Alyssa Cheater

My financial plan
A financial plan is your roadmap to your future. A roadmap that's detailed and accurate can help you
get there with less trouble and less expense. A roadmap that's vague or inaccurate can lead you down
rough roads and into dead ends. Fill in the blanks that apply to you with as much detail as you can. Take
the time to research and check out anything you aren't sure of.

Before you start, you have to know where you want to end up.
Become a Physiotherapist or a Massage Therapist. And to be happy
My future career goal is to:
doing it.

1. By the day I leave high school, what do I want to have done?

Be proud of everything I accomplished in High School, and have no regrets.
I also want to leave high school knowing I did the best I possibly could, and
My education goal:
that I have given 100% of my effort to achieve outstanding grades and
accomplishments.
To know that I have contributed to the workforce, and to create a positive
My work goal: environment at my work place. My goal is to be completely comfortable
with my job, and be capable of growing and gaining more responsibility.
I want to have saved a bit of money for University. I do have a job, and have
My savings goal: been trying to save my paychecks, and only using my tip money for my own
personal spending.
My personal goals are to be independent, completely comfortable and
My personal goals: confident with who I am, and to always push myself to grow as an
individual.

2. One year after I leave high school, what do I want to have done?
The year after I leave high school runs from: 2017 to 2018
I'll need some education or training. My education/training goal is to:
Attend University (I have been accepted and have committed to UBCO). I will be taking the Human
Kinetics program, which is a 4 year program.

I have to have a job to get money and experience. My employment goal is to:
Continue working at the Japanese/Thai Restaurant that I currently work at. My goal is to organize
myself and my time so that I am able to work part time, while attending University and maintaining
good grades.

I don't want to work for anyone else. I'll create my own job. My business goal is to:
Be smart, and knowledgeable about what people are interested in these days, and what is trending.
The only way to be successful when running a business is to understand the customers, and their
wants and needs.

The rest of my life is important. My personal goals are to:

Be happy, and content with the life I live, and with myself. I want to surround myself around good
people and the people I love, such as my family and friends. My goal is so not get so held up in the
pace of things, and stressing about money. I want to take my time and really live, and experience
what the world has to offer. I want to always have an open mind, and accept diversity and challenges.
I want to learn new cultures and surround myself with new environments and people.

3. What will I be starting out with?

TIP: This is your projected net worth statement for the end of high school.
Alyssa Cheater

Date I leave high school: June 2017

Assets
List financial assets you expect to have when you leave high school, either your own, or those your family has
set aside for you. Enter any amounts that apply.
TIP: Consult your family before including assets from them to be sure your financial expectations are the same
as theirs.
My savings $500
My investments $0
My other assets $0
My scholarships/bursaries $10,000
My student loans (the money I'll get) $7,000
RESP in my name $0
Contributions from family and friends $1,000
Other $0
My total assets $18,500 A

Debts
List any debts that you expect to be responsible for:
My credit card balances $0
My student loans (the money I'll owe) $7,000
My car loan $0
My bank or other loans $0
My other debts (money owed to family and friends) $500
My total debts $7,500 B

My net worth (total assets minus total debts) $11,000 C=(A-B))

4. What will my income be?

List the income you expect to have in the year (the complete 12-month period) after you leave high
school.
TIP: Don't include scholarships, bursaries, loans, gifts or similar one-time receipts of money. List them as
Assets in Part 4.
Income after deductions $9,760
Income from investments or other sources $0
On-going financial support from family $2,400
Total Income $12,160 D
5. What will my expenses be?
List the expenses you expect to have in the year (the complete 12-month period) after you leave high
school.
Fixed
Housing ***Living at home for free*** $0
Car payments ***I dont drive or have a car*** $0
Other loans payments $0
Insurance
Alyssa Cheater

Car $0
Home or contents $0
Other (e.g.: travel medical) $0
Utilities (electricity, gas) $0
Telecommunications (cable, internet, telephone, cellphone) $720
Other $0
Total fixed expenses $720

Variable (you will have many of these numbers from your budget)
Food
Groceries ***Many groceries will be provided through my mom*** $1,200
Eating out $480
Household (cleaning, maintenance, furniture) $0
Computer (hardware, software, accessories, supplies) $100
Health care (medical insurance, dental, glasses/lenses, medications) $0
Childcare $0
Pets $0
Transportation
Car (gas, maintenance, repairs) $0
Public transit $ 320
Clothing $300
Personal care (toiletries, hair care, make-up, laundry, etc.) $200
Recreation (movies, games, music, DVD/videos, clubs, concerts, sports, etc.) $200
Travel $200
Gifts and charitable donations $0
Education, lessons, etc.
Tuition, fees $5,856
Books, supplies $1,800
Other $0
Savings $0
Total variable expenses $10,656

Total expenses $11,376 E

TIP: Check carefully. Are these expenses realistic for you? Do you have to re-think anything? Have you
left anything out?
6. Will I have enough money to meet my goals?
Enter the information from your estimate in the blanks below.
In the year after I leave high school:
Income from D $12,160
Expenses from E $11,376
Difference $784 F

If the difference is a positive number, you can add it to your savings.

Additional savings I can add to my assets from F (if positive) $784 G
Alyssa Cheater

If the difference is a negative number, you have a few options:

1) Cut back! Reduce your expenses and adjust Step 5.
2) Push on! Work more to earn more money and adjust Step 4.
3) Use your resources! Try the funding strategies in Step 7.
7. What can I do to get the extra money I need?
You have resources!
You can raise the funds you need with these strategies:

Use the assets listed in Step 3 Amount

Ask family for support $1,000
Use my scholarships and bursaries $10,000
Use my student loan $7,000
Use my savings $500
Use my RESPs and other investments $0
Apply for additional government scholarships or bursaries $may vary
Apply for additional community/other scholarships or bursaries $may vary
Apply for additional student loans $may vary
Apply for a bank loan or line of credit $may vary
Earn additional income in part-time or full-time employment $500

TIP: If your resources are greater than your excess expenses, decide which resources you'll use first.
8. What could go wrong?
Use this checklist to think ahead about possible problems and how you'd solve them.

What will I do if the cost of tuition or some of my other expenses go up a lot?

I am hoping to get more scholarships/bursaries than I already know of. Hopefully the money I
receive from scholarships/bursaries can help cover the cost. If not, then I will need to apply for
student loans. And if that fails, my next option is to ask my family for support.

What will I do if I don't meet my savings goal?

If I dont meet my savings goals, Im not going to stress too much about it. Stressing isnt going to
solve anything. I need to take matters into my own hands and do something about it. I should have
enough money to get by the first year after high school through scholarships and bursaries, and
student loans. If all else fails, I can apply for more scholarships/bursaries/student loans, or ask my
family for a loan.

Do I have an emergency fund for unplanned expenses?

I do not have an emergency fund. I plan on starting one at the moment, and hide some money away
from each one of my paychecks. This is a good way to save some money for a time when it is
desperately needed.

How will I make money if my job falls through?

If my job falls through, I wont hesitate to get another job as soon as possible. I need to be working in
order to make money and provide for myself. So finding another job wont be an issue.

Who can I call for emergency advice if things don't work out?
I can call my mom, my older siblings, as well as my aunts and uncles if things dont work and I am
stuck in a tough situation where I need some advice/assistance.
Alyssa Cheater

9. Family check-in
Discuss your financial plan with your parents or guardians to be sure it's realistic for you. Write a
summary of your discussion.

After a discussion with my mom about my financial plan, everything I went through seems realistic. I
have done my research on expenses as well as finding information about University tuition and fees
for the Human Kinetics program I will be taking this fall at UBCO. I have also had various
conversations with my older sister, who is also a student at UBCO and is graduating from the Human
Kinetics program. She has shared information with me about the fees and costs, and has also given
me advice on saving money, and budgeting, because living as a student is very difficult, and its
important to be wise with your money.

I dont have much money saved for school. My family is fairly poor, and growing up my mom didnt
have any money to put aside for post-secondary education. I have five other siblings, and my mom
has raised us on her own. So money doesnt come by easy. I understand that it is going to be hard to
get through university with the little money I have saved, but thats why Ive worked tremendously
hard to maintain good grades and help around the community so I could have any sort of opportunity
to receive scholarships and bursaries.

Ultimately the discussion I had with my mom and my sister went very well, and my financial plan
seems realistic.