Living on Your Own Financially -By: Lon Carmichael by Lorne Carmichael https://padlet.com/lornecarmichael24/A en-us 2019-11-23 22:10:00 UTC 2024-12-16 22:46:42 UTC hello@padlet.com Image #1 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415726785 This graphic shows an example of a well thought out budget plan. The plan is displayed as a pie chart and all the expenses are split into separate quadrants. From housing being the most expensive to debt being the least.This budget will help you figure out what you spend your money on and will help you cut costs.]]> 2019-11-23 22:45:46 UTC https://padlet.com/lornecarmichael24/A/wish/415726785 Video #1 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415726831 The video below gives great insight into how to live in Toronto, one of Canada's most expensive cities. The vlogger talks about price increases and the cost of living in Toronto. She also gives tips on how to save.

She breaks down her expenses in an organized fashion. For example, rent will be $940, internet $140, groceries $280 and transportation(metro card)$160 for students $130. Average monthly expense $1900-$2200. I like how she tells you ways she saves. Buy cheaper groceries/go to cheaper stores, avoid buying a car, and ride a bike to work. ]]> 2019-11-23 22:46:05 UTC https://padlet.com/lornecarmichael24/A/wish/415726831 Welcome to my Padlet! This Padlet will be a great guide for students who are or will be living on their own. The goal of this padlet is to help students learn how to manage their living expenses, how to create a budget, how to save for emergency situations and how to set up SMART goals. lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415727350 2019-11-23 22:50:57 UTC https://padlet.com/lornecarmichael24/A/wish/415727350 Website#1 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415727512 Living on your own gives you a sense of freedom, but it is a big responsibility. The website below suggests several ways to avoid potential undesired financial problems. The website then explains how credit card debt, excessive monthly spending and home loans can lead to financial burdens. Those living on their own must make smart decisions in order to survive.  

I chose to include this website because it gives good information on the financial traps many students face when moving out on their own. Unlike the other websites, which explain how to prepare financially this one explains different financial fiascos to avoid. Most importantly, it outlines the negatives associated with living on your own. I think more younger people need this information especially in regards to the excessive monthly spending and credit card debt. 
]]> 2019-11-23 22:52:33 UTC https://padlet.com/lornecarmichael24/A/wish/415727512 Image #2 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415727704 This graphic shows an individual sitting down making calculations to create a budget plan, which will help to properly manage their finances. Taking the steps to plan your budget will help you live on your own stress free.]]> 2019-11-23 22:53:43 UTC https://padlet.com/lornecarmichael24/A/wish/415727704 Video#3 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415727769 The video below shows Priyanka's view on living in Canada. It is a video about how much you are most likely to spend in Ontario.

Housing away from school will cost $500-$600, wi-fi $20-$25, electricity $8-$15, old phone $30-$60 new phone $70-$145, and transportation (bus pass) will cost $50 for a student. I liked how she states that its better to get a job and only work 20 hours a week to supplement income. If you work more than 20 hours a week it could cause weaker performance in school. She also warns students from taking cash from employment because if you are caught you could get deported and it could set u back financially.]]> 2019-11-23 22:54:32 UTC https://padlet.com/lornecarmichael24/A/wish/415727769 Video #2 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415728035 This video breaks down how much living in Canada will cost. Everything from groceries,wi-fi, transportation and most of all housing. This video is an animation type of video that helps people acheive a smooth transition into Canada.

This video is great for giving different options. Getting an apartment($700) is cheaper than living in a condominium($1400). A single person will have to pay $1000-$2850 a month living in Canada. The man in the video gives stats regarding phone bills and internet plans. What I learned from this video was that you need to focus on what you can afford and need not what you want. ]]> 2019-11-23 22:57:05 UTC https://padlet.com/lornecarmichael24/A/wish/415728035 Video #4 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415728063 The video below shows you how to function like an adult and how to manage multiple responsibilities. This video helps to give tips on how to live on your own and make you prepared for when you move out.

This video is great because it helps you learn how to budget using spreadsheet, how to meal prep and how to live your life minimally. I learned that excel spread sheet is a great way help to track spending. Budgeting with a spreadsheet will pinpoint where your money is going and show you areas where you can save. I liked the meal prep topic because none of the other videos touched on this. Meal prepping will save you time, money and is a very healthy way to live. Another good tip is to keep a grocerie list to make sure you never run out of essential food items.]]> 2019-11-23 22:57:18 UTC https://padlet.com/lornecarmichael24/A/wish/415728063 Website #2 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415728148 Website #2 focuses on how prepared you are for living on your own. It asks many questions that are important for individuals to consider before leaving their home. Can you cover your bills? Are you in debt? How much money can you afford to spend on furniture? Leaving home prematurely can lead to bigger financial struggles. 

I felt this website was important to include because it states several great questions that students should ask themselves before they leave home. This website was the only one that talked more about financial planning which is important, but many times overlooked. Students should precisely plan their finances in order to support themselves in the future. 
]]> 2019-11-23 22:58:05 UTC https://padlet.com/lornecarmichael24/A/wish/415728148 Website #3 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415728157 This website mostly talks about ways to be successful  when living on your own. It states in order to succeed you must spend less than the money you make. Website 3 gives advice on living a sustainable lifestyle. 

I chose to include this website because it brings great information about how money should be spent and how it shouldn't. For example, it introduces a technique called "backwards budgeting". To explain, just take your income and start subtracting all the monthly expenses from it. When you see you are in the negatives you know you need to cut back on your spending. This website gives great tips to avoid purchasing material items you don't need and teaches you to save instead of spend. 


]]> 2019-11-23 22:58:12 UTC https://padlet.com/lornecarmichael24/A/wish/415728157 Website #4 lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415728173 Website 4 is concerned about setting up a weekly budget for people who are living on their own. Budgeting is important because it helps save costs, prepares you for emergency expenses and keeps you in control of your finances.

I chose this website because it gives great tips on how to budget your money for the week. It brings up the 50/20/30 rule, which stands for 50% of your income on needs 20% on savings and 30% on wants. Website 4 also talks about setting up SMART goals to help with budgeting.  SMART stands for Specific, measurable, attainable, relevant and timely. For example, make specific goals like "I want to have $2000 saved for an emergency fund by January 1st", instead of saying "I want to save more."]]> 2019-11-23 22:58:22 UTC https://padlet.com/lornecarmichael24/A/wish/415728173 What did I learn from my research? lornecarmichael24 https://padlet.com/lornecarmichael24/A/wish/415923021 This entire Padlet project has help me understand budgeting, creating an emergency fund account, prep meals, and how to use a spread sheet to manage monthly spending. I also learned "backwards budgeting", the 50/20/30 rule and how to create SMART goals. Lastly, I learned that you have to live a cheaper life style to be successful. Find cheaper groceries, have an inexpensive phone plan, and purchase what you need not what you want.

This topic is very relevant to me in my life because I plan to move to Nova Scotia to study art at NASCAD. I'm currently looking at cheap places to rent that won't cripple me financially. I also need to be able to find a part time job in order to supplement income so I can afford the rent. I want to live independently and follow my dreams, but I don't want to be drowned in debt. 

If I could pass on my knowledge onto family or friends I would tell them to prepare and plan before they decide to move out. I would tell them to find out if they have enough money, get an emergency fund account and research the costs of living in the area they want to move to. ]]> 2019-11-24 23:10:15 UTC https://padlet.com/lornecarmichael24/A/wish/415923021