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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

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, health care, child care

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

health care, entertainment, cell

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:

saving account, child care

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:

support worker, transport

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:

Pay 350/month for 14 months.

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
Other Details:

Quite smoking. Save 500 a month. In a year you can get a used 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

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:

Income- Government assistance- 1800/ month.
Expense-
Rent- f- 1100/month
Groceries- 300/month
child expense- 100/month
phone bill- 40/month
other expense( drugs, hair care)- 100/month
Total expense- 1640/month
Savings- 160/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
Other Details:

$14 x 42.5 = $595
$476 per week after taxes and possible insurance
See if reducing cigarettes costs

Housing: $500 for a small bachelor pad or with roomates
Food: $300
Cigarettes: $100 if he can keep to 1-2 packs per week
Utilities: $200
Credit Card: $200 a month
Savings: $300, could be used for car payment or to save for a used 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

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:

Own a house (mortgage – $1200/mnth
Do not have a car payment
Other Housing expenses – $900/mnth
Other Living expenses – $800/mnth
Total Expenses = $2900

Total Income = $40*20*4=$3200

Savings $300/mnth

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:

groceries $300
phone bill x2 $130
childrens needs; cloths, medication etc $300

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:

Gina and her daughter Hayley live in a one bedroom basement apartment together in a unit attached to a family home. On assistance and with tax benefits, Gina brings in $1600 a month.

Gina started making masks during the pandemic out of recycled clothing. it takes 5 hours to create 10 masks. Each mask is $10 each.

Gina also babysits the neighbor’s kid after school for 2 hours for which the neighbor gives Gina $100 a week.

Gina loves upcycling, she refurbishes second-hand furniture. She makes approximately $100 profit per month with this hobby.

Gina saves money on food by connecting with farmers produce programs, she cant always choose what she gets but its always a fun challenge. $5 a week for 10lbs of veggies. She spends $100 a month on everything else.

additional expenses include a netflix account, renters insurance,

She puts aside $10 a month for new clothing and receives many things from her landlord whose daughter is a year ahead of her own.

Gina receives prescriptions through a community non-profit dispensary where they are priced at cost

Hayley attends dance class which is $100 a month and Gina puts aside $100 a month of equipment, enrichment activities, school trips.

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:

Set up an education fund with the bank, set a budget, contribute to the education fund monthly

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:

5-year-olds outgrow their clothing extremely quickly; school supplies cost money, plus donations to the classroom every season (like tissue boxes)

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:

They probably have 1 car, they would get baby bonuses, partner works part time job at minimum wage, 15h/week; in-laws can take care of children for free

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:

– doesnt have credit card dept.

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:

Smokes a half pack a day, and has absolutely no life or expenses other than food or smokes. Saves $50 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
Other Details:

Set aside $20-40 a month
Create a separate bank account for your childs savings. Don’t touch the funds at all. If you were to save $30 a month for your 5 year old, for 15 years, that’s a total of $5400. Realistically the more money you put into the bank the more money there is. If Gina worked when her child went to school she would be able to get off social assistance and make more money. Plus the government does provide CCB monthly especially for low income families, that way you would be able to save more for your 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:

Apply for housing subsidy , rent would be cheaper.

Set aside money to save for a vehicle downpayment if he wants to finance.

Build credit score – for better opportunities

Make your own meals at home try not to spend on things not needed, set a budget for his own needs ex smokes, food, clothes.

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:

Realistically he would be making around $3200, not excluding taxes being removed .
So lets say rent is $1250
Groceries – $400
CCB received
+400.00

If they contributed approximately $300 a month towards there credit card they would be paying$3600 in a year which is more then half already paid off and there debt would be paid off in less then 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
Other Details:

Total disability income would be approximately $1200 if that.

If he bought a cheap vehicle for around $2000, he would be able to get to appointments. he would need to set aside money to save up. Once he has his vehicle he can start to set aside $50 a month for rainy day fund.
There are a lot of options that are provided for people with disabilities, food supplement programs, special gov funding etc. He just needs to do his research. Find the best option that works for him.

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 spends 15$ per pack
-Mike smokes an average of 12 cigarettes a day
-Mike lives in Ontario
-Mike has a roommate
-Mike’s rent is 825 a month
-Mike makes 1913 a month
-Mike lives in an apartment where heat is included
-Mike rides his bike to work and back
-Not a magazine or newspaper guy

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
Other Details:

apartment or condo rent
utilities for place of living
goes to daycare which is another fee
saves for child’s education monthly through RESP
receives child support from ex-husband
no car, takes transit
pays for babysitter sometimes because she worked late

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:

works full time 9-5
likes to go out with friends once a month
takes a course on the weekends (160 per course)
lives with family in the basement (no rent)

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:

min wage = $14/hr x 35hr/week = 415.41/week (after taxes)

415.41 x 4 = 1661.62/month

Cigarettes: $10/pack; 0.5pk/day = $150/mo
Groceries: $200/mo
Rent: $650/mo (with roomate; laundry and utilities included)
phone: $60/mo
internet: $60/mo
bus pass: $58/mo (low income pass)
Save for car: $100/mo

Used Car: $2000
Car insurance: $136/mo
Gas: $100/mo

Buy cheaper cigarettes or try to quit; shop around for cheap insurance; try to find cheaper grocery options with sales or coupons.

Save over 2 years; use money from bus pass to help pay for insurance. Keep saving extra money in a maintenance 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

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:

Juan makes $1300 a month and pays $650 per month for rent and $50 for his phone bill. His transportation is the public transit and that is $50 a month for a bus pass. This leaves $550 per month for his budget, but he also has to eat food, if he’s smart he can use $150 for food for the month with not too much take out and making home cooked meals. Saving $400 a month for 6 months will land him at $2400 which is an ideal number and 6 months of living expenses for his 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

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

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:

Open RESP, institute automated savings on each deposit, open multiple savings accounts (one for each child) track all expenses and spending and itemize them by needs and wants. Then reduce needs and maintain or decrease needs as well.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Itemize spending into wants and needs, reduce spending on arbitrary wants, stop smoking altogether or smoke less, save money offset by smoking less, calculate the amount months and reasonable amount to be saved per month to afford the 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:

Open dedicated savings account, institute automated savings on each deposit and institute app(s) that can round up purchases for savings to the nearest multiple, track all expenses and spending and itemize them by needs and wants. Then reduce needs and maintain or decrease needs as well.

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:

Open dedicated savings account, institute automated savings on each deposit and institute app(s) that can round up purchases for savings to the nearest multiple, track all expenses and spending and itemize them by needs and wants. Then reduce needs and maintain or decrease needs as well.

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:

– Set up an RESP. A registered education savings plan (RESP) is the easiest way to save and grow your child’s education fund

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

– Limit unnecessary spending
– Open a savings account
– Calculate the down payment and pay it off

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 off the smallest balance first
– Pay off the highest interest rate

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:

– Break Down Your Savings Goal into Smaller Steps
– Open a Separate Emergency Savings Account

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 at least $100 a month (25 a week) and put it towards child savings (RESP?)

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 on number of cigarettes
Try to quit (nicotine gum?)

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:

Take 250 a week and put it into credit card savings

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 at least $100 a month (25 a week) and put it towards emergency 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
Other Details:

Often Help’s his family financially.

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
Other Details:

– Look for an other stream of income to leverage the Child’s 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:

$14/h = minimum wage
$2,240/month

Vehicle is $4000

Mike can buy the car in a year if he saves $333 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

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

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:

$400 / month for food, taking 1 day a week to meal prep and buying ready to eat foods.
Setting aside $10 every week, put into a long term savings plan.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Take $100 off each monthly paycheck.

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: 1200

house: 500
food: 250
Personal expenses: 200
Child expenses: 300
Other: 100

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

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:

875/month welfare Additional income – child tax – 400/ month side hustle Fiverr uber eats etc – 200/ month min.

scenario 1
subsidized rent 250
groceries 200 /month food bank for grain pasta and bread
child care – (daycare is freeing canada for ow) 2 nights a month $100
travel – gas and insurance 350/month (have an old car purchased for 1000 or something )
incidentals-
savings- 50

scenario 2
groceries 150 /month food bank for grain pasta and bread
market rent (house sharing) 700
travel ttc- 3.25 x 20 = 65 10 trips a month to and from
childcare – (daycare is freeing canada for ow) 2 nights a month $100
savings – 50

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

14x40x4 = 2240

used car 2000 plates – insurance –

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:

20x40x4=3200
mortgage/rent 1500

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:

disability 1300/month

wheel trans is free
lyft fund – 320 (8 $20 trips to and from per month 2 trips a week anything else use wheel trans)
groceries – 200/ month (50/week)
haircut – $20/ month
excursions-

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:

20$ a hour
1200 bi weekly

rent = 1000.00
1 credit card

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:

Monthly income: $4,000 per month

Cost of smoking: $2,000 per month
Rent and bills: $1,500 per month

Saving $500 toward car per month- 1 year to reach goal

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:

I am choosing Juan as the person I will budget for.

Note: I used the current rates for Ontarians on Disability. It is pretty well impossible to stay afloat given current prices and the little money they get. They would not allow me to submit a budget deficit, so I simply did not budget for some things. Hopefully, Juan would be getting help or gifts from friends/family.

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:

Any dispensible income goes towards RSVP saving compund interest program

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Reduce smoking, quit if possible
Look for higher employment

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:

reduce any variable expenses and avoid using credit card when unnecessary

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:

See if there are cheaper transportation options to save up rainy day funds

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:

Small amount of savings in high compound interest start right away

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Lease a car that works with a low monthly payment or save incremental amounts of 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
Other Details:

Clearly outline costs that are fixed. Reduce discretionary income and put on credit card

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:

Apply for para transport. Save a small amount of money each week in an account with high compound interest that can be forgotten about. Make payments automatic.

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:

hw

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

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:

Also gets child support, plans to send child to private school ($40k total tuition over a 4 year period) from 9th to 12th grade.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

1 pack/week smoker, currently takes cabs to work at $7/trip $14/day, owns a bike, neighbor has a car, works at same 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:

$84/bi-weekly for 30 months, paid off in 2.5 years,

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:

mom drives him to appointments, lives in subsidized housing: $450/month all included, $25/moth basic local cellphone plan,

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:

–

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:

Married couple
2 kids and needs to pay off 5k in dept

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:

$50 into medium risk ETF every month for the child

$250 beans, rice, leafy greens to eat

$500 rent (public housing)

$150 electricity (no cable/tv, barely use lights, only cook meal preps)

phone 25

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

$300 into HISA every month (or use tfsa if not at limit)

rent 1500

food $150, eats @ work

phone 35

transport 100 bus pass

recreation 50

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:

subtract all essentials and truly happy things you buy
put everything else into credit card

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:

ditto

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 needs to find a good job for herself and try to save money time at the end of a month. Try to spend money as she needs.

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 needs to spend less money on smoking and must try to have a saving from every month working in 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:

The main thing is to save money and both need to work and it will help them to pay off the credit amount.

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 needs to save from his income and try to search for his need.

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:

– 800/week = 1600/biweekly = 3200/month
– 3200 minus taxes – roughly 2800/month
– couple gets 1000 extra a month from renting out their basement

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:

N/A

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

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

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:

quit smoking;
save smoking money for car.
apply for other jobs; potentially
skilled labor until something else comes along

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

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’ll be picking this person.
He Is renting a place to live.

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:

Try to find a job that could work with the current life to also generate income

Send the kid to daycare and get a 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:

Stop smoking

Find a better paying 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:

Other person get a job possibly working from home

Try to cut some expenses around home

find a job that pays more

Set aside money monthly to pay it 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
Other Details:

try to find someone who can drive him for low cost to save more money

Get a bike for close 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:

Grocery- $250
Rent – $900
Car insurance- $200
Income- 1,600 monthly

Savings- 75.00

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

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 a small amount into tax free savings account each month ($5-$20 for example)

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 back or quit smoking and use the money saved to put into savings account or invest another way. Could also take a portion of each paycheck to save or possibly apply for car loan.

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:

The other could get a job as well or maybe start side buis ess from home. They can budget carefully and stay under budget to make an effort to make 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:

Odsp pays for medical transportation. If he filed his income tax if would give e him an extra chunk of money equal to around what his monthly check would be. This should give him a rainy day fund to fall back on.

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:

S – the specific goal is saving for her childs education
M- Gina receives social assistance so Gina would have to determine how much money she gets from social assistance and then figure out how much money she can set aside.
A- Since Ginas child is 5 years old, Gina can use the advantage of time to create an attainable goal. Since the typical age to attend post secondary school is 17-19. Gina can set a side a small amount each month for the next 13-14 so that Gina can achieve her goal with the time frame.
R- This is realistic because the need is for her child future and she is giving her self enough time to achieve it.
T-

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

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:

Saving focus

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Investment in liquid portfolio (High interest savings account) and saving

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 of credit card

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:

Make it a priority

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:

see business plan

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

see business plan

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:

see business plan

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:

see business plan

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:

If you have a monthly income dont spend what you cant afford .
Make sure your budget and expenses dont over spent from your income

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:

Gina will look in to subsidies and tax breaks.
Gina can also apply for free education for herself and reduced daycare for her daughter while taking the course or classes.
Gina will look for courses available to her on line.
Gina can also apply at the local food pantry to help with the cost of living.

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 can save $49.00 – $147.00 per month by giving up smoking.
Mike will ask his doctor to write a prescription for a nicotine patch that be covered by his insurance program.
Mike will ask if any co-workers drive past where he lives and could give him a lift. Saving in transit fares.
Mike will take a bagged lunch to work to save money by not eating off the food truck or eating out.

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:

Who ever stays home with the children will let neighbours know that they can babysit in order to increase income. Shopping a thrift stores may help with the savings plan to pay down the credit card.

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 will check that he is getting every benefit that he is entitled to.
Juan will ask doctors if he can have a phone appointment or on line appointment instead.
Juan will join peer support groups for support and consider if he could become a peer – support facilitator.

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:

$25/month into RESP
Build up over 13 years
have child apply for OSAP (interest free)

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/reduce smoking ($200-$400/month savings) put into savings for 2 years
buy used vehicle and pay cash.
continue $200-$400/mo saving for car maintenance and insurance

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:

*Use the child tax credit toward the child’s education
*Make an appointment with the bank to get details about opening up an account related to her child’s education funds
*Look into all fixed expenses and see if anything can be reduced, shop around for different providers
*If she works from home look into moving to a location that’s less costly

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

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:

Short on funds
Stress levels high

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Needs to quit smoking to save funds

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:

Minus what they pay for housing and loving costs their goal is accomplishabel in a short amount of time

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:

Transportation is paid by the government on disability
Easy to save for

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 1 roommate
-smokes 2 packs a week
-walks to work most days
-receives hst 4 times a year
-heat and hot water included in rent, pays power only
-coin laundry in building
-musician that performs locally a few 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
Other Details:

-lives at home
-goes to the gym

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:

Putting aside $20 from every paycheque into a GIC account, to grow your investment.

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, money spent on smokes daily or weekly will go towards car payments.

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:

Create a payment plan that will work for you, making it a comfortable bi-weekly or monthly payment that won’t set you back.

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:

Try arranging for family or friends to get to appointments for cheap or for free.

Start putting aside small amounts of money for an emergency fund.

Put into the bank where it isn’t easy to just take from.

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 $1000
Rent $500
Bus $50
Food $200
Cellphone $20
Clothes $15
Toiletries $15
Save $200/month for child’s 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:

Income $15x40x52/12=$2600
Tax 15%=$390
Quit smoking & replace with gym membership for stress management and build support network $100
Rent $500
Bus $50
Food $200
Cellphone $20
Clothes $15
Toiletries $15
Save $1310 /month for 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:

Income $3466
Tax 15% $520
Rent $1500
Car $400
Food $800
Cell phone $50
Clothes $50
Toiletries $50
Pay off $96.66 in credit card debt per month
Get 2nd part-time job to increase 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
Other Details:

$1000 income per month
Get free bus pass from government
Rent $500
Bus $50
Food $200
Cellphone $20
Clothes $15
Toiletries $15
Save $200/month for emergency fund 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

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:

Income:

Mohammed’s Income (40 hrs/week, $20/hour): $3,200
Expenses:
Housing:

Rent/Mortgage: $1,200
Utilities (Electricity, Water, Gas): $150
Home Insurance: $50
Transportation:

Gas/Transportation: $100
Car Insurance: $80
Maintenance/Repairs: $50
Living Expenses:

Groceries: $400
Childcare: $300
Health Insurance: $150
Education Expenses for Kids: $50
Personal Expenses:

Entertainment/Leisure: $100
Dining Out: $75
Miscellaneous (Clothing, Personal Care): $50
Debt Repayment/Savings:

Credit Card Debt Repayment: $500
Total Income: $3,200
Total Expenses: $3,155
Savings/Shortfall: $45

In this scenario, Natalie and Mohammed have a surplus of $45, which they can allocate towards their savings goal of paying off the $5,000 credit card debt. It’s essential to review and adjust the budget periodically to ensure they stay on track with their financial goals and adapt to any changes in income or expenses.

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:

Housing total: 1650
Living total: 250
Transportation: 150
Personal: 140

Wallet after expenses: 171

Pay check: 2,361.6

Mike could put at least 70 dollars in his savings account every month… But if he’d stop the bad habit of smoking, he could use the extra 30 to put into savings for the car. If he does that consistently for.. Well, a decade… He would finally have enough for a 10k down payment on a car. Or, he could settle for a used one!

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
Other Details:

Trying to start a side hustle.
likes to go out.

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:

Natalie does hair from her home .
they have one dog
Mohammed is a smoker

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:

I choose this one.

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
Other Details:

-less time to work, if raising young child
-less income in house hold, as single mom
-higher expenses in house hold of 2
-less money to save
-should consider compound interest and long term savings/investment plan to save for child’s 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:

$360 for a single parent
$733 for yourself
In total that is $1,093

Living with family rent cost: $100
Phone bill: $20
Groceries: $450
Internet: Free
School supplies: $136
School field trip: $121
Travel: $25
Total: $847
Left over: $246 out of the $1,093

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:

I’m choosing this one

He’s also on COHB

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:

– Gina is a retail worker at a mall in Toronto.
– She makes around minimum wage at her job.
– She takes the bus and train to work on weekdays, she’s off on weekends.
– She picks her kid up from school after work.
– She lives in an apartment building, expenses such as heat and wifi are included in the rent bill.
– She makes soap on the side to make a little bit of extra money.

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:

let us assume an income of 40000 per 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
Other Details:

earning enough for grocery despite no wage increase and inflation

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

well, def not saving for a house at this point.

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:

need to check-in with financial advisor or counselor

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:

A rainy day emergency fund wouldn’t save Juan in the current ER situation in Canada…unless he lives in the U.S., then for sure. He need that 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

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:

Set income every month

Minus transportaion expense

Left over should be split 60/40

60% – spending

40% rainy day fund that’s worth 3 months of his income

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:

– in Social/Government Housing
– Foodbank/Foodstamps
– Child Support Payments

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

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:

Cooks at home, limits his spending eating out

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
Other Details:

– rent/mortgage
– transportation
-groceries
– debt repayment

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

– basic living expenses
– groceries
– transportation

saving for a car:

– determine monthly savings goal to accumulate funds for purchasing 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
Other Details:

– rent/mortgage
– transportation
-groceries
– debt repayment

Debt repayment plan:
– cut expenses
create debt repayment plan
increase 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
Other Details:

– rent/mortgage
– transportation
-groceries
– debt repayment

– cut expenses
-determine a monthly savings goal to gradually build 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

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:

Many strong presentations are ruined by a weak ending, where the presenter trails off and mumbles something before rushing off the stage… End strongly and confidently by summing up your key points (don’t just repeat your agenda or the whole presentation but briefly sum up your key points). It can be very helpful to close off with a “next step” or action for your audience. For example, you might encourage them to check out your website or pick up a sample at the end of the presentation. Or, you can also leave them with a final thought – perhaps something that links to your opening “hook” (e.g., show a different, related picture or a different statistic). Once you’ve finished, thank your audience, and then don’t forget to ask for questions! Listen carefully to questions, ask for clarification if you don’t understand the question, and check that you’ve answered the question properly for the audience member.
presentation visual – use ppt or prezi
Include a title slide with your name and business name, logo, and an agenda slide (that includes the topics you’re going to cover)
Keep bullet points short and focused
Keep images relevant and easy to see
Make sure your font size is large enough
Proofread carefully for any errors
Use whitespace effectively (i.e., balance out everything on the slide)
Keep your slide design consistent, relevant, and not too “busy.”

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Many strong presentations are ruined by a weak ending, where the presenter trails off and mumbles something before rushing off the stage… End strongly and confidently by summing up your key points (don’t just repeat your agenda or the whole presentation but briefly sum up your key points). It can be very helpful to close off with a “next step” or action for your audience. For example, you might encourage them to check out your website or pick up a sample at the end of the presentation. Or, you can also leave them with a final thought – perhaps something that links to your opening “hook” (e.g., show a different, related picture or a different statistic). Once you’ve finished, thank your audience, and then don’t forget to ask for questions! Listen carefully to questions, ask for clarification if you don’t understand the question, and check that you’ve answered the question properly for the audience member.
presentation visual – use ppt or prezi
Include a title slide with your name and business name, logo, and an agenda slide (that includes the topics you’re going to cover)
Keep bullet points short and focused
Keep images relevant and easy to see
Make sure your font size is large enough
Proofread carefully for any errors
Use whitespace effectively (i.e., balance out everything on the slide)
Keep your slide design consistent, relevant, and not too “busy.”

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:

Many strong presentations are ruined by a weak ending, where the presenter trails off and mumbles something before rushing off the stage… End strongly and confidently by summing up your key points (don’t just repeat your agenda or the whole presentation but briefly sum up your key points). It can be very helpful to close off with a “next step” or action for your audience. For example, you might encourage them to check out your website or pick up a sample at the end of the presentation. Or, you can also leave them with a final thought – perhaps something that links to your opening “hook” (e.g., show a different, related picture or a different statistic). Once you’ve finished, thank your audience, and then don’t forget to ask for questions! Listen carefully to questions, ask for clarification if you don’t understand the question, and check that you’ve answered the question properly for the audience member.
presentation visual – use ppt or prezi
Include a title slide with your name and business name, logo, and an agenda slide (that includes the topics you’re going to cover)
Keep bullet points short and focused
Keep images relevant and easy to see
Make sure your font size is large enough
Proofread carefully for any errors
Use whitespace effectively (i.e., balance out everything on the slide)
Keep your slide design consistent, relevant, and not too “busy.”

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:

Many strong presentations are ruined by a weak ending, where the presenter trails off and mumbles something before rushing off the stage… End strongly and confidently by summing up your key points (don’t just repeat your agenda or the whole presentation but briefly sum up your key points). It can be very helpful to close off with a “next step” or action for your audience. For example, you might encourage them to check out your website or pick up a sample at the end of the presentation. Or, you can also leave them with a final thought – perhaps something that links to your opening “hook” (e.g., show a different, related picture or a different statistic). Once you’ve finished, thank your audience, and then don’t forget to ask for questions! Listen carefully to questions, ask for clarification if you don’t understand the question, and check that you’ve answered the question properly for the audience member.
presentation visual – use ppt or prezi
Include a title slide with your name and business name, logo, and an agenda slide (that includes the topics you’re going to cover)
Keep bullet points short and focused
Keep images relevant and easy to see
Make sure your font size is large enough
Proofread carefully for any errors
Use whitespace effectively (i.e., balance out everything on the slide)
Keep your slide design consistent, relevant, and not too “busy.”

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:

He owns a house, takes transit to work
He loves going out during weekends

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 is single guy making minimum wage and working full time, he makes $2400 a month, his rent is $1200, groceries $300, cell phone bill $50. smokes cost $300 a month. That brings the total to $1850 and he is left with $550.

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:

created a savings that generates interest
smokes twice a day now to cut down on spending
got a promotion/bonus
single/no kids

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:

Living with parents, no extra 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

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:

Total income $3200
Rent $1500
Living expenses $700
Car (owned) $400
Miscellaneous $200
Remaining $400
If we put aside atleast $300 every month, the debt can be paid off in 17 months.

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

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:

Monthly rent & utilities for a 2-bedroom apartment in Toronto: $2200

Mohammed stays home with the kids, but was previously working in IT and is currently making some money on the side by hosting websites for a couple friends. This brings in about $500/mnth

Natalie takes the subway to and from work: $3.30×2 per day (5 days a week = $132/month)

Their combined phone plan is $80/month

They pay $50/month for various streaming services

Average grocery costs for their family of 4 in Toronto would be around 700/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:

Gina should prioritize her budget for toiletries, groceries, school supplies, medical/dental appointments, rent/housing, laundry, and feminine grooming (e.g. waxing, nails, etc.). If she doesn’t want to spend money on hair and nails at local salons, she can consider doing her nails at home or having a friend/family member do her nails and hair for her. Affordable grocery options include local food banks, local discount grocery stores, dollar stores, farmers markets, etc.

Any non-essential things like dining out, entertainment (e.g. video games, toys, books, etc.), social outings, celebrations, vacations, clothing (unless it’s highly needed), and makeup should be considered secondary. Gina should spend money on non-essential things at least 1-2 times a month, unless she finds cheaper alternatives like shopping for toys and games at local thrift stores, having parties at home, etc. If that’s the case, she can spend money on non-essential things 4-5 times a month.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

To be able to afford a car in the near future, Mike will need to prioritize his budget for toiletries, cigarettes, groceries, medical/dental appointments, male grooming, laundry, and rent/housing. Besides getting his hair done at local barber shops, he can consider doing his own male grooming at home. Affordable grocery options include local discount grocery stores, dollar stores, local drug stores, local convenience stores, farmers markets, etc.

Mike should consider eating out at least 3-4 times times a month max. Mike should either limit his spending on non-essential things (e.g. parties, games, movies, social outings, etc.) or find cheaper alternatives to the things he wants to do for his own entertainment (e.g. have house parties instead of going to a nightclub or a bar, watch movies at home with his friends instead of going to the cinemas, hang out with his friends in public areas like parks and community centres, or have a game night at a friends house instead of going to the casino, a pool bar, or the arcade). If he wants to dine out more than 3-4 times a month, but knows he can’t, he can always go to places like Pizza Pizza, McDonalds, A&W, 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:

Natalie and Mohammed should consider eating out at least 1-2 per month or only on special occasions. They should pack and cook food more often, even if they purchase frozen and ready-made meals from local grocery stores to keep in the house. Besides groceries, they should consider prioritizing their budget for toiletries, medical/dental appointments, daycare, rent/housing, personal care (e.g. hair, nails, etc.). Possible places for them to shop at are local discount grocery stores, local mini marts, dollar stores, drug stores, etc.

Natalie and Mohammed should limit the amount of money spent on games, toys, books, and anything non-essential, or find cheaper alternatives to buying or doing the things they want for fun. For example, they could buy toys at a local thrift store than at a local toy store like Toys R Us, and have at-home birthday parties instead of birthday parties at children’s play places, restaurants.

Natalie and Mohammed should split the budget. Each of them should spend a certain amount each week, as this will allow them more time to save and keep things organized. For example, Natalie could spend $100 on groceries and Mohammed could spend $300-$400 on cleaning supplies and medical appointments for one week, so neither of them are spending too much in one week.

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 will need to limit the amount of money he spends on non-essential things like video games, movies, fast food, social outings, etc. He should spend around $30-$100 a month, and find cheaper alternatives to the things he wants to spend his money on. For example, he could have a movie party at home with his friends instead of going to the cinema.

He should prioritize his budget for toiletries, groceries, medical/dental appointments, transpirations, barber shop appointments, etc. Affordable grocery options for him to consider are local food banks, discount grocery stores, drug stores, convenience stores, etc.

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:

Budgeting and Expense Management: Help Gina create a detailed budget to manage her finances effectively, ensuring essentials are covered while allocating a portion towards savings.

Government Grants and Education Savings Plans: Inform Gina about government grants and education savings plans (like RESP in Canada or 529 plans in the US) that can provide matching funds or tax advantages for education savings.

Financial Education: Provide resources or workshops on basic financial literacy, focusing on budgeting, saving strategies, and understanding the benefits of long-term savings for education.

Community Resources: Connect Gina with local community resources or non-profit organizations that offer support and financial assistance programs for single parents.

Long-term Planning: Encourage Gina to set realistic savings milestones and regularly review her progress towards her education savings goal.

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Budgeting and Expense Management: Help Mike create a detailed budget that prioritizes saving for the car while managing his regular expenses, including addressing the cost of smoking.

Smoking Cessation Support: Offer resources and support to help Mike quit smoking, which can significantly reduce expenses over time and accelerate his savings goal.

Increasing Income: Explore opportunities for Mike to increase his income through additional work hours, seeking higher-paying positions, or exploring side gigs or freelance work.

Saving Strategies: Guide Mike on effective saving strategies, such as setting up a dedicated savings account, automating savings transfers, and cutting back on non-essential expenses.

Researching Affordable Options: Encourage Mike to research affordable car options, including used cars or reliable models with lower maintenance costs, to maximize his savings.

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:

Budgeting and Expense Analysis: Help Natalie and Mohammed create a detailed budget to understand their income and expenses, identifying areas where they can reduce spending to allocate more towards debt repayment.

Debt Repayment Strategy: Assist them in developing a debt repayment plan, focusing on either the avalanche method (paying off high-interest debt first) or the snowball method (paying off smaller debts first for motivation).

Income Maximization: Explore opportunities for increasing their household income, such as seeking additional part-time work, freelancing, or taking advantage of skills they can monetize.

Emergency Fund: While prioritizing debt repayment, encourage them to set aside a small emergency fund to handle unexpected expenses and prevent future reliance on credit cards.

Financial Education: Offer resources or workshops on financial management and responsible credit card use to prevent future debt accumulation.

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:

Transportation Options: Explore affordable transportation solutions such as public transit, rideshare programs, or community transportation services to help Juan attend appointments without a personal vehicle.

Budgeting and Expense Management: Assist Juan in creating a budget that prioritizes essential expenses, including transportation costs, while identifying areas where he can save to build his emergency fund.

Emergency Fund Strategy: Guide Juan in setting up a dedicated savings account for his emergency fund, focusing on gradually setting aside funds from his income or any additional financial assistance he may receive.

Financial Planning: Provide resources or workshops on financial planning and management tailored to individuals on disability income, emphasizing the importance of building savings for unexpected expenses.

Community Support: Connect Juan with local community resources or nonprofit organizations that offer support and financial literacy programs for individuals in similar situations.

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 bank request
Social housing
Subsidized program
Discounted entrance fees
RESP

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 loan
Biweekly deductions out of paycheck to save
Credit building program to improve score

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:

Join subsidized or discounted government assistance programs to reduce bills
Submi more than the minimum per month to reduce he amount on credit loan

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:

Monthly deduction of 20% to save for emergency

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:

Child tax credit

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Get a monthly loan for the 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:

Pay off a little each 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
Other Details:

Find a job or business opportunity

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
Hourly Wage: CAD 15.50
Hours Worked Per Week: 40
Monthly Income:
15.50
 
CAD
×
40
 
hours/week
×
4.33
 
weeks/month
=
2
,
688.60
 
CAD
15.50CAD×40hours/week×4.33weeks/month=2,688.60CAD
Total Monthly Income: CAD 2,688.60
Expenses
Category Estimated Monthly Cost (CAD)
Housing
Rent 1,000.00
Utilities (Electricity, Water, Internet) 150.00
Food
Groceries 300.00
Dining Out 100.00
Transportation
Public Transit or Gas (if applicable) 150.00
Car Insurance (future) 0.00 (start saving for later)
Health
Smoking (Cigarettes) 200.00
Health Insurance 150.00
Personal Expenses
Cell Phone 70.00
Entertainment (movies, etc.) 100.00
Savings
Savings for Car 300.00
Emergency Fund 100.00
Miscellaneous 50.00
Total Expenses CAD 2,670.00
Summary
Total Monthly Income: CAD 2,688.60
Total Monthly Expenses: CAD 2,670.00
Remaining Balance:
2
,
688.60
−
2
,
670.00
=
18.60
 
CAD
2,688.60−2,670.00=18.60CAD
Additional Details
Savings Goal: Mike aims to save CAD 300 monthly towards a car.
Emergency Fund: Setting aside CAD 100 monthly to build an emergency fund.
Smoking: This expense is significant and could be a potential area for cost-saving if he chooses to quit.
Future Car Insurance: Once he saves enough for a car, he will need to factor in monthly car insurance costs.
Potential Areas for Adjustment
Mike could reduce dining out or entertainment expenses to increase his savings.
Considering quitting smoking could free up additional funds for savings or other necessities.

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
Other Details:

Income Source Amount (CAD)
Social Assistance $2,000
Canada Child Benefit (CCB) $500
Total Income $2,500

Monthy
Expense Category Amount
Housing
Rent $1,708 Average rent for a 1-bedroom apartment in Toronto.

Utilities (Hydro, Water) $100 Estimated average for a small apartment.

Food
Groceries $400 Based on average costs for a single parent with one child.

Transportation
Public Transit $156 Cost of an adult monthly TTC pass.

Childcare
Childcare Expenses $200 Assuming subsidized childcare; actual costs may vary.

Communication
Phone and Internet $100 Basic plans for both services.

Miscellaneous
Personal Care & Household $100 Includes toiletries, cleaning supplies, etc.

Entertainment & Recreation $50 Budget for occasional outings or activities.

Savings
Education Fund Contribution $50 Monthly savings towards child’s education.

Total Expenses $2,864

Budget Analysis:
Total Income: $2,500
Total Expenses: $2,864
Deficit: $364

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:

Income Source Amount
Employment Income $3,467
Canada Child Benefit (CCB) $1,000
Total Income $4,467
Note: Employment income is calculated as $20/hour × 40 hours/week × 4.33 weeks/month. The CCB amount is estimated based on a low to moderate-income family with two young children.

Monthly Expenses:
Expense Category Amount

Housing
Rent $2,537 Average rent for a 2-bedroom apartment in Toronto.
APARTMENTS.COM

Utilities (Hydro, Water) $150 Estimated average for a family apartment.

Food
Groceries $1,000 Based on average costs for a family of four.

Transportation
Public Transit $300 Cost of two adult monthly TTC passes; children under 12 ride free.

Childcare
Childcare Expenses $500 Assuming subsidized childcare; actual costs may vary.

Communication
Phone and Internet $150 Basic plans for both services.

Debt Repayment
Credit Card Payment $200 Monthly payment towards $5,000 debt.

Miscellaneous
Personal Care & Household $200 Includes toiletries, cleaning supplies, etc.
Entertainment & Recreation $100 Budget for occasional family outings or activities.

Savings
Emergency Fund Contribution $50 Building a financial safety net.

Total Expenses $5,187

Budget Analysis:
Total Income: $4,467
Total Expenses: $5,187
Deficit: $720

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:

To save 5,000 I’d suggest Gina to open up a RESP account so she can get interest on her savings for her child. Ideally, $50 a month over 16 years would be $9,600 and then the interest with 6% would give Gina $10,176 for her childs education savings plan.

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

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Min wage

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:

Full time
Spend less

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:

Save save

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:

Works two jobs

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 smokingq

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:

Work overtime

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:

Sell items

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

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:

f – rent
f – spending on child (clothing, toys)
f – income from social assistance
f – saving each month for 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:

v – cigarettes each month
f – income
f – rent
f – saving each month for 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
Other Details:

Work and save, set up funds such as to invest in an RRSP for the child

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

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:

-No daycare expenses
-Own 2 vehicles (no payments)
-Deductions approx based on BC taxes
-Assume they rent from a family member and it is cheap rent for BC + it includes all their utilities
-Assume they have no pets
-Have full health benefits from the full time worker
-Wants to pay off CC debt of $5,000 over 2 years (24 mos)

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:

has a car paid off, monthly rent in coop housing, small side business selling handmade cards

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:

Rent
Daycare
Food
Clothing
Kids 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

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:

v

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

f

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:

f

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:

v

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’s Budget

Income: $2,400/month (full-time minimum wage job)

Expenses:

Housing: $990 (rent, utilities, internet)
Transportation: $420 (car payment, gas, insurance)
Living Expenses: $350 (groceries, health insurance)
Personal Expenses: $350 (smoking, dining out, phone bill)
Savings: $50 (for car)

Total Expenses: $2,160

Remaining Balance: $240 left over

This budget is realistic and balanced with money left over for savings

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:

i would commit to using 5-10% of every pay cheque to be used as extra payments towards the credit card balance to be able to pay off the card faster

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:

$1400 paycheque after taxes
$2800 a month

Monthly:
FIXED:
Rent $900
Hydro $30
Gas $30
Phones $110
Wifi $50
Cay payment + insurance $600

Variables:
Groceries $500
Kids needs $50
Gas $50
Debt $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
Other Details:

Receives $1,200/month in social assistance

Expenses:
Rent/Mortgage: $600 .
Utilities (electricity, water, heating): $150
Groceries: $200
Transportation: $100
Childcare: $100
Health Insurance & Medical: $50
Savings for Education Fund: $50
Total Expenses:
$600 (Rent)
$150 (Utilities)
$200 (Groceries)
$100 (Transportation)
$100 (Childcare)
$50 (Health & Medical)
$50 (Savings for Education Fund)
Total Monthly Expenses: $1,250
Summary:
Income: $1,200
Expenses: $1,250
Balance: -$50 (Deficit)
Adjustments :
Cutting back on grocery spending: can aim to spend $180 on groceries by being strategic about shopping (using coupons, bulk buying, or shopping at discount stores).
Reducing childcare costs: If possible, could reduce childcare costs to $80 by relying on a friend or family member for occasional support or utilizing childcare programs.
Transportation: She might reduce her transportation cost by cutting back on trips that aren’t necessary, reducing it to $80.
Revised Expenses:
Groceries: $180
Childcare: $80
Transportation: $80
Revised Total Expenses:
$600 (Rent) + $150 (Utilities) + $180 (Groceries) + $80 (Transportation) + $80 (Childcare) + $50 (Health/Medical) + $50 (Savings for Education Fund) = $1,190

Balance:

Income: $1,200
Expenses: $1,190
Balance: $10 left over
Final Budget Summary:
Income: $1,200
Total Expenses: $1,190
Remaining Balance: $10

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

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

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:

He could start a side hustle online and use the extra money for bus passes or taxis. If he could make 50.00 – 100.00$, then he should make not only enough to cover transportation, but enough to take a break from the side hustle now and again.

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:

Pays rent in downtown

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:

Not spending money on extra things like toys, getting your hair done or eating out

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 on your smoking habit to save money on buying more often , save money from ur job every week

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:

Housing:

Rent/Mortgage: $800 (f)

Utilities: $150 (v)

Home Insurance: $50 (f)

Total Housing Expenses: $1,000

Transportation:

Public Transit Pass: $100 (f)

Fuel/Gas: $50 (v)

Total Transportation Expenses: $150

Living Expenses:

Groceries: $300 (v)

Phone/Internet Bill: $80 (f)

Household Supplies: $40 (v)

Total Living Expenses: $420

Personal Expenses:

Childcare: $200 (f)

Health Insurance: $50 (f)

Entertainment/Leisure: $30 (v)

Total Personal Expenses: $280

Total Expenses:

Savings Goal:

$150/month (for child’s 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:

Housing:

Rent/Mortgage: $600 (f)

Utilities: $120 (v)

Home Insurance: $40 (f)

Total Housing Expenses: $760

Transportation:

Public Transit Pass: $100 (f)

Fuel/Gas: $50 (v)

Total Transportation Expenses: $150

Living Expenses:

Groceries: $250 (v)

Phone/Internet Bill: $70 (f)

Household Supplies: $30 (v)

Total Living Expenses: $350

Personal Expenses:

Smoking (Cigarettes/Smoking-related products): $150 (v)

Entertainment/Leisure: $50 (v)

Total Personal Expenses: $200

Total Expenses:

Savings Goal:

$300/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
Other Details:

Housing:

Rent/Mortgage: $1,200 (f)

Utilities: $150 (v)

Home Insurance: $60 (f)

Total Housing Expenses: $1,410

Transportation:

Car Payment: $300 (f)

Fuel/Gas: $100 (v)

Public Transit for occasional travel: $50 (v)

Total Transportation Expenses: $450

Living Expenses:

Groceries: $500 (v)

Phone/Internet Bill: $90 (f)

Household Supplies: $50 (v)

Total Living Expenses: $640

Personal Expenses:

Childcare: $400 (f)

Health Insurance: $100 (f)

Entertainment/Leisure: $50 (v)

Total Personal Expenses: $550

Total Expenses:

Savings Goal:

$150/month towards credit card 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
Other Details:

Housing:

Rent/Mortgage: $700 (f)

Utilities: $100 (v)

Home Insurance: $50 (f)

Total Housing Expenses: $850

Transportation:

Bus Pass: $80 (f)

Total Transportation Expenses: $80

Living Expenses:

Groceries: $250 (v)

Phone/Internet Bill: $70 (f)

Household Supplies: $30 (v)

Total Living Expenses: $350

Personal Expenses:

Health Insurance: $50 (f)

Entertainment/Leisure: $20 (v)

Total Personal Expenses: $70

Total Expenses:

Savings Goal:

$150/month towards 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:

Monthly Income: $1,300 from OW
Rent: $700/month subsidized housing
Childcare: $0 (full-time care by parent)
Transportation: $100 for bus pass
Food: $300/month
Phone: $50/month
Entertainment: $25/month
Misc./Kids’ needs: $50/month
Total Expenses: $1225
Savings toward education: $75/month

Savings Goal: Save for child’s education

Scenario 2: Mike

Scenario 2: Mike

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

Earning approx $2400-2600 gross
May rent alone or with roomates
Likely has transportation costs
Expenses might include rent, groceries, smoking, phone, savings

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:

Married couple, small children
One full-time job, household income $2,500/month
Savings Goal: Pay off credit card debt of $5000

Key considerations:
-living on one income with dependents
-may qualify for child benefits
-Budget likely includes: rent, food, kids needs, debt repayment
-Need to cut back 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
Other Details:

Likely on ODSP or similar
Fixed income (1200-1500/month)
May live in subsidized housing
Transportation needs are critical
Budget should prioritize stability and saving

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

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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