1. JUST MARRIED!<br />313944010604500<br />Your first task is to develop a reasonable, monthly working budget as a group. A couple of parameters…<br />The couple may NOT opt to live with parents. Each couple has to account for independent living situations.<br />Each couple must account for both a chequing and savings account. The budget must take into account an amount for savings on a monthly basis. Your income in automatically deposited into your chequing account and your expenses will come out of this account.<br />Each group will be given a unique scenario which illustrates the present financial situation of the “couple”. Your budget must account for all of the following: <br />-living expenses<br />*based on your given salaries/wages, determine whether it is appropriate that your couple rents or purchases their abode<br />mortgage/rent<br />house insurance<br />hydro<br />gas<br />telephone<br />property taxes<br />maintenance fees (if purchasing a condo)<br />groceries<br />clothing<br />-transportation<br />*based on your given salary/wages, determine whether your couples purchases or leases a vehicle(s) or uses public transportation<br />car payments (lease, financing, etc.)<br />insurance (remember – for EACH vehicle…)<br />gas<br />fare/passes (if taking public transportation)<br />-entertainment<br />*based on your given salary/wages, determine what the couple can afford<br />e.g. movies, eating out<br />television<br />internet<br />cell phone<br />-miscellaneous<br />*based on your given salary/wages, determine what the couple can afford<br />monthly savings<br />charitable donations (e.g. church)<br />weekly allowance<br />-“incidentals”<br />*From time-to-time, unexpected expenses are incurred … How do you prepare for these types of situations? <br />gifts<br />(automobile) accidents <br />Some suggestions: <br />-to calculate your grocery bill, take a trip to the store armed with a calculator to come up with an approximation<br />-when attempting to determine what kind of mortgage you can afford, visit the websites of the major banks and use their online calculators<br />-in trying to determine car payments, visit the automaker’s websites and build your own vehicle (assuming you wish to purchase a new car); inquire regarding used vehicles<br />-for vehicle and house insurance, visit various company websites; ask your parents which company they use and visit that site for an online quote<br />On FRIDAY, DECEMBER 10, 2010, present your budget in a Power Point presentation (maximum of 10 slides). Each presentation will be posted on the class blog. <br />