FINANCIAL PLANNER YOUR

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Katherine Chapman
6 years ago
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1 YOUR FINANCIAL PLANNER This planner is more than just information, it is designed to help you plan, resource, engage, and reflect. We have specially designed this year s handbook to help you focus on setting and achieving financial goals. These practices are key to your learning and success at NSCC. PLAN Bring a plan or the desire to make one. Make a plan for your year, your month, your day. Make a plan to cover big expenses or an upcoming assignment. For following your career path. Be strategic. RESOURCE Locate and use college and community information and tools. Ask questions and seek support from others. Be resourceful. ENGAGE Participate in all the things you find interesting and the things that will help you learn and succeed. Show up for a budgeting workshop. Ask how. Meet people. Be active. REFLECT Look back. Consider your daily, weekly, and monthly goals to see what went well, what you ve learned, and where you may need to make changes in order to move forward. Be thoughtful. Practice and develop these skills as you use this planner throughout the year. Look for the opportunity to use the model of plan, resource, engage, and reflect throughout the year and not just with your finances. You can apply this strategy to academic or career goals too. Using this strategy will help you on your learning journey here at NSCC. 39

2 ACTIVITY: GETTING STARTED MAKE A FINANCIAL PLAN Plan, resource, engage, and reflect; that s great, but what does it mean for you right now? In a recent survey of our incoming students at NSCC, 61 per cent said they weren t sure how they were going to pay for school and other expenses for the year. We want to help you prepare for the year ahead, the best way to start this process is to set a budget for the year. Start by thinking about costs that you already know and resources you already have. Look at the questions below use the space provided to help start forming your financial plan. We ll go through two activities to get you thinking about the planning and resourcing stages. PLAN What expenses do you know you will have over the year? REFLECT YOU RIGHT NOW! RESOURCE Does your income minus expenses come out positive or negative? ENGAGE What sources of income do you have right now? Have you looked into additional sources of funding? Calculate how much your expenses will be each month versus how much income you know you have. 40

3 You ve identified what some of your expenses and income sources will look like for this year. Now it s time to dig deeper into the budget planning. PLAN What will your expenses be over the school year? Let s look at one month. We ve written a few common ones below for you to fill in but think about your specific circumstances: Rent: $ : $ Phone: $ : $ Internet: $ : $ Electricity: $ : $ Groceries: $ : $ Don t forget that you ll also have more expenses for school we listed some big ones below to think about: Tuition: $ (Second Payment Due on Jan. 5, 2018) Textbooks: $ Portfolio supplies: $ Tools: $ On the coming pages you will find a full worksheet called a Needs Assessment to fill out to explore this further. 41

4 HOW WILL I PAY FOR EVERYTHING? What are the different resources that you have? Whether these be income from a part-time job or government funding, think about how you re going to cover your expenses. We ve listed some common income sources below but be sure to think about your specific situation and use the blank spaces: Employment income: $ : $ Family contributions: $ : $ Student loan: $ : $ Savings: $ : $ What resources can you access to help you complete your financial plan? Consider people, tools, community organizations, etc. (We started the list for you!) NSCC Student Services Meet with your Student Services Advisor NS student loans - novascotia.ca/studentassistance/ NSCC student awards nscc.ca/scholarships NOTE: Not sure what resources and activities can help? Did you know NSCC Student Services provides a variety of resources to support your success at college? Student Services can help you in a variety of ways, including with goals involving: Finances Career and employment planning Student life and engagement Personal wellness and counselling Learning strategies Accessibility supports Enrolment (changing courses, grade info, etc.) WHAT S NEXT? You ve started to identify the key building blocks of your financial plan your expenses and your resources. Continue to the next page to complete a full needs assessment to help better understand your financial situation. Throughout this planner we will be asking you questions each month about your financial plan and see if you ve stayed on track or if you need to reflect and make changes. 42

5 NEEDS ASSESMENT CALCULATOR Making a budget is the best way to start your financial plan and improve your financial well-being. Take some time to complete our template below, but make sure to use pencil because budgets can change. Bonus - the information you enter in this template can be used when applying for NSCC s student awards. Name: Student #: STUDENT RESOURCES AMOUNT Summer employment earnings - June to August Study period earnings - September to May (after tax deductions) Family contribution (contribution only, not income) Spouse or partner contribution (contribution only, not income) Scholarships & bursaries Sponsorship or funding from an organization (EI, DCS, etc) x 10 months Child tax benefit x 10 months Student loan Other loan (Lines of credit, etc.) Savings (RESPs, GIC s, etc.) Other income Other income Other income Total Resources: 43

6 COLLEGE EXPENSES go to nscc.ca/fees for accurate program fees AMOUNT Tuition College Service Fee Student Health & Dental Plan Student Association fee U-Pass Textbooks Parking Portfolio supplies General supplies Tools Safety certifications (CPR/Immunizations, Background Checks, etc.) Safety supplies Total Resources LIVING EXPENSES AMOUNT Please do not include partner s expenses.* Per Month 10x months Rent/Mortgage Phone Internet Electricity Heat Insurance Groceries Debt payments (loans, credit cards, etc.) Family care (daycare, elder care, etc.) Transportation (bus fare, gas, car payments, etc.) Personal (laundry, toiletries, clothing, etc.) Medical Other Total Resources 44 TOTAL EXPENSES NEED CALCULATION Subtract your expenses from your resources to see your need calculation. If this is a negative number, you should explore ways to decrease your expenses and/or increase your resources. Look for the Things to think about tips at the end of each month in this book and let the planning begin!

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