STARCEVIC FINANCE
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F6A Assignment: Budgeting
❒ In this assignment you will be asked to create a budget based on a career path you are interested in pursuing. I
encourage you to make this a family project where you can make your parents your partners
▪ You may find “My Blueprint” very useful in exploring career opportunities.
❒ You will then CREATE A SPREADSHEET that will organize and calculate several items.
▪ Include an information section in your spreadsheet
▪ You may format your spreadsheet however you like, or you may use the template we created in
class. In either case all necessary information must be displayed in an organized fashion and ALL
calculations must be done using formulas in EXCELL
❒ You MUST submit a PAPER COPY of this assignment including.
▪ This question sheet.
▪ Printout of your spreadsheet
❒ You MUST submit a DIGITAL COPY of the assignment including
▪ This question sheet
▪ Your spreadsheet FILE (NOT a link or a PDF)
❒ You MUST UPLOAD this entire assignment to your Google Drive Portfolio, including
▪ This question sheet
▪ Your spreadsheet FILE (NOT a link or a PDF)
SELECT A CAREER:
Cardiologist
PART A: INCOME
1. Research the GROSS ANNUAL salary for this job/career.
❒ If multiple options or a range is provided, please state the starting salary (entry level salary)
Include this in an ‘information section’ of your spreadsheet.
❒ If salary is only available as an hourly, weekly or monthly rate, CONVERT this to a yearly
salary assuming a 40 hour work week or a 52 week work year.
GROSS ANNUAL salary: $160 597
2. Calculate NET ANNUAL salary assuming that total deductions from your paycheck for things like
employment insurance, income tax, pensions etc. TOTAL 40% of your GROSS SALARY.
❒ Use Excel to perform this calculation and include this in an ‘information section’ of your
spreadsheet.
NET ANNUAL salary: $64 238.80
3. Use your NET ANNUAL salary to determine your MONTHLY NET income. Create an INCOME
line in your budget to enter this value.
❒ Use Excel to perform this calculation and include this in an ‘information section’ of your
spreadsheet.
NET MONTHLY income: $5353.23
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PART B: TRANSPORTATION EXPENSES
4. Select a CAR that you would like to purchase. Research the MONTHLY LEASE or PURCHASE
payments for this vehicle. Copy/cut and paste information about your car here. Make sure to include
❒ An image
❒ Car specifics (make, model, fuel economy, passengers, trim line etc)
❒ Cost
MONTHLY CAR LEASE or PURCHASE payments: $222.35
Car purchased: 2022 Hyundai Elantra
Model: Essential
Transmission: Manual Transmission
Exterior colour: Cyber White
Interior colour: Black Cloth
Fuel economy (per 100km): 6.7L
Starting price: $18,099
Additional Fees & Levies: $130.35
Total Price: $18,229.35
Lease payment: $222.35/monthly
Lease term: 60 months @3.49%
Estimated annual KM: 16km
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PART C: HOUSING EXPENSES
5. Use realtor.ca to find a HOME that you would like to purchase. Copy/cut and paste the information
about your home from the website here. Make sure you include
❒ An image
❒ Property specifics (lot size, number of beds & baths, pool
❒ Cost
❒ Address
MONTHLY MORTGAGE payments: $1145 CAD
Lot Size: 770 sqm
Interior: 599 sqm
Bedrooms: 5 bedrooms
Bathrooms: 2 complete bathrooms
Parking: 1 car garage
Amenities: Garden, Terrace/Outdoor space, Pool
Year built: 1700
Listing price: $554 901.75 CAD (390 000 EUR)
Monthly Mortgage Payment: $1145
Address: Via Luigi Beltrami Ameno, Novara, Italy
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Item Monthly Amount
Mortgage
payment $1,145.00
Home insurance $293.00
House taxes $1,404.40
Car payment $222.35
Car insurance $139.00
Gas $94.00
Utilities
(water/electricity) $234.65
Gym/Health $25.00
Cell Phone $145.00
Internet $79.00
Clothing $100.00
Food $300.00
Other purchases $125.00
Entertainment
(TV etc.) $42.46
PART D: MONTHLY BUDGET
6. Use the following list of expenses to create a realistic MONTHLY budget in Excel. You may use
your own family as a model, or you may research the Canadian average. Make sure to TOTAL your
entries
7. Under your totals for your budget, create a line to determine your monthly BALANCE.
❒ Your balance is how much money you have left over after expenses; a MONTHLY SURPLUS
OR how much DEBT you have at the end of the month because you did not have enough money
to cover expenses; a MONTHLY DEFICIT.
❒ CONDITIONALLY FORMAT these cells to show the result.
i. RED = MONTHLY DEFICIT
ii. GREEN = MONTHLY SURPLUS
YOUR MONTHLY DEBT/SURPLUS: 1114.95
8. Choose TWO VARIABLE EXPENSES from your budget and explain how you could reduce the
amount you spend on these expenses to save more money overall.
***Variable expenses are expenses that can change from month to month usually based on usage***
I can reduce my expenses for clothing. The price chosen for clothing was $100, however every month my
consumption of clothing can change. To save money, I can make my maximum clothing budget $65. In a
year alone, I would save $220 from clothing costs. I can also change my utilities cost. Using less
resources and controlling my energy usage would reduce my monthly expenses because it’s not a fixed
number.
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9. List TWO UNEXPECTED EXPENSES that could arise for you over the month that you would need
extra money to cover
An unexpected expense would be housing damage that I would need to fix. For example, things such as
gas leak or a broken furnace. Insurance may cover some of the general costs, however it would not cover
all of the damages. Broken essential systems in my house would cost me well over 10k+, such as the
internal vacuum system. I would also need extra money for surgery and health expenses. Despite Italy
having free healthcare, certain procedures wouldn’t be covered. This means that laser eye surgery,
orthodontics, and specific procedures wouldn’t be covered. If I had to go through a medical procedure, I
would need a lot of extra money to cover it - which is why I would need to use my savings and potentially
create debt for me.
10. Copy your original budget into a new tab/sheet.
❒ ADD a line to your expenses that will force you to put aside $1000.00 per month into a
SAVINGS ACCOUNT in order to save for a large expense in the future.
❒ Your INCOME must remain the same as your previous budget
11. Describe any changes you were forced to make to your expenses in your budget in order to be able to
have enough money to make your $1000 contribution to savings and WHY you chose this/these
particular expense(s) to change.
When including savings in my monthly budget, luckily I was still able to have leftover money. However,
with my monthly budget, I have very little disposable income I can use for other purchases that are
unexpected or just generally outside of my other purchases budget. With all my expenses paid, I would
only have $4.37 leftover. Firstly, I changed my entertainment costs. My entertainment costs came from
exclusively streaming services and Spotify. I had bought subscriptions for Netflix, Disney+, Amazon
Prime, and Spotify. This totaled to $42.46 per month, or $509.52 a year. To save money, I removed my
subscriptions for Amazon Prime and Spotify. My new budget for entertainment is $25.48 per month, or
$305.76 per year. The reason I chose to change my entertainment budget is because it isn’t a home
necessity. Unlike things like home taxes or car leases, I am able to live without music or streaming
platform subscriptions. I’m not required to have entertainment by the government, which is why I’m
altering my entertainment costs to be cheaper. I’m also changing my cell phone budget. Previously, it was
$145, now it has been changed to $85 per month. It was changed because the budget I had set had been
very high compared to the cell phone bill cost for the average Canadian. The average Canadian cell phone
bill is $101 per month. I decided to make mine lower than the average, which means I would have to
highly regulate my cell phone usage to be able to adhere to my set budget. Lastly, I changed my utilities
budget. I set my budget to be $234.65, however I decided to change my utility bill to be $170. The reason
I chose this expense to change is because I feel the budget is too high. The average Canadian utility bill is
only around $150 per month. My previous monthly budget (including savings) was $5347 per month.
From my changes, I went from having a monthly surplus of $4.37, to $209. This means that in a year, I
would save $2455.56 alone based off the small changes I made to my monthly budget.
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