TataKelola dan KamSiber Kecerdasan Buatan v022.pdf
Planning 10 Unit 3
1. Planning 10 Unit 3: It’s All About the Money
Banking:
I will have my cheques auto deposited by my employer into a
chequing account for easy access. My employer will take tax
off my cheque each pay period. I will file my tax return by
April 30th
and hopefully get some money back to add to my
savings.
When I buy products or services I will pay G.S.T and P.S.T
which the government will use to provide services to others.
I will use a debit card for convenience. It is also safer to
carry a convenience card than a lot of cash, which could get
lost or stolen.
I will chose not to use a credit card because of the high
interest rate and wanting to avoid debt because the interest expense will compound. I will
have a savings account that will ensure I have money in case of emergencies.
Tax:
Tax is a compulsory fee paid by people and businesses to
the government. It is imposed on many things such as
sales, property and income Taxes are used by the
government to support the infrastructure of towns and
cities i.e. programs and services. These taxes are essential
to the economy of towns and cities.
I would file my tax return by April 30th
each year. On my
regular pay cheques, my employer would take off 3 of the
most common Canadian taxes: CPP, EI and income tax.
Income tax is a tax placed upon monies earned. Hopefully
when I file my income tax return, I will receive a refund that I can put into my savings account.
Canadian Pension Plan is a tax the government will collect from me and my employer for many
years until old (60+) or disabled, at which time I would receive those monies as a monthly
pension.
2. Employment Income is a tax the government will collect from my employer and I. That money
will go into a fund that I can access if I lose my job or ill or pregnant. This will provide me with
a smaller amount of money each month for a limited period of time.
Budget:
It is wise to invest in your needs before your wants. If you
have a limited amount of money, you want to make sure you
spend it on important items such as shelter, clothing, food
etc., instead of spending it on wants such as games and
movies etc. It is also wise to keep an eye on your income so
you are not spending more than you are making. If you lose
track of this, you may go bankrupt. I would always keep
track of how much I am spending, and purchase less if
money is tight.
Financial Plans:
It is important to plan ahead financially because in
doing this you will set yourself up for success.
Saving up money to buy expensive items such as a
car, or saving money to pay for schooling at a
university are perhaps some of the most important
decisions of any young person’s life. When it
comes to saving money, I would use a savings
account that used compound interest because it
earns more money. I also feel it is important to
start investing early as the money will begin to
amount to more later in life. I also feel it is
important to watch out for scams which cause you
to waste money. If something seems to be “too good to be true,” it probably is. The important
thing for me to remember is that a financial plan is a living document. As my life changes, my
financial plan will have to change to support it.
3. Item Cost Description
Cell phone $40 I would use a pay as you go system so I didn’t
suddenly get charged extra for going over my
allotted minutes. I will also text most of the
time because it is free.
Movies $30 This would let me go to 2 movies a month.
Transportation $0 I will live within walking distance from work.
TV $50 I would use basic TV rentals because I don’t
watch much TV.
Food $200 Food for me would cost approximately 7 dollars
a day as I will have a garden and keep my costs
low. I will also try to prevent from eating out to
often.
Toiletries $10 I will only buy the toiletries I need such as:
shampoo, deodorant, toothpaste, hand cream
etc.
Cleaning
Supplies
$20 I will only buy the cleaning supplies I need such
as: dish soap, bleach etc.
Hair Cut $20 I would get my hair cut once every 2 months.
Clothing $50 I could by clothes from 2nd
hand stores if money
was tight.
Total = $420
Savings = $80