Estimating Costs and Budgeting

• Using myBlueprint, the post-secondary institution’s website,

and any other sources you consult, gather information about all of the costs
of your first year after high school and complete the template below.

Estimated costs of my chosen program for one year

Program name

Commerce

Institution name

Queens’s university

Tuition / equipment and tools

$ 17, 472

Residence / housing

$ 14, 000

Meal plan / food

$ 5,000 - 8,300

Ancillary fees (other school costs)

$ 7, 221

Entertainment

$ not listed

Clothing and personal needs

$ not listed

Other:

$
Other:

Other:

Total estimated cost of one year

$ 33,000

Note: Return to the instructions in the module before proceeding to the next
activity below.

• With reference to the information in the Budget and Finance

Guide in myBlueprint, complete the template below.

Budget Basics

Define income.

Name three examples of income.

Define expenses.

Name five examples of expenses.

What is budgeting?

Why would someone create a budget?

What challenges might someone encounter when creating a budget?

• Apply your new knowledge of budgeting by pretending that you

are this student who needs a budget:

• You are a university student working part time as a retail

salesperson.

• You are living away from home with a roommate. You take the
metro to school and to work.

• You need to create a budget for your last year of university to

see if you will have enough money to travel once you graduate.

• Here is your financial situation:

• Your tuition is $8,000 per year

• You have a scholarship of $1,000 per year

• Your pay from your job is $1,200 per month

• Your share of the rent is $600 per month

• Your cell phone plan is $40 per month

• Your Metro pass is $120 per month

• Your student loan is $5,000 per year (you do not need to start
repaying this until after you graduate)

Use the chart below to organize your income and expenses into a budget. A couple
of items have been done for you as examples.

Income for the year

Expenses for the year

Part-time job ($1200 per month x 12 months)

$14,400

Tuition

$8000

Total Income

Total Expenses
How much is money is left in this budget for the year?

3,280 $

Food is missing. How much would you budget for food?

5,000$

What other costs might be missing from this budget?

Birthday gifts and presents

Can you afford to travel this summer? Explain.

Considering food was not taken into account for the expenses and there were only
3.2k dollars left over there is next to no chance we can travel.

• With these activities complete, proceed to the next step of the

instructions in the lesson.