n this assignment, you are going to think of a scenario 5 years from now when you have your dream job and you are happy with what you are earning. Fill out the budget calculator by creating an income and expense report based on the job you have and the life stage you foresee yourself to be in.

In your expenses, think about all the expenses you will incur in that specific stage of life. for instance, if you want to start a family, then setting aside money for your kid's education, or if you are planning to buy a house, saving for the down paymentof the house would be all part of the expense. You would probably have credit cardsand other loans such as car loans to pay at that point too. Be creative - take into consideration any expenses you might be incurring. Think from the perspective of a financial planner. How much would you be setting aside for your RRSP, TFSA and RESP? Justify your savings and expenses from a budgeting standpoint.

After filling up the income and expenses in the Budget calculator, put yourself in the place of a loan adjudicator.

You haveseen this Honda Accord Sedan which you really want to buy. It is $25,000 and you want to finance it through a 5 year loan at an interest of 6% annually with monthly payments of $482 approximately. Based on your income and expense, calculate the TDSR. If you were the loan adjudicator, and a customer with your budget scenario came to you for the loan, would you approve the loan. Explain your rationale.