Personal Finance

Synopsis

Currently I am a student at Georgian college, and am maintaining a part time job at Tim Horton's in which I work a few days a month for minimum wage. The current bank I am with is TD Canada Trust. I have several short term monetary goals which are mainly within correspondence to my educational funds. I have goals to save enough money to pay for next semester's tuition; this will be achieved by working at my part time location. I also hope to save enough money to cover rent charges and living expenses next semester. In accordance to my long-term monetary goals, I would like to eventually purchase an automobile, so I will start to set aside income for such a purchase, although, the saving process is expanded over a 5 year period. My non-monetary goals are also involved with school, in which I need to locate and acquire a co-op placement for the summer semester of my marketing program.

Most of my financial documents are filed in my home file. More important documents such as my birth certificate, citizenship and custody papers are kept in a safety deposit box. I currently do not own a vehicle therefore I do not carry any automobile records. I also have never invested in anything, which explains why the investments section is not applicable to me.

I have few liquidable assets, but I have many household assets and possessions. I am also currently on a loan with a credit balance $8000, to which a pay $40 interest per month. Because I only work at least twice a month, my cash inflow is minimal, and therefore my cash outflow is $95 more than my inflow. As a result I am left with a deficit of $95 andfK do not have any emergency fund or financial goal funds.