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Open in new tab PART 1: Budget
- Career
What is the career given to you? Waitstaff
What is your estimated salary/income? $49k
- Deductions
Net Income = Gross income $49k x 0.3
My annual Net income is: $34,300
My monthly Net income is annual income / 12 = $2,858.33
- Housing
- What city would you like to live in? Downtown New Westminster
- How many roommates will you have? 2 roommates
- I plan to RENT or BUY (highlight one)
- My monthly rent or mortgage payment is $966.67
- How much is your home insurance? $29.34/month
- Utilities (Electricity, heating, hot water)
- Living alone: $50/month
- Living with 1 roommate: $35/month per person
- Living with 2 roommates: $30/month per person
- Telecommunications
| Service | Cost |
| Cell Phone and plan | $20.00/per person |
| Internet | $45/month |
| Netflix | $13.99/month |
Total : $78.99
- Food
- Complete Meal Planner
- Meal cost $46.09 /month
- Transportation
How will you get around?
- Public transit – $13/month
- Bike
- Car
- Use Car Purchase Assignment for this info
- Total car payment – $239,990.00
- Total monthly car insurance – $1800/month
- Total monthly gas estimate – $200/month
- Health Care:
- What will your monthly rate be? $37.50/month
- Recreation
|
What will you do for fun? |
How many times per month will you do this activity? | How much does it cost per time you do this? |
TOTAL COST per month |
| movies | 1-2 | $13.99 | $28.00 |
| TOTAL COST of all activities for the month:
$28.00 |
|||
- Savings
Something I want to save up for is Anything.
- This costs 142.91
- I want to buy it in whenever I feel the desire to buy something.
- How much would you need to put into Savings each month to reach this goal? All of my extra cash.
- Emergencies
- How much per month will you put into savings towards your goals (5% of your net income is recommended) –$142.91/month
- How much per month will you put into an emergency fund (5% of your net income is recommended; this is for when unexpected costs pop up in your life) – $42.91/month
- Other
Where else will your money go? Charity, travel, furniture, renovations etc.
-Travel
I’m not going to make a special section for this, it would just be one of those things that if I had extra money for in that moment, I would use it.
| LIVING EXPENSES | $ per month | $ per year |
| Housing | ||
| Rent/mortgage payments | $ 966.67 | $ 11,600.04 |
| Home Insurance | $ 29.34 | $ 352.08 |
| Utilities | $ 30.00 | $ 360.00 |
| Telecommunications | $ 78.99 | $ 947.88 |
| Food | ||
| Meal Costs | $ 46.90 | $ 562.80 |
| Transportation | ||
| Public transit | $ 13.00 | $ 156.00 |
| Bike | $ – | $ – |
| Car payments | $ – | $ – |
| Car insurance | $ – | $ – |
| Gas estimate | $ – | $ – |
| Maintenance and repairs (2% of value of car) | $ – | $ – |
| Health Care | ||
| Prescriptions/glasses/contacts | ||
| Monthly rate | $ 37.50 | $ 156.00 |
| Recreation | ||
| Total recreation costs | $ 28.00 | $ 336.00 |
| Savings | ||
| Savings | $ 142.91 | $ 1,714.92 |
| Emergencies | $ 42.91 | $ 514.92 |
| Miscellaneous | ||
| Computer | $ 200.00 | |
| Personal grooming (haircuts, makeup, shampoo, soap, deodorant, etc.) | $ 75.00 | $ 900.00 |
| Clothing | $ 200.00 | $ 2,400.00 |
| Other | ||
| Charity | $ – | $ – |
| etc | ||
| $ 20,200.64 | ||
| Total Expences | $ 1,691.22 | $ 20,200.64 |
| NET INCOME | $ 4,000.00 | $ 48,000.00 |
| Monthly | Yearly | |
| TOTAL EXPENSES | $1,691.22 | $20,200.64 |
| TOTAL INCOME | $4,000.00 | $48,000.00 |
| DIFFERENCE: | $2,308.78 | $27,799.36 |
