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Just Married Budget


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Just Married Budget

  1. 1. Just Married! By: Melissa Salvadori Elo Adese Tony Stellato Nicole Moretti
  2. 2. Couple Earnings <ul><li>John makes $45, 000 per year </li></ul><ul><li>Rita makes $60, 000 per year </li></ul><ul><li>The couple has $15, 000 in a joint savings account </li></ul><ul><li>Together, the couple makes $105, 000 annually. This gives them $8, 750 to live per month. </li></ul>
  3. 3. Buying A Condo <ul><li>Rita and John decide to purchase a condo at 9235 Jane St in Vaughan. </li></ul><ul><li>The condo costs $284, 900 to buy. Rita and John will put a 5% down payment on the condo with a 4.04% Interest Rate. This will end up costing them $14, 245.00 up front, which will come from their savings account. </li></ul>Monthly Property Taxes $250.00 Maintenance & Insurance $368.00 Monthly Heating/Hydro $75.00 Principal & Interest (Mortgage) $1, 237.22 Total Monthly Payment $1, 930.22
  4. 4. Transportation <ul><li>Rita plans to purchase a car for herself. </li></ul><ul><li>She found a 2002 Pontiac Sunfire on Kijiji for $2, 800. </li></ul><ul><li>Insurance for this car will cost $325.00 per month. </li></ul><ul><li>Gas will cost about $45.00 a week, which will be $180.00 per month. </li></ul><ul><li>John, on the other hand, will purchase a TTC pass for $121.00 per month. </li></ul>
  5. 5. Entertainment <ul><li>A discount was given when Rita and John decided to combine their bills for home phone, cable, internet, and cell phone family plan for a flat rate of $96.90 per month, and after taxes and service fees about $120.00 per month. </li></ul>
  6. 6. Living Expenses <ul><li>John and Rita compared prices at all local grocery stores and found that for their diet and weekly grocery need, No Frills at Weston Rd and Rutherford cost them the least. They decided to buy as much “No Name” products as possible, costing them about $150.00 a week in groceries, adding up to a total of $600.00 a month. </li></ul><ul><li>They decided to put aside $300.00 </li></ul><ul><li>per month on clothing between the couple </li></ul>
  7. 7. Miscellaneous & Incidentals <ul><li>Rita and John will put aside $50.00 a month for charitable donations, such as church. </li></ul><ul><li>They will give themselves $150.00 each per week as a living allowance to spend on things such as movies, a morning coffee, and eating out costing them $600.00 per month </li></ul><ul><li>As a back-up, they will allow themselves $200.00 as a monthly incidental cost, for things such as birthday gifts and parties. </li></ul><ul><li>Also, they will put aside $150.00 per month for automobile accidents. </li></ul>
  8. 8. Savings <ul><li>This leaves John and Rita with an excess of $3, 940.48 per month. Half of this ($1970.24) will be invested into an ING Direct Investment Savings Account. This account will be left inaccessible and $1970 will be invested into it every month. After one year, $222.71 will be earned in interest and $25, 832.71 will be saved up in total. </li></ul><ul><li>The other half of our monthly excess ($1970.24) will be invested into an accessible savings account for other incidentals. </li></ul>