Minneapolis, minnesota[1]

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Minneapolis, minnesota[1]

  1. 1. Cost of Living<br />Liz Chen<br />Karen Kuo<br />Minneapolis, Minnesota<br />
  2. 2. Total Income (Pre and Post Tax)<br />Liz Chen <br />Karen Kuo<br />Occupation: Psychologist<br />Initial Income: $45,000<br />Deductions:<br /><ul><li>Federal Income Tax: $5,100
  3. 3. FICA: $3,442.50
  4. 4. State income tax:$2,513.33</li></ul>Disposable Income: $33,944.17<br />Occupation: Math Teacher<br />Initial Income: $40,000<br />Deductions<br /><ul><li>Federal Income Tax: $4,183
  5. 5. FICA: $3,060
  6. 6. State income tax: $2,160.83</li></ul>Disposable Income: $30,596.18<br />
  7. 7. Housing<br />3600 Chicago AveMinneapolis, MN 55407<br />Lease Term: 1 year<br />Deposit: $950<br />Application fee: $35per adult<br />Monthly Rent: $950<br />Renter’s Insurance: $30.50 per month; $366 per year<br /><ul><li>Size: 1,100 sqft</li></ul>2 story un-attached single-family home<br />2 bedrooms<br />1 full bathroom<br />1 detached garage<br />1 living room<br />
  8. 8. Housing Costs<br />Liz Chen<br />Karen Kuo<br />$33,944.17 <br />Deductions<br />$475 Deposit<br />$35 Application Fee<br />$5,700 Annual Rent<br />$366 Renter’s Insurance<br />Remainder: $26,983.17<br />$30,596.18<br />Deductions<br />$475 Deposit<br />$35 Application Fee<br />$5,700 Annual Rent<br />$366 Renter’s Insurance<br />Remainder: $23,635.18 <br />
  9. 9. Healthcare<br />Liz Chen<br />Karen Kuo<br />Provider: Blue Cross Blue Shield of Minnesota<br />$134.50 per month per person<br />PPO<br />Deductible: $3,000<br />80% Coinsurance for in-network services<br />Total: $1,614 per year<br />Remaining Income ($26,983.17 - $1,614): $25,369.17<br />Provider: Medica<br />$94.24 per month per person<br />PPO<br />Deductible: $3,000<br />Coinsurance<br />Total: $1,130.88 per year<br />Remaining Income($23,635.18 - $1,130.88): $22,504.30<br />
  10. 10. Transportation Costs<br />Liz Chen<br />Karen Kuo<br />Public Transportation: MetroTransit, $76 per month<br />Bike: $429.99 (includes maintenance fee of $70)<br />Total (annual): $1,341.99<br />Remaining income ($25,369.17-$1,341.99): $24,027.18<br />Public Transportation: MetroTransit, $76 per month<br />Bringing bike from home; walking<br />Total (annual): $912 <br />Remaining income ($22,504.30-$912): $21,592.30<br />
  11. 11. Cost of Utilities (calculated annually)<br />Liz Chen<br />Karen Kuo<br />Phone: $599.88 <br />T-Mobile 1000-minute calling only plan<br />Gas (Heating): $840<br />Electric: $2,094<br />Water: $559.20<br />Cable/Internet: $420<br />Comcast<br />Total: $4,513.08<br />Remaining Income ($24,027.18-$4,513.08): $19,514.10<br />Phone: $479.88<br />AT&T 1000-minute calling only plan<br />Gas (Heating): $840<br />Electric: $2,094<br />Water: $559.20<br />Cable/Internet: $420<br />Comcast<br />Total: $4,393.08<br />Remaining Income ($21,592.30-$4,393.08): $17,199.22 <br />
  12. 12. Cost of Food, Furniture, & Household Supplies<br />Liz Chen<br />Karen Kuo<br />Groceries: $175 per month<br />Eating Out: $100 per month<br />Snacks: $40 per month<br />Food Total (annual): $3,780<br />Furniture: $2,500<br />Household Supplies: $500 (split cost)<br />Overall Cost: $6,780<br />Remaining Income ($19,514.10-$6,780): $12,734.10<br />Groceries: $250 per month<br />Eating Out: $40 per month<br />Snacks: $0 per month<br />Food Total (annual): $3,480<br />Furniture: $800<br />Household Supplies: $500 (split cost)<br />Overall Cost: $4,780<br />Remaining Income ($17,199.22-$4,780): $12,419.22<br />
  13. 13. Savings *Doesn’t include Extracurricular activities b/c activities aren’t really needed to live (by Asian Standards, anyway – not that this is a good or a bad thing).<br />Liz Chen<br />Karen Kuo<br />Annual Living Costs* ($33,944.17 -$12,734.10) : $21,210.07<br />Annual Income to Save: $12,734.10<br />Saving 20% of Annual Income (from above): $2,546.82<br />Bank of America (0.05% APY)<br />Checking Account: $546.82<br />Savings Account: $2,000<br />Remaining Income: $10,187.28<br />Annual Living Costs* ($30,596.18 -$12,419.22): $18,176.96<br />Annual Income to Save: $12,419.22<br />Saving 30% of Annual Income (from above): $3,725.77<br />Bank of America (0.05% APY)<br />Checking Account: $725.77<br />Savings Account: $3,000<br />Remaining Income: $8,693.45<br />
  14. 14. Extracurricular Activities (calculated annually)<br />Liz Chen<br />Karen Kuo<br />Overnight Kayak Trips with Wilderness Inquiry: $1,500<br />Horseback Riding at River Valley Horse Ranch: $800<br />Ice Skating at The Depot :$540<br />Guthrie Theater Tour and Performances: $100<br />Visit Lake Harriet, Lake of the Isles, Lake Calhoun, and the Stone Arch Bridge: $0<br />Flute, Accessories, and Sheet Music: $1,100<br />Total: $4,040<br />Total Amount Remaining ($10,187.28- $4,040): $6,147.28<br />Yoga Membership: $540<br />Leisure Shopping (Calhoun Square): $3,600<br />Visit Lake Harriet, Lake of the Isles, Lake Calhoun, and the Stone Arch Bridge = $120<br />Total: $4,260<br />Total Amount Remaining ($8,693.45 - $4,260): $4,433.45<br />
  15. 15. Summary (of the first year)<br />Liz Chen<br />Karen Kuo<br />Disposable Income: $33,944.17<br />Costs (Annual):<br />Housing: $6,961.00<br />Healthcare: $1,614 <br />Transportation: $1,341.99<br />Utilities: $4,513.08 <br />Food/Furniture/Supplies: $6,780 <br />Savings: $2,546.82 <br />Extracurricular Activities: $4,040<br />Remaining Income: $6,147.28<br />Disposable Income: $30,596.18<br />Costs (Annual):<br />Housing: $6,961.00<br />Healthcare: $1,130.88 <br />Transportation: $912<br />Utilities: $4,393.08<br />Food/Furniture/Supplies: $4,780<br />Savings: $3,725.77<br />Extracurricular Activities: $4,260<br />Remaining Income: $4,433.45<br />
  16. 16. Bibliography<br />

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