PERSONAL BUDGET ASSIGNMENT

Vivian Phu Dec. 5 2013

GROSS INCOME My gross income is $33,600. Monthly, my income is $2800. After tax reductions, my income is $1960 per month. CABLE I am choosing not to purchase any cable because I do not have a need for it. CLOTHES All the clothes worn in a year are listed in the spreadsheet attached. The total is $696. The monthly clothing amount is $58. ENTERTAINMENT A lunch at Mcdonalds will cost $6. A movie ticket costs $16.99. No other entertainment expenses are expected. FOOD A wide variety of food will be purchased worth approximately $321.08 per month. INSURANCE Fire and theft insurance is $200 per year and $16.66 per month after the yearly cost is divided by 12. INTERNET I am choosing high-speed internet for $40 per month because I use internet frequently. LOAN REPAYMENT FOR FURNISHINGS The subtotal for all the furniture is $1132.83. With tax, the total is $1280.10. The loan can be paid off in two years with the interest rate of 7%. The monthly payment is $57.31. OTHER EXPENSES This section includes cost of laundry, presents, office supplies, beauty products, donations, hair ties and donations. $75 will cover the cost of these items. TELEPHONE I am choosing the basic phone plan for $25. TOILETRIES AND MEDICATION $50 dollars will be spent on toiletries and mediation. This includes things such as toilet paper, shampoo, toothpaste, soap and Advil.

TAXES Three deductions that an employer must take are income tax, CPP and EI. Two other possible deductions that may occur are employee benefits deduction and insurance. RENT Rent is $710 inclusive. TRANSPORTATION I am leasing a used car for $200 per month. I chose to lease a used car because it is more cost efficient that leasing a new car which will dipriciate immediately. The car was choosen instead of the bus because it would be so much more convenient in canada since places are located far apart from each other TOTAL EXPENSES The total expenses is $1,570.04. SAVINGS The amount left after expenses is $389.96