Career Life Education 12

Finances Unit

Name: Naomi - Junseo Park

Date: May 25, 2023
Block: B

This project scenario is based after you have completed post-secondary and you
now have a career and are living on your OWN. Add lines and delete lines as
needed in each table.

1. CAREER

Job Title: Research Technician

https://ca.indeed.com/jobs?q=drug+development&l=Toronto%2C+ON&vjk=741c3c66ac6c2adf

Name of City and Province Where You Will Live: Toronto, Ontario

2. GROSS INCOME

Gross Income: $55K (55000)

Below, provide proof of average starting salary in your field:

(this is what the website provided says)

https://www.glassdoor.ca/Salaries/vancouver-research-technician-salary-SRCH_IL.0,9_IM972_
KO10,29.htm (another source says that the starting salary is a little over $50k)

3. NET INCOME

Amount of Federal Income Tax Withheld: $7,750

Amount of Provincial Income Tax Withheld: $3,545
Amount of CPP Deductions Withheld: $2,936
Amount of EI Deductions Withheld: $869
Take Home Pay (or Net Income): $39,900

To determine how much money you will earn every paycheck (so every two weeks), take the
net income and divide it by 26 weeks
.
Take Home Pay (every 2 weeks): $1534.62

To determine how much money you will earn each month, take the net income and divide it by
12 months:

Take Home Pay (per month): $3325

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 NOW YOU START PAYING BILLS!

4. STUDENT LOANS

Monthly Student Loan Payment: $59.63 ($62.17 after the non-repayment period)

5. ACCOMODATIONS
You must find a place to live. You will be renting a place on your own. Scour the ads
for places using the following website: https://vancouver.craigslist.org/ (I used
https://toronto.craigslist.org/tor/ since I plan to live in Toronto, Ontario.)

https://toronto.craigslist.org/tor/apa/d/york-spacious-beds-bath-ensuite-laundry/7619906887.htm
l

Monthly rent: $1,895 / 2 = $947.5 (I plant to live with my friend)

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 Monthly utilities: $153 / 2 = $76.5

Monthly insurance: approx $104 / 2 = $52

Total Accommodations Payment: $1076

6. TRANSPORTATION

c) Transit
If you plan to commute through transit, list below how much you will spend on
transit. Think about how often you will be using transit per month and whether
you will be travelling 1, 2 or 3 zones.

For Metro-Vancouver here is the fare pricing of Translink: https://www.translink.ca

(I used https://www.ttc.ca/en/Fares-and-passes)

Monthly Cost: $156

Total Transportations Expense: $156

7. TELECOMMUNICATIONS

TELECOMMUNICATIONS COMPANY: Shaw

Monthly Phone Payment: $47

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 Monthly Cable Payment: (not going to use the TV)

Monthly Internet Payment: $65 / 2 = $32.5

Total Telecommunications Payment: $79.5

8. PERSONAL CARE AND TOILETRIES

Create an actual shopping list of personal care products you will consume in one
month or one year. Include items such as soap, toothpaste, toilet paper, make up,
moisturizer, etc. You will have to find real prices for everything and fill in the form
below as proof of your expenses.

Toiletry Item Quantity Price Total Store

Cost

Soap bar (dove) 1 pack $7.99 $9.03 Amazon

of 6

Conditioner (dove) 1 $4.99 $5.64 Amazon

Moisturizing Lotion 1 $13.29 $15.02 Amazon

(cetaphil)

Serum (the ordinary) 1 $11.90 $13.45 The Ordinary

Toothpaste (crest) 1 $2.97 $3.36 Walmart

Toilet Paper 1 pack $29.99 $33.89 Costco

of 40

Face Cleanser 1 $28.99 $32.76 Amazon

(cerave)

Sunscreen (cerave) 1 $17.59 $19.88 Amazon

Mouthwash 1 $7.48 $8.45 Walmart

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 Yearly Expense: $141.48 Monthly Expense: $11.79 (mostly yearly due to
bulk)

9. GROCERIES

Create an actual shopping list of groceries you will consume in one week. If it helps,
list what you would eat per day for one week, including breakfast, lunch, dinner,
snacks and drinks. You will have to find real prices for everything and fill in the form
below as proof of your expenses. Remember to eat healthy, following Canada’s
Food Guide, but of course a little junk food is ok.

A great website to compare flyer prices is: https://flipp.com/home

You can also check out each individual store’s food prices like Superstore:
https://www.realcanadiansuperstore.ca/Food/c/RCSS001000000000?navid=flyout-L2-Food

Food Item Quantity Price Total Store

Cost

Breakfast

Frosted Flakes Cereal 1 (580g) $5.47 $6.18 Walmart

Dairyland Milk 1 (1L) $2.89 $3.27 Superstore

Brown Eggs 1 pack $7.69 $8.69 Superstore

(12)

Lunch

White Bread 1 pack of $3.49 $3.94 London Drugs

15

Ham 1 pack $6.00 $6.78 Superstore

(300g)

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Baby Spinach 1 pack $4.99 $5.64 Superstore
(0.142kg)

Chicken Breast 1 pack $13.99 $15.81 Superstore

(375g)

Dinner

Calrose Rice 1 pack $48.99 $55.36 H Mart

(40lb) (7.25)

Bulgogi (beef) 1 pack $13.98 $15.80 H Mart

Baby Spinach 1 pack $4.99 $5.64 Superstore

(0.142kg)

Soy Sauce 1 $3.29 $3.72 Superstore

Brown Eggs 1 pack $7.69 $8.69 Superstore

(12)

Potatoes 1 pack $3.99 $4.51 Superstore

(0.68kg)

Snacks

Corn Chips 1 (567g) $5.99 $6.77 Costco

Doritos 1 (235g) $4.29 $4.85 Superstore

Drinks

Water 1 pack $3.49 $3.94 Independent

(24x500
mL)

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 Mango Juice 1 (1L) $1.99 $2.25 Superstore

Coffee

Weekly Grocery Bill: $63.92

Monthly Grocery Bill: $276.99

10. EATING OUT

Restaurant/Coffee shop/etc. Estimated

Amount

Starbucks (2-3 per week) approx $39.4

Korean food, sushi, or italian food, Approx $106

etc (1 per week)

Monthly Eating Out Bill: $145.4

11. ACTIVITIES (ENTERTAINMENT, MEMBERSHIPS, etc.)

Activity: Spotify Cost: $11.29 / mo

Activity: Movies Cost: $12.42 / mo

Activity: Art Gallery Cost: $22.6

Monthly Activity Expense: $46.31

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12. GIFTS

Think about the gifts you purchase for family and friends throughout the year such
as birthdays, Mother’s day, Christmas, etc. Estimate how much you would spend per
year and divide by 12 to get the monthly expense.

Who you would send a gift to Estimated

Amount
allocated

Family $350

Friends $165

(possibly) Coworkers $100

Yearly Expense: $615 Monthly Expense: $51.25

13. CLOTHING AND FOOTWEAR

Estimate how much you would pay for clothing and footwear for the year and then
divide by 12 to calculate the average monthly expense. Think about what clothes
and footwear you would need to purchase for personal use and for work.

Yearly expense: $600 Monthly expense: $50

14. Budget

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Income Dollar Amount

Gross Monthly Income $55,000

Deductions: Federal Income Tax $7,750

Deductions: Provincial Income Tax $3,545

Deductions: EI $2,936

Deductions: CPP $869

Net Monthly Income $3325

Expenses Fixed or Variable Dollar Amount

Student Loans Fixed for now (but can be $59.63

variable later)

Accommodations Fixed $1076

Transportation Fixed $156

Telecommunications Fixed $79.5

Personal Care Fixed (if always the same $11.79

products)

Groceries variable $276.99

Eating Out variable $145.4

Activities variable $46.31

Gifts variable $51.25

Clothing and footwear variable $50

Household (cleaning, etc.) variable None (no

cleaning service,
etc)

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Pets variable No pets

Travel variable Not planned

Total Expenses $2008.87

How much is left after all expenses? This is your savings.

Net Income – Expenses = Savings = $3325 - $2008.87 = $1316.13

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