisions on long term alternatives The future is now! Assume that you have just graduated from your chosen program at Mohawk College and have successfully landed a job in your chosen field. Create your budget! Use the attached template to create your budget. Does it balance? Consider short-term, and long term changes you might need to make. 1) Estimate your Income: • Determine your entry level salary of your new job: Find a REALISTIC position which you would qualify for on any legitimate website, for example: https://www.workopolis.com/en/ https://www.monster.ca https://www.indeed.ca You must include a copy of the job description (screen shot or text pasted in to report, NO LINKS) which includes location, salary expectation and qualifications as well as a personal reflection on why you would want this job (please explain if you have previous skills before your time at Mohawk, particularly if it is relevant to the application) • Calculate your approximate NET income after your deductions (income tax, CPP and EI) using the following website (include a screenshot of the net income summary): https://neuvoo.ca/taxcalculator/?iam=&uet_calculate=calculate&salary=15&from=hour&r egion=Ontario 2) Plan your Savings: (according to the 50/30/20 rule, you should aim to BUSN BE450 – Budget Assignment – Page 2 save at least 20% of your income toward short- and long-term goals) https://www.wealthsimple.com/en-ca/learn/5030-20- rule#budgeting_your_money_using_the_50_30_20_rule • You should try to build your emergency reserve (3 months income or 6 months expenses as quickly as possible) • Think about your medium- and long-term goals and allocate your savings accordingly. For purposes of this assignment, you do not need to determine which investment vehicle (ie TFSA or RRSP) is most appropriate, nor how to invest (ie: stocks, bonds, mutual funds) however we will discuss these issues later in the semester. • Goals must be stated in SMART format and must be reasonable and realistic for the intended savings purpose. 3) Budget your Expenses: (your budget must include, but is not limited to: • Rent • Utilities (including cell phone) • Travel/transportation expenses • Food • Entertainment You may use actual personal numbers, or any legitimate website to gather your data, here are a few to get you started: https://www.rentboard.ca/rentals/rental_rates.aspx?locid=4257 https://rentals.ca/hamilton https://moving2canada.com/cost-of-living-in-hamilton/ https://www.numbeo.com/cost-of-living/in/Hamilton YOU MUST PROVIDE EVIDENCE OF YOUR RESEARCH INCLUDING SCREEN SHOTS, AND REFERENCES FROM ANY OTHER WEBSITES USED. You may add additional rows if required Income Monthly Amount Job Title/Description Rationale: Monthly Gross Amount (before taxes) Monthly “Net” Amount (after taxes) BUSN BE450 – Budget Assignment – Page 3 Saving ***use 50/30/20 budget rules for this purpose*** Include Purpose and Time Frame – SMART format Amount Goal #1 Short-Term Include Purpose and Time Frame – SMART format Amount Goal #2 Medium-Term Include Purpose and Time Frame – SMART format Amount Goal #3 Long-Term Expenses Debt Repayment: Description Total Amount Rent: Description Location Transportation: (note, if you have already disclosed car payment, do not duplicate, but include items like gas, insurance, parking etc. If you do not intend to own a vehicle ensure you include expenses for public transit, uber, taxis etc) Item: BUSN BE450 – Budget Assignment – Page 4 Description: Cell Phone Food Gas Entertainment OTHER EXPENSES Net Surplus/Deficit Discretionary Income DO YOU HAVE ANYTHING LEFT? Analysis: Based on your budget above, do you have a Net Surplus or a Deficit? If you have a Net Surplus, what could you do with the funds to increase your Net Worth? If you have a Deficit, what options do you have to cover the deficit each month? What budget items could you change to decrease/eliminate the deficit? Explain: ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ BUSN BE450 – Budget Assignment – Page 5 ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ***Remember to include all supporting documentation!*** Please see rubric below including negative marks in last row, maximum total marks 30. Category Each box represents 1 point Each box represents 1 point Each box represents 1 point Each box represents 1 point Income Savings -Short term goal Savings -Medium Term Goal Job Posting Included Job Description aligns with qualifications Salary properly converted to NET income Reflection is well thought out and articulated Purpose is in SMART goal format Amount of Goal is correctly converted into monthly requirements given time frame Time-frame and amount are realistic for intended savings goal purpose Purpose is in SMART goal format Amount of Goal is correctly converted into monthly requirements given time frame Time-frame and amount are realistic for intended savings goal purpose Savings -Long Term Goal Debt Repayment Rent Transportation Phone Food Entertainment Other Expenses Purpose is in SMART goal format Amount of Goal is correctly converted into monthly requirements given time frame Time-frame and amount are realistic for intended savings goal purpose Full Description Accurate payment information (monthly) given balance Listing is provided Location is suitable given job choice Description is accurate Suitable given job location and living location Estimate is Realistic Estimate is Realistic Estimate is Realistic Demonstrates understanding of expenses which will be incurred Estimate is Realistic Net Correctly Identified Correctly Calculated Surplus/Deficit Analysis Well written with zero grammar or spelling mistakes Concrete action plan properly laid out Realistic Accurate (ie: if implemented budget would balance) NEGATIVE MARKS Spelling/Grammar errors (-1 mark per error to a maximum of -5 marks) Title page missing -1 mark Bibliography missing or sources not properly cited -2 marks Screenshots or descriptions not included -1 mark per each missing BUSN BE450 – Budget Assignment – Page 5