In conclusion, even with a higher budget than others, I found it relatively hard to manage cost as I am a big eater.
PART 1: Budget
- Career
What is the career given to you? freight worker
What is your estimated salary/income? 83k
- Deductions
Net Income = Gross income x 0.3
My annual Net income is: 58.1k
My monthly Net income is: annual income / 12 = 4,841.67
- Housing
Get your information from House Hunters Assignment.
- What city would you like to live in? new west
- How many roommates will you have?2
- I plan to RENT or BUY (highlight one)
- My monthly rent or mortgage payment is 500
- How much is your home insurance? 40$ /month
https://www.bcaa.com/insurance/home/renters
- Utilities (Electricity, heating, hot water).
Highlight the one that applies to you.
- Living alone: $50/month
- Living with 1 roommate: $35/month per person
- Living with 2 roommates: $30/month per person
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- Telecommunications
What do you want for telecommunications?
- Highlight the items you want: home phone, cell phone and plan, cable, internet, Netflix, other streaming service ______________,
- Look online to see how much it would cost you per month to get what you want.
| Service | Cost |
| netfix | 10 |
| Iphone plan | 70 (iphone is 900) |
| wifi | 101.5 |
Total : $181.50
- Food
- Complete Meal Planner
- Meal cost 688.85/month
- Transportation
How will you get around?
- Use Car Purchase Assignment for this info
- Total monthly car payment – $398/month
- Total monthly car insurance – $205/month
- Total monthly gas estimate – $168/month
- Total amount to purchase $771
- Health Care
Here is the link to the current rates: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/msp/bc-residents/premiums/rates
- What will your monthly rate be? $37.50/month
- Recreation
What will you do for entertainment? (Concerts, movies, gym fees, lessons etc.)
|
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 |
| Soccer (Shoes around 250
Club 60) |
16 |
$1.61 | $25.83 |
| gym |
16 |
$1.97 |
$30.67 |
| TOTAL COST of all activities for the month:
$56.505 |
|||
- Savings
Use My Savings Goals Assignment to help complete this section.
Something I want to save up for a house
- This costs around 700,000 (only want to save up 350,000 to start)
- I want to buy it in 15 year/s.
- How much would you need to put into Savings each month to reach this goal? $1,44
- Emergencies
Are you ready for the unexpected?
Look at your annual net income, divide it by 12, then multiply it by 5%.
- 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) – $240/month
- Other
Where else will your money go? Charity, travel, furniture, renovations etc.
- Travel to japan saving 1200 (1 month/100)
- $12 to cancer charity per month
| LIVING EXPENSES | $ per month | $ per year |
| Housing | ||
| Rent/mortgage payments | $ 500.00 | $ 6,000.00 |
| Home Insurance | $ 40.00 | $ 480.00 |
| Utilities | $ 34.00 | $ 408.00 |
| Telecommunications | $ 181.50 | $ 2,178.00 |
| Food | ||
| Meal Costs | $ 688.85 | $ 8,266.20 |
| Transportation | ||
| Public transit | $ – | |
| Bike | $ – | |
| Car payments | $ 398.00 | $ 4,776.00 |
| Car insurance | $ 205.00 | $ 2,460.00 |
| Gas estimate | $ 168.00 | $ 2,016.00 |
| Maintenance and repairs (2% of value of car) | $ 71.16 | $ 853.92 |
| Health Care | ||
| Prescriptions/glasses/contacts | ||
| Monthly rate | $37.50 | $ – |
| Recreation | ||
| Total recreation costs | $ 56.51 | $ 678.06 |
| Savings | ||
| Savings | $ 1,944.44 | $ 23,333.28 |
| Emergencies | $ 240.00 | $ 2,880.00 |
| Miscellaneous | ||
| Computer | $ 83.25 | $ 999.00 |
| Personal grooming (haircuts, makeup, shampoo, soap, deodorant, etc.) | $ 25.56 | $ 306.72 |
| Clothing | $ 16.67 | $ 200.04 |
| Other | ||
| Charity | $ 12.00 | $ 144.00 |
| Japan | $ 100.00 | $ 1,200.00 |
| $ 55,979.22 | ||
| Total Expences | $ 4,802.44 | $ 57,179.22 |
| NET INCOME | $ 4,841.67 | $ 58,100.04 |
| ` | ||
| Monthly | Yearly | |
| TOTAL EXPENSES | $4,802.44 | $57,179.22 |
| TOTAL INCOME | $4,841.67 | $58,100.04 |
| DIFFERENCE: | $39.23 | $920.82 |
The money left will be used for parking money and furniture (sometimes food)