Page 41 - The Ontario Curriculum: Career Studies, Grade 10, Open (GLC2O) – Guidance and Career Education. Advance Release of Curriculum Expectations, 2019 (revised course)

Teacher Prompts
Why is separating your needs from your wants an important first step in managing your spending and creating a budget?
How can you estimate all the costs associated with achieving your goal(s) for the first year following secondary school? Keeping in mind that income from part-time work may be an important part of your plan, what should you know about the possible deductions on your gross income [e.g., deductions related to income tax, Canada Pension Plan contributions, employment insurance benefits]?
What government financial assistance is available to help you pay for a postsecondary education? What bursaries, awards, and scholarships are available? What informal financial support from family and community might be available?
Once you have identified all the costs associated with achieving your goal(s), the next step is to reflect on the financial resources you’ll need to attain them. What are some of the options you will be looking into? Have you researched the requirements for OSAP and federal students grants and loans? Who could support you in consider- ing your options?
What tools, apps, and/or other resources might be helpful in tracking spending and then creating a budget? How might the understanding you’ve gained help you to better manage your spending and, in the process, save money?
Instructional Tips
Teachers can encourage students to:
• update their budget for their first postsecondary year, as circumstances change; • apply budgeting skills in other areas of life, starting now.
Strand C | Planning and Financial Management to Help Meet Postsecondary Goals | GRADE 10 41