Business Budget assignment

BUSN BE450 – Budget Assignment
30 marks – 10% of Final Grade

Due to Dropbox on Friday, February 14th at 11:59 pm
No late assignments or email submissions will be accepted

Purpose of the Assignment
Upon completion of this assignment, you will be able to:

Identify future career opportunities and respective implications on your financial plan;
Recognize the difference between gross and net income;
Calculate the monthly disposable income after planned savings;
Create a rational and realistic budget
Consider the implications of short term decisions on long term alternatives

The future is now! Assume that you have just graduated from your chosen program at Mohawk College and have successfully landed a job in your chosen field.

Create your budget!
Use the attached template to create your budget. Does it balance? Consider short-term, and long term changes you might need to make.
Estimate your Income:
Determine your entry level salary of your new job:

Find a REALISTIC position which you would qualify for on any legitimate website, for example:
https://www.workopolis.com/en/
https://www.monster.ca
https://www.indeed.ca

You must include a copy of the job description (screen shot or text pasted in to report, NO LINKS) which includes location, salary expectation and qualifications as well as a personal reflection on why you would want this job (please explain if you have previous skills before your time at Mohawk, particularly if it is relevant to the application)

Calculate your approximate NET income after your deductions (income tax, CPP and EI) using the following website (include a screenshot of the net income summary): https://neuvoo.ca/tax-calculator/?iam=&uet_calculate=calculate&salary=15&from=hour&region=Ontario

Plan your Savings: (according to the 50/30/20 rule, you should aim to save at least 20% of your income toward short- and long-term goals) https://www.wealthsimple.com/en-ca/learn/50-30-20-rule#budgeting_your_money_using_the_50_30_20_rule
You should try to build your emergency reserve (3 months income or 6 months expenses as quickly as possible)
Think about your medium- and long-term goals and allocate your savings accordingly. For purposes of this assignment, you do not need to determine which investment vehicle (ie TFSA or RRSP) is most appropriate, nor how to invest (ie: stocks, bonds, mutual funds) however we will discuss these issues later in the semester.
Goals must be stated in SMART format and must be reasonable and realistic for the intended savings purpose.

Budget your Expenses: (your budget must include, but is not limited to:
Rent
Utilities (including cell phone)
Travel/transportation expenses
Food
Entertainment
You may use actual personal numbers, or any legitimate website to gather your data, here are a few to get you started:
https://www.rentboard.ca/rentals/rental_rates.aspx?locid=4257
https://rentals.ca/hamilton

Cost of living in Hamilton, Ontario

https://www.numbeo.com/cost-of-living/in/Hamilton
YOU MUST PROVIDE EVIDENCE OF YOUR RESEARCH INCLUDING SCREEN SHOTS, AND REFERENCES FROM ANY OTHER WEBSITES USED.
You may add additional rows if required

Analysis:
Based on your budget above, do you have a Net Surplus or a Deficit? If you have a Net Surplus, what could you do with the funds to increase your Net Worth? If you have a Deficit, what options do you have to cover the deficit each month? What budget items could you change to decrease/eliminate the deficit? Explain:
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***Remember to include all supporting documentation!***

Please see rubric below including negative marks in last row, maximum total marks 30.