You may have heard that the last year of high school is an important time. You have many decisions to make, and each one will bring new challenges and responsibilities. Whether you choose to continue your education or enter the workforce, your responsibilities, especially your financial ones, will change greatly in the next few years.
You might already be managing some expenses, like your cell phone, clothing and activities with friends. If you have a part-time job, you might already be enjoying some financial independence. Regardless of the path you choose to follow after high school, your expenses will change considerably, and it is important to learn some basic information to successfully manage your income and expenses.
This new chapter in your life may seem exciting: studies, a job, an apartment, a car— freedom at last! However, this new freedom requires you to do some planning, because:
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Continuing your education means paying tuition fees
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Finding a job means that you reorganize your schedule and learn how to balance school and work
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Getting an apartment requires money for rent
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Owning a car involves paying for gas, insurance, licence plates and a driver’s licence
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Adopting a raccoon means paying for food and vet bills
The financial education program will help you tackle these new responsibilities. The following concept sheets provide the tools to successfully manage your personal finances and create a solid plan for the future. The concept sheets cover four main sections:
The first section is about paying for goods and services. You will learn about pricing, taxes, factors that influence consumer choices and your rights and responsibilities as a consumer.
The second section addresses entering the workforce. Having a job comes with new responsibilities, and you need to learn about a few things before joining the workforce, including: work-related rules, payroll, income taxes and employment insurance.
The next topic is pursuing an education. There are many educational options out there, and whatever path you choose, you will need to plan for education-related costs and how to finance them.
The final section discusses three essential concepts you need to understand in order to successfully manage your personal finances: budgeting, saving and credit.