You are going to be looking at the costs involved with buying and renting a place in this project. Let's start with renting, as it will likely be the first option for you. Odds are you will need to rent for a while, unless you plan on winning the lottery and buying your own mansion. Since we all live in the real world and that isn't going to happen, you need to figure out where you will live in the city. Close to work? Close to friends/family? There is a lot to consider. Use the links below to help you find a place to rent. You may need to change the search criteria in order to look for specific place or area. After you have found a place, download the Budget Information Sheet below to record the address and information about the property. When you are done move on to part 2 of this task.
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**IMPORTANT NOTE**
The costs you fill into your budget spreadsheet are monthly costs. If you only pay something once a year or once every couple of months then you will need to average that out over that time. For example, if you buy a pair of shoes every 6 months and they cost $100 then you would divide $100 by 6 months and say you spend $16.67 every month on shoes. |
Secondly, you will need to figure out what your bills will cost every month. Most people will need to pay for Natural Gas (heat), Electricity, Cable/Internet, and some choose to get a cell phone or home phone. Most rental places will include your water in the rent but if you rent a house you will need to pay for water as well. Download the Budget Spreadsheet below to record your expenses every month. Use the guide below to help you fill in some of the categories if you aren't sure about the cost.
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Natural Gas
Everyone in Saskatchewan is required to get their natural gas from SaskEnergy. Since it is difficult to calculate how much an individual person would use in an month we will estimate. If you find an apartment/condo your energy will likely be about $60/month. If you are in a house your energy will be about $100/month. Record the amount that applies to you in your budget spreadsheet. If you live in a different area, ask your teacher for the average cost of energy/heat for your city.
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ElectricityThe cost of this also depends entirely on how much power you typically would use in a month. If you choose an apartment or condo to live in then power would typically cost around $75/month. If you are renting a house the cost would be closer to $110/month. Record the amount that applies to you in your budget spreadsheet. Check the power usage amounts for your specific area.
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Cable/InternetSaskTel and Shaw Cable both provide cable and internet service. You will now need to decide which service provider you will choose to go through and how much you are willing to pay for their service each month. Click on the logo above to view their website and choose which services you want. Record the monthly expense in your budget spreadsheet. If you have different service providers, search the companies and find out their bundle and pricing packages.
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Water/SewerThe City of Saskatoon charges fees for water supply, sewer drainage, garbage, and recycling pickup. The cost for this is typically around $60/month. This usually doesn't apply to people who live in apartment buildings or multi-unit dwellings like townhouses. If you chose an apartment, leave this section blank on your budget spreadsheet.
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CellphoneMost people choose to just have cellphones these days. Choose one of the companies above or choose a different one that provides service in your area and decide what cellphone package you want and how much it will cost you every month. Record the amount in your budget spreadsheet. You can also use your current cellphone price package if available.
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FoodGrocery costs every month can vary quite a bit from person to person. If you are just buying groceries for yourself, the cost for the month would likely be around $250-$300/month. If you are buying groceries for yourself and boyfriend/girlfriend then the cost for a month would likely be closer to $400/month. Dining out can vary depending on the person too. Be honest with yourself. Do you go to McDonald's or A&W three or four times a week? If so, your dining out could be costing you another $200/month. Price out what you spend in a month on food and add it to your budget spreadsheet
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SavingsIt's a good idea to start saving money as you get older. You will need to complete the Calculating Savings worksheet later in this project and include it in your budget spreadsheet. For the other items, include amounts after you see how much money you have left over at the end of the month. This should be adjusted based on your income.
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ClothingThis section is completely relevant to your personal lifestyle. The information in this section are only suggestions. If you know that you purchase $200 of clothes or shoes every couple of months, add up all the expenses and divide them by 12 months. Feel free to delete headings in the budget spreadsheet and enter in your own information and the cost with that particular item(s). Remember, it is only on a monthly scale so calculate the cost to work out to a monthly expense if you only pay for the items in large chunks a few times in a year. |
EntertainmentThis section is also completely relevant to your personal lifestyle and interests. The information in this section are only suggestions. If you know that you partake in other activities such as: sports, dance, hobbies, swimming lessons, etc. you will be paying for this in the future. Feel free to delete headings in the budget spreadsheet and enter in your own information and the cost with that particular activity. Remember, it is only on a monthly scale so calculate the cost to work out to a monthly expense if you only pay for it once or twice a year.
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TransportationYou can choose any method you want to get around the city and get to your job. If you choose to use the bus/train then search the cost in your city for an adult transit pass. Whether you choose the bus/train or not you will need to research the cost of buying a car. You will complete this assignment later on called Buying a Car.
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Health and Medical
All Canadian citizens get basic health care coverage but there are certain things that are not covered in our health care. If you have prescriptions and other medical costs like dental work, chiropractors, massage therapists, glasses, contacts, walking aids, etc. that are not included in basic health care you will need to include this in your budget spreadsheet. Even if none of this applies to you at the moment, it is a good idea to include a small amount every month in case you do require health or dental services that are unexpected. This usually doesn't need to be anymore than about $20-$30 in each category, depending on the services you require. You can also opt to have a Health Benefit Plan that covers most of these expense, at least to some degree. They usually cost around $30-$50 per month.
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Other Expenses
This is an opportunity for you to include any other costs you can think of that haven't been included already. Some suggestions might be pets and gifts. If you know of anything else, be sure to edit the title and include what the cost will be. Remember, the costs are calculated on a monthly basis. Ask your teacher or a parent if you need some assistance on the cost involved with owning a pet or other miscellaneous expense.
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