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
Be a Doctor!
to:

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

My education
goal:
My work goal:
My savings goal:
My personal
goals:

Graduate High School with Principals Honor

Start Post-Secondary school in the Bachelors of Science
Save up around $4,000 by the start of University
Continue playing soccer and being involved in my community

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

done?
The year after I leave high school runs from: 2018
to
2019
I'll need some education or training. My education/training goal is to: Complete my
PHD in 10-12 years.
I have to have a job to get money and experience. My employment goal is to:
Become a doctor at Kelowna General Hospital, or another hospital that is close to my
home.
I don't want to work for anyone else. I'll create my own job. My business goal is to: I
do not wish to open my own hospital.
The rest of my life is important. My personal goals are to: Focus on building a family
with someone that I love and am married to.

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 2018
Assets: Job, maybe some bursaries and scholarships.
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
$ 4,000
My investments
$ 1,000
My other assets
$ 6,450
My scholarships/bursaries
$ Unknown
until

received?
0 (not
applicable)
none
1,000
none
A 12,450 +

My student loans (the money I'll get)

RESP in my name
Contributions from family and friends
Other
My total assets

$
$
$
$

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

$ 0
$ 0
$ 0
$ 0
$ 0
$ B0+

My net worth (total assets minus total debts)

$ 12,450

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
$ 17,000
Income from investments or other sources
$ 0
On-going financial support from family
$ 1,000
Total Income
$ D 18,000

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
$ 0
Car payments
$ 0
Other loans payments
$ 0
Insurance
$ 1,700
Car
$ 0
Home or contents
$ 200
Other (e.g.: travel medical)
$ 0
Utilities (electricity, gas)
$ 0
Telecommunications (cable, internet, telephone, cellphone)
$ 0
Other
$ 500
Total fixed expenses
$ 2,400
Variable (you will have many of these numbers from your
budget)
Food
Groceries
Eating out
Household (cleaning, maintenance, furniture)

$
$
$

0
100
0

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

$
$
$
$
$
$
$
$
$

1,000
0
0
0
0
2,000
0
200
350

100

$ 0
$ 0
$ 1,400
$ 5,500
$ 1,000
$ 1,000
$ 2,500
$ 15,200

Total expenses
$ E 17,600
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

$ 18,000
$ 17,600
$ F 400

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 12,850

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

Amount
$ 1,000
$ Unknown until
received
$0
$ 4,000
$0
$?

Use the assets listed in Step 3

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
$?
$0
$0
$ 14,400
$0
$0
$0
$?
$0
$18,400 +
bursaries and
scholarships

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? Apply
for a bank loan.
What will I do if I don't meet my savings goal? Ask for support from my parental units.
Do I have an emergency fund for unplanned expenses? No, but my parents and
grandparents will support me.
Do I have enough insurance? I do not know about my insurance.
How will I make money if my job falls through? There are always jobs that I can
acquire that are low paying.
Who can I call for emergency advice if things don't work out? My parents.
What other problems might come up? My car may break down, I may die, or someone
in my family may die. Funerals are expensive.

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 parents think that I have planned too much money to pay. I will be staying at
home for a long while, and they said many expenses I said I have to pay, they said
they will pay for me. I have an amazing family that is willing to support me for as long
as need be.