BOH 4M Personal Budget Assignment Due: April 6, 2023 Exemplar - Personal Budget Assignment Congratulations! You have successfully completed your first year of post-secondary education. While residence was fun, you have decided to move off campus for your second year of study. You've used your OSAP to pay for tuition and books. Through scholarships, a part time job and thrifting you've managed save and collect the following over the summer: $10 000 Your parents/guardians have offered to pay for two round trips home - this is non transferable and can't be used for other purposes. Assumptions: You will have to pay 12 months' rent - even if you are not living in your house/apartment for the summer. You will be paying for your own phone and internet. Check the plan to ensure you have enough usage and download capacity. Your parents cut you off! Various furniture, dishes, cooking utensils, etc. that they have been storing in the basement. Your new abode will be fully furnished and functional You will be paying to do laundry- unless your rental accommodation explicitly states laundry is included. Assume $3.50 each per washer load and dryer load. Heat / hydro are included unless explicitly stated otherwise. You are responsible for food. This includes coffee/tea, eating out, lunches.... (average Canadian spends $300/month on food) Justify your answer if it is less - starving is not an option! You are also responsible for cleaning supplies, toilet paper, paper towels, dish soap..... Gifts (birthday, Christmas, other occasions..) Extra-curricular charges and trips. Transportation. If you are living far off campus, research how much public transportation will cost. You may not assume your friends will drive you to school, but you may purchase a bike and ride to school. Entertainment is also your responsibility. You cannot expect your friends to foot the bill for you. If you are buying a bike, divide the purchase price by 12 and include this in your budget. Required: Transportation - home or elsewhere if you are planning additional travel outside that which is funded by your parents. The full amount of this should be divided by 12 and included in your monthly budget. Comparison Shop - It's your money!!! 1. Appendix A: Using a Spreadsheet in the format shown on the attached template, create a monthly budget. This will be Appendix A. 2. Appendix B: o Include PROOF of all of the information that you have gathered (printouts of house rental ads, bus costs etc.) No links will be accepted - copy and paste feature or screen shots work. o If you have a shortfall, research and prove with supporting documentation, how you will address this (part time job). Include research and proof in Appendix C. You may not ask your parents, relatives or friends for money. 3. Writeup: Create a SMART goal for your budget. Explicitly and in detail explain your budget for year 2 of your post-secondary education. Refer to the data from your Appendices. Describe the rationale behind your choices. How will you evaluate success? Conclude with a reflection: What did you learn from this assignment and how will it help you in the future? How did you use the five steps of the planning process to create your budget? This is your budget for 1 month (I will assume it is multiplied by 12 for the year) Monthly Income: Allocation from Parents Other (be specific) Total Income: Monthly Expenses: Rent Internet Phone Laundry Food Cleaning supplies and other supplies Entertainment Gifts Membership fees and extra-curriculars Transportation Bike (if applicable) Trips (if applicable) Other (e.g. clothing, haircuts... specify) Savings Total Expenses Income - Expenses 5 Steps in the planning process: 1. Define your objectives - 2350 $ 10,000/12 $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here $ Amount here 2. Determine where you stand vis--vis objectives 3. Develop premises regarding future conditions 4. Analyze and choose among action alternatives 5. Implement the plan and evaluate results $ Total here $ Total here $ Difference here