What You Need to Create
Part 1: Budget Spreadsheet
A template spreadsheet is waiting for you in Google Classroom. You can use this template to complete your budget, or you can create your own spreadsheet from scratch if you prefer.
Create a monthly budget for Jordan using a spreadsheet (Excel, Google Sheets, or similar). Your budget must include the following categories:
1. Gross Income: $3,500
2. Deductions (Taxes & Benefits): You will calculate this based on typical deductions
Important: Calculate Jordan's Net (Take-Home) Income
In Unit 2, you learned that gross income is not the same as what you actually receive. Estimate Jordan's monthly deductions from the $3,500 gross income, including:
• Income tax (typically 10-15% of gross income)
• Canada Pension Plan (CPP) contributions
• Employment Insurance (EI)
• Any other deductions (health insurance, retirement savings, etc.)
Your net income is what's left after deductions. This is the amount Jordan actually has to spend each month.
Now create your budget using Jordan's net (take-home) income, and include these expense categories:
3. Housing: $1,200 (given)
4. Food/Groceries: Estimate a monthly amount
5. Transportation: (car payment, gas, transit, insurance, maintenance)
6. Utilities: (electricity, water, internet)
7. Healthcare/Insurance: (prescriptions, out-of-pocket medical, renters insurance, etc.)
8. Debt Payments: $180 student loan (given)
9. Entertainment/Personal: (movies, hobbies, dining out, subscriptions)
10. Savings: Emergency fund or savings goals
Requirements for your spreadsheet:
• Show gross income, deductions, and net (take-home) income
• List all expenses with estimated amounts
• Calculate total monthly expenses
• Calculate whether Jordan will have a surplus or deficit
• Make sure your numbers are realistic and the budget makes sense
Part 2: Reflection via Google Form
After you create your budget, you'll complete a Google Form to reflect on your work. The form will ask questions about your budgeting decisions and how they connect to what you learned earlier in the course.
Step-by-Step Instructions
Step 1: Calculate Jordan's Net Income
Start by calculating how much Jordan actually takes home from the $3,500 gross income. Research typical Canadian tax and deduction rates, or use these estimates:
• Income tax: approximately 12–15%
• CPP + EI: approximately 5–6%
• Other deductions: varies by employer (health plan, pension contributions)
Example: If total deductions are 20% of $3,500, that's $700. Net income = $3,500 – $700 = $2,800
Use your estimated net income as the basis for your budget.
Step 2: Estimate Jordan's Realistic Expenses
For each category below, research or estimate a realistic monthly amount for someone in Jordan's situation. Use online resources, ask someone you know, or use the examples below as a starting point:
• Food: Most single adults spend $200–$400/month on groceries, plus dining out
• Transportation: If no car, budget $50–$100 for transit. If car, add payment (~$200–$300), gas (~$100–$150), insurance (~$100–$150), maintenance (~$50)
• Utilities: $80–$150 for electricity, water, internet combined
• Entertainment: $50–$200 depending on lifestyle
• Savings: Try to allocate at least 10–15% of net income
Step 3: Create Your Spreadsheet
Use the template spreadsheet from Google Classroom, or create your own. Either way, your spreadsheet should include:
11. INCOME section: Gross Income, Deductions, Net Income
12. EXPENSES section: Category name and Amount
13. Total row showing Surplus or Deficit
Example layout:
INCOME: Gross = $3,500 | Deductions = $700 | Net = $2,800 | EXPENSES: Housing = $1,200, Food = $300, etc. | TOTAL EXPENSES = $2,500 | SURPLUS = $300
Step 4: Save and Submit Your Work
Save your spreadsheet with a filename like Jordan_Budget_YourName. Upload it to Google Classroom in the assignment folder for Lesson 29.
Then, complete the Lesson 29 Reflection Google Form (the link will be posted in Google Classroom). The form will ask you to explain your budgeting choices and connect them to earlier lessons.
How This Connects to What You've Already Learned
As you create Jordan's budget, think about these earlier lessons:
• Unit 1 (Financial Decision-Making): Every budget line item is a financial decision. What priorities did Jordan express, and how do they show up in the budget?
• Unit 2 (Financial Products & Earning Income): In this unit you learned about gross income, deductions, taxes, and net income. How did you use that knowledge to calculate Jordan's take-home pay?
• Unit 3 (Budgeting Basics): You've now created a real budget. What challenges did you face? How do you think Jordan might adjust this budget over time?
Before you submit, make sure your work includes:
☐ Calculation of Jordan's net income from $3,500 gross
☐ A completed spreadsheet with gross income, deductions, and net income shown
☐ All required expense categories with realistic dollar amounts
☐ Correct math: Total Expenses calculated correctly
☐ Surplus or Deficit calculated (Net Income – Total Expenses)
☐ Budget is realistic and shows you thought about Jordan's situation
☐ Completed the Lesson 29 Reflection Google Form
After you complete this lesson, you'll move to Lesson 30: Creating a Future Financial Plan (Culminating Project). In that lesson, you'll build a longer-term plan that brings together all the concepts from the entire course.
If you have questions about this assignment, post them in the Google Classroom discussion or send your teacher a message. Good luck!
