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Creating a Budget

June 14, 2018 By

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Takes public transportation
1 bedroom apartment
2 vehicles
Large house
Dine out frequently
Entertains guests for dinner parties

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Mike has an elderly mother that he would like to save money to provide additional support by getting a car so he can visit her more often.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

2 vehicles
Large house

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

1 bedroom apartment

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

-has roommates
-uses public transportation

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

– Doesn’t want to pay more than $4000
– Would like to purchase the car in nine months
– Lives alone. Rent costs 875, hydro, electricity included. (F)
– Smokes two packs a week, which costs him 34$ a week, 136$ a month (V)
– Phone: 65 (F)
– Internet: 120 (F)
– Monthly bus pass: 175 (F)
– Recreation: 75 (V)
– Food: 150 (V)

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Income: Full time job
Expenses: Cigarette, Food, Housing, Transportation
Saving: Cut back on the cigarettes and buy food in bulk/cook from home

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

40×18.00 (Thinking about taxes being taken off)= $720 a week
Monthly= 2880
Food= 400
Phone bill= 200
Internet/Cable= 200
Car insurance= 150
Rent= 1,200
Netflix= 15.00
Gas= $100

This would leave them with 615 to survive on.
If they put 350 of that a month on the credit card, it will be paid off in a year and a half.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

• Natalie stays at home to care for the children. She knits blankets and sells them for additional income.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

starts vaping, puts money towards car. $200/ month min by switching to vaping.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Save 100$ a month for education for 10 years. 12000$ will be saved. Use student loan application. Child should qualify for sone free education based on household income. 12000$ can be used for books, housing, and food. Budget to spend 400$ in food a month. Hopefully she is in social housing and pays a low rent rate of around 300. 100$ for other expenses. If she earns 900$ a month

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

food
house
money
job

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Car lincies
job

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

food
2 job

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

job
money for the bus

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

ODSP Money given: $1,000.00 plus $750.00 for rent
Rent: $750.00
Groceries per week: $90 per week (4 weeks in a month= $360.00
Monthly Bus pass: $90.00/month
TV cable expense: $60.00/month
Internet: $40.00/month
Cell phone: $55.00/month
Hydro: $100.00/month
Gas: $60.00/month
Water: $60.00/month
Rainy Day Fund Contribution monthly: $75.00 per month
Spending money/Extra money: $100.00

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

social assistance for the mother: 1098/month
child support: 500/month

save for education: 300/month

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

take $100 from every monthly cheque and put it into a savings account, then take $20 from every other government cheque and add that to a savings account as well. Search for either part time or full time employment.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Has a puppy and drives a old wrecked car saving for a down payment on a newer vehicle next year

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Selected Mark.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

idk

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

>ff

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

???

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

silly

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

1. Monthly income (3200)

2. Saving 630
3. Rent and, home insurance, 800
4. Grocery 400
5.Utilities, 300
6. Credit card , 417
7, Kids saving, 200
8. Phone 100
9. others 100

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

1200 ODSP
Affordable Bus pass
Taxi pass through ODSP

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Lives in a shared apartment
Owns two cats
Enjoys movies and an occasional beer out
Does yard work for neighbours on weekends for pocket money
Has some health issues: primarily allergies and asthma (from smoking)

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

There are no other details that I can add to it.

What is her current budget and if she is able to adjust everything.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

What does he spend each week on smoking

What is his budget and what is he making from the full time job.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

What I would do for Natalie and Moahammed is to create a budget to see how they can afford to both pay off there credit card debt first before the tuition fees.

First of the all pay off the credit card debt before they add interest rate on it. Since the bank are very picky.

And they don’t play with loans.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

– live in a two bedroom apartment, with the children sharing one room
– Natalie stays home with the children to avoid high childcare costs.
-sometimes rely on grandma and grandpa to babysit.
-occasionally Natalie makes a bit of money by babysitting neighbors kids when they’re sick and can’t attend preschool. She charges a flat rate of $80 for the day
-Mohammed gets to work using public transit
-they don’t eat out often, preferring to make meals at home
-they don’t own a vehicle
-they buy children’s clothes at second-hand store or rely on hand-me-downs from friends and family
-they live near a lot of great parks and public places, so they don’t spend much on entertainment for the kids
-they want to pay off credit card debt in 6 months. With an annual interest rate of 19.24%, they will need to put $900/month to pay off debt

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

plans to quit smoking

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

-create an bank account and direct deposit of $100 after every check

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Estimation of disability income will be = $1200 per month

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Pack of smokes ($14) every three days. $14 x 10 = $140 a month.
Minimum wage (13.85 x 40 hrs = $554. $554 x4 = 2,126)
COL+Housing: $140 smokes + $950 rent + $900 COL and personal (goes out quite often with friends and on dates) = $1990
$226 left.
(Good condition used car, lower kms = $4500 max budget)
Putting $125 a month a side towards car so he has $100 left over to be safe it would take Mike 36 months to save.
Mike is going to try to quit smoking. He will ask friends and dates to go on a hike or to come over. Practice cooking so he saves on going out and works towards a healthier life style.

New scenario:
Mike only buys a pack a month ($14)
Mike has taken up hiking and spending more time outside for free with people. He has perfected some meals to make at home and has learned to play all the board games he had sitting around for more things to do at home for free. Now only spending $500 a month on personal spending. Still working towards cutting back.
$14 + $950 + $500 = $1464. Mike now has $752 left over and puts aside $400 towards car and almost all the rest in a different savings account for the future. It will now take Mike just under a year to save for his max budget car. He is looking at less expensive cars if he wants one now but may save up for an even nicer more expensive car now that he has started putting aside money.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

While most of Mike’s time is spent at work, or at home, his desire to purchase a car stems from his want to travel.
Having a car would make this easily achievable, or depending on gas prices, at least give him the ability to drive a northwards for a short hike more often.
Mike may occasionally buy an extra bag of chips to match with his smoke sessions at home after a long day of work, but he lives rather small financially.
He does not often go out to events, or spend money eating out. Focused on saving his money, he is a very punctilious spender.
That being said, he definitely could spend a little less money on his smoke-stuff.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Get children to get a job young, and 75% get puts away for saving
Do the matching RSP for education

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Social Assistance – $1100.00/month
Child Tax – $300.00/month

Rent (BC Housing) – $300.00/month
Groceries -$300.00
Phone – $50.00
Internet – $150.00
Fun – $250.00

Savings for Education fund entire amount of child’s tax.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

$1200.00/Month

Rent (Lives with his folks) – $500.00
Smokes – $60.00
Phone – $50.00
Groceries – $200.00
Fun – $150.00

Savings for a car – $300.00

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

$1600/Month
Child tax of $500.00 for 3yr old
Child tax of $400.00 for 4yr old
$2500/month

Rent-$1200.00
Car-$300.00
Gas-$100.00
Groceries-$400.00
Internet-$150.00
Phone-$150.00

Savings of $100.00 for emergencies
Credit Card debt payments per month $100.00

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

PWD $1200.00/month

Rent (BC Housing) – $300.00
FREE BUS PASS THROUGH PWD
Groceries – $150.00
Phone – $50.00
Internet – $120.00
Fun – $200.00

Savings per month $300.00

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Going to use this example. He is going to move in with a roomate, and cut his smoking in half in order to help.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Variable housing expanses –> $1,800 water, heat and electricity included.
Fixed transportation expenses –> for the bus with presto it’s; $3.10. For the subway it’s; $3.25.
Variable living expenses –> you have enterainment; movies $10.99 – $12.99, restaurants $20 and up
variable personal expanses –> clothes, cell phone bill and other personal expenses.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Variable housing expanses –> $1,800 water, heat and electricity included.
Fixed transportation expenses –> for the bus with presto it’s; $3.10. For the subway it’s; $3.25.
Variable living expenses –> you have enterainment; movies $10.99 – $12.99, restaurants $20 and up
variable personal expanses –> clothes, cell phone bill and other personal expenses.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Any extracurricular activities the child does
How much is she looking to save – 25% or 100%? and how often – monthly, weekly?

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Mohammed is a stay at home dad who takes care of the children so there are no childcare costs.
Natalie and Mohammed are trying to pay off their debt of $5,000 in one year so would have to pay $420 per month

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

take $100 from every check and put it in r.s.v.p

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

-wants to quit smoking
-works UberEats and Door Dash using his bike

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

X

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

takes bc transit
lives with parents
saving for $3000 car, putting away $200 a month

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Income = $1200
Rent = $600
Living expenses = $400
Personal = $200

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

21-year-old college drop out who lives in his parent’s basement

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Income: Social assistance;
– Limited income
– Possibly the only source of income
– Grants once the child is older.
– Scholarships, so investing in the child’s education, and activities.
Expenses:
– Home, food and basic needs; important try not eating out too much.
– Internet provider; Find the best value for the cost.
– Entertainment; Gina must sacrifice her pleasures for saving for the child’s education, and raise the toddler lovingly with the goal in mind.
Saving: A bank account insured with CDIC that grows your child’s education fund and can only be withdrawn when the child goes to school.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Income: Minimum wage, works full-time.
Expenses:
– Public Transportation Pass; about a 100 dollars pre month.
– Home, food and basic needs; important try not eating out too much.
– Internet provider; Find the best value for the cost.
– Entertainment; Must be minimal until the goal is met.
Saving:
– All extra money leftover must be saved to the car, and the fees (insurance, safety check, service, etc.)

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Find a payment plan that best suits the family.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Depending on how often it rains when his appointment takes place, Juan can put away 1-3 dollars a day for a “rainy day” emergency fund.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Other expenses include: rent, transportation, groceries and utilities. Gets most of the child’s clothing and toys through donations and no money is left over for recreational activities. Gina would have an easier time saving for her child’s education if she found employment.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Other expenses include rent, transportation and groceries. Mike is able to spend money on going out with his friends and will be able to save up for a car if he cuts back on recreational expenses and smoking.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Natalie and Mohammed can pay off their credit card debt gradually if they cut back on recreational expenses each month or if the other parent went back to work (even temporarily).

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Juan can save for an emergency fund if he puts away $20-$50 each month.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

smoking: 200$ a month
makes $2000 a month
housing: 500$
food: mom buys it
put away 100$ a month for a car

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Budget; 1,500

Rent; 800

Heat; 50

Hydro; 50

Internet; 55

Cellphone; 65

Ttc: 45

Transportation: 0

Clothing/Laundry: 45

Credit card payments; 30

Prescription drugs: 0

Recreation and entertainment: 35

Eating out: 40

Alcohol: 55

Personal grooming( clothes, hair, etc) : 33

Additional saving goal: 100$ per a month

Money left over : 80$

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

I’m choosing Juan because his is closest to mine, and I know it is near impossible to live let alone save on the bare minimum amount that ODSP gives you.

I’m going to say that Juan has managed to find a cheap room in Kingston, sharing a house with three roommates.
He chips in for internet, has a Netflix account as his entertainment, and has a cell phone.
He gets the affordable monthly transit pass, but still needs an occasional cab ride.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Ask for family members to invest in a registered savings account or canada savings bond.

Budget for nessesary spending and figure out if she can cut back on spending or if she needs more money to put a side to save for her childs education.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

try nicotine cessation programs offered by health units. A pack of cigareets currently sells for 15 dollars a pack so if Mike is smoking any where from half a pack to a pack a day he would be spending anywhere from 2,700$ a year to 5,400$ a year on smoking.

Budget on anything he can cut out and save to put toward the car, potentially look for good used cars.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

38,400$ income in a year. She would figure out her childs cost, cost of rent/ morgage , groceries ext. What ever she can pay off in a month reasonably with out missing a payment and set up a payment period with her lender to see how long she can stretch out paying it back for.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

use food banks as much as possible, disability sometimes offcers half price monthly bus passes. Most community care areas in remotre areas offer driving for free for disabled people nd seniors, they are volunterr drivers and you can sign up for a day and time to be picked up on their website.
ODSP offers 500$ a year to start a buissness, so if able maybe start a small buissness?

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

check with bank

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

quit smoking

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

pay it off in bi weekly payments

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

have a checking and saving and a high interest account 3 way savings

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

– makes $800 a week
– no childcare costs (Mohammed stays home with the kids)
– spends $150 on groceries a week
– spends $1500 on rent / month

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

N/a

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

TOTAL MONTHLY INCOME (A)
2333.00

TOTAL MONTHLY EXPENSES (B)
1650.00
OVERALL BALANCE
Total monthly income (A)
2333.00
Subtract Total monthly expenses (B)
1650.00
= (-) Overspending or (+) Saving
683.00

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

N/a

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

N/a

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Making a sacrifice by quiting smoking, you’ll achieve your goal faster that way

Every 2 weeks you get $750 thats $1,500 month, Once you paid off all your fixed bills every month, you’ll have $250 remaining, you either put the whole $250 towards the car or $200 depends on how fast you want this car.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Selected
– receives $300 child benefit
– Natalie has etsy shop on the side that makes $800/month

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

pay off all debt and fixed payments
set aside at least 100 a month in a index fund and allow it to compound until the child is ready to go to collage

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Assuming Gina earns 600 on social assistance and 400 in childcare per month and has roughly 500 worth of living expenses and rent, she should be contributing $500 to an RESP for her 5 year old child for the next 13 years.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Assuming Mike lives in Ontario and is making $14/hr at 40hrs per week and pays personal taxes of 17.5%, his after-tax income per week is roughly $ 462. That means Mike brings home $1848 after taxes per month. If he pays $1000 for rent and living expenses and about $40 for cigarettes and 100 for life insurance a month, he will have $708 to save for a car per month.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

At $20/hr and a 40 hour work week, the personal income tax rate is 20.2%. Therefore, income per month after taxes is $2553.6 or $638.4 per week for this family of 4 not including child-tax benefits.

If mortgage/rent and living expenses amount to $1500, it will take the couple 10 months at $500 per month to pay off credit card debt of $5000.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Assuming disability income is $900, and rent and living expenses are $750. Juan can save $100 per month assuming that he also spends $50 per month on transportation for appointments.

It would take 9 months to build up an emergency fund of one months worth of rent.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Living location/ conditions

External expenses?

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Living location/ conditions

External expenses?

Any other responsibilities?

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Living location/ conditions

External expenses?

Any other responsibilities?

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Living location/ conditions

External expenses?

Any other responsibilities?

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Lives in his parents’ basement for 500$/month including all utilities
Pays for his own cell phone bill
Has a bus pass to get to and from work
Buys his own groceries
Has Spotify and Netflix subscriptions
The car he wants is his Uncle’s old Civic, and is going to cost him $5000
Smokes one pack of cigarettes every two days
Buys lunch at McDonalds about 8 times a month

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

3200/month -20% = $2560 after taxes
– 600$ food
– 1000$ rent inclusive, 2 bedroom, small town
– 200$ internet and family phone plan
– 200$ car expenses (paid off)
– 400$ children expenses

-160$/month for 4 years credit card payments

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Fixed Expenses:
Rent $500
Bus pass $35
Phone bill $75
Groceries $250
Alcohol $200

Smoking $540

Goal : Cut smoking in half and safe $270 a month

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

She can go to the bank and open a rvsp account they help with child education so whatever you put in the bank matches.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Everyday check, that’s he gets he should put aside $200 and instead of smoking he should quit or buy 1 pack for the week. That will allow him to save up faster for his car.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

I think if this couple out put down $300 a month they should be able to pay off their debt in 15months almost.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

I think every income tax money he gets he should put away $200 that way when a rainy day comes he will have funds available.

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

Put $20 per month into RESP, government will match investment, it will grow over time.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Cut down smoking by 50%. Put money saved on cigarettes into a saving’s account.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

Pay at least the interest on credit card each month. Pay as much as you can towards credit card, cutting down other living expenses as much as possible, until card is paid off.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Find out how much a car costs
Split that into how many months it would take for him to save up for that.
Find out how much he needs to save up per month to get a motorcycle.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Mike wants to save money to be able to buy a used car. He currently uses public transit. He smokes so that eats up a lot of his disposable income but he doesn’t do very many recreational things because he works full time. By creating a budget, we see that he can save $170 a month towards his goal of buying a car. Therefore, if he wants to purchase a $2000 car it will take him exactly one year (12months) to save up for it.

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

– Gets Child Tax Benefit from government
– Stay at home mom so children not in daycare

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

dfd

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

gfgfgc

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

cv

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

eaav

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

$24,000 income after taxes
$2000/mo

Rent: $1200/mo
Food: $350/mo
Public transport: $150/mo
Clothing/toiletries/miscellaneous/cell phone: $225
RESP: $75/mo

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

$29,000 income after taxes
$2,400/mo

Rent: $1250/mo
Food: $300/mo
Public transport: $150/mo
Clothing/toiletries/smoking/cell phone: $450
Savings for car: $250/mo

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

$32,933 income after taxes
$2,744/mo

Rent: $1350
Public transportation for 2 adults: $300/mo
Groceries: $450/mo
Miscellaneous: $186/mo
Pay off credit card debt with interest rate of 18% $5000 with a goal to pay off in one year is $458/mo

Prioritized paying off debt. Any debt above 2% should be paid off immediately. Reduced groceries, lower rent while the kids are young, and using public transportation is essential for one year. After which hopefully they can start actually saving funds, and should realistically consider their credit card use.

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Average ODSP is $1001/mo

Lives with family to reduce cost
Medications not covered by Trillium: $150/mo
Car payments: $250/mo
Gas: $100/mo
Car insurance: $180/mo
Groceries: $250
Savings: $71

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

I am choosing Juan, but unsure which additional details I might add…

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments
Other Details:

Lives off of ODSP
Has roommate(s)
Takes TTC due to his financial situation as primary mode of transportation

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

owns a small home and car
has pets
5 year old in outside school activities
one works from home – sells online
healthy
buses to work

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour
Other Details:

-Aprox $650/wk take home pay
-Mohammed is stay at home dad
-They live in the city and both have bus passes.
-They have a mortgage of $1100/mo

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance
Other Details:

*part time job
*$16/hour job
*Has a baby sitter for the child
*Every pay check she saves up at least $10 each time to a savings account
*She would have lots of time since her child is only 5 years old now

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

Creating a Budget

You chose one of the 4 scenarios below and used the Monthly Budget handout to record a budget for your person. Here are the 4 scenarios you chose from, and additional details you may have identified.

Scenario 1: Gina

Scenario 1: Gina

  • Single mother of 1 child, 5 years old
  • On social assistance

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

  • Single guy, smoker
  • Makes minimum wage, works full-time
Other Details:

Personal expenses:
Cigarettes – F

Housing & Living expenses:
Rent – F
Food – F

Transportation:
– Rides – V
– Bus – F
– Walk – V

Savings Goal: A car

Scenario 3: Natalie and Mohammed

Scenario 3: Natalie and Mohammed

  • Married couple, 2 small children ages 3 and 4
  • One full time (40 hrs/wk) income of $20/hour

Savings Goal: Pay off credit card debt of $5,000

Scenario 4: Juan

Scenario 4: Juan

  • Single male. Lives on disability income support
  • Needs transportation to get to appointments

Savings Goal: A “rainy day” emergency fund

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