This document summarizes the typical costs of living for two medical residents, Michelle and Hye Hyun, living in Charleston, South Carolina. It details their incomes, savings, housing costs, utilities, transportation, healthcare, food, and extracurricular costs. After accounting for all expenses, Michelle has $3,869 remaining and Hye Hyun has $975 remaining at the end of each year. Housing, food, and transportation represent the largest portion of their living expenses. The document provides sources for cost estimates.

1. The Cost of Living:Charleston, South Carolina Adventures of the Typical Medical Residents: Michelle Michelson & Hye Hyun Bahng

2. Location Charleston, South Carolina

3. Total Income: Initial and Post-Tax Michelle Occupation: Medical Resident Initial Income: $45,000 FICA: $3442.50 Post-Tax: $37,870.00 Total: $34,427.50 Hye Hyun Occupation: Medical Resident Initial Income: $40,000 FICA: $3060.00 Post-Tax: $34,137.00 Total: $31,077.00

4. Savings Michelle (20% of adjusted income) $7,065.50 Saving’s account at Bank of America: $5,000.00 Checking account at Bank of America: $2,065.50 Hye Hyun (10% of adjusted income) $3180.00 Saving’s account at Bank of America: $2100.00 Checking account at Bank of America: $1087.70

5. Remaining Income Michelle $34,427.50 - $7,065.50 (Savings) = $27,362.50 Hye Hyun $31,077.00 - $3180.00(Savings) = $27,897.00

6. Housing 2235 Ashley Crossing Drive City: Charleston (7.4 miles from Medical University of South Carolina) Zip Code: 29414

7. Housing Costs Rent Term: 13 months Deposit: $87.50 Living Cost: $11,580 annually Renter’s Insurance cost: $144 annually Size: 937 square feet 2 bedrooms 2 baths

9. Garbage disposal

10. All electric kitchen

11. Carpeted flooring

12. Walk – in closet

13. Clubhouse

14. Business Center

15. Car care center

16. Private Health Club

18. Healthcare BlueCross BlueShield of SC Michelle $1,800 annually $150/month/per person Personal Blue Secure SE BlueCross BlueShield Plan High deductible health plan ($5,250) Co-pay - $40 primary care physician 50% Coinsurance for in-network services Individual coverage Hye Hyun $1,800 annually $150/month/per person Personal Blue Secure SE BlueCross BlueShield Plan High deductible health plan ($5,250) Co-pay – $40 primary care physician 50% Coinsurance for in-network services Individual coverage

19. Remaining Income Michelle $28,565.50 - $1800 (Healthcare) = $26,765.50 Hye Hyun $25,171.25 - $1800 (Healthcare) = $23,371.25

20. Transportation Lease for 4 years: $2138.28 per person/year Car Lease: Toyota Prius $356.38/month Car Insurance: Geico, $838.08 annually, $69.84 on a monthly basis Price of Gas Per Gallon: $3.466 Roughly estimated 5 gallon usage: $17.33/week $450.58 a year for gas per person

21. Remaining Income Michelle $26, 765.50 - $2138.28 (lease payment) – $419.04 (insurance) - $450.58 (gas) = $23, 757.60 Hye Hyun $23,371.25 - $2,138.28 (lease payment) – $419.04 (insurance) - $450.58 (gas) = $20, 363.35

22. Utilities(Calculated on Annual Basis, Shared Cost) Electricity: $401.29 Water: $256.08 Gas: $239.88 Phone: $1,200 Internet: $840

23. Remaining Income Michelle $23, 757.60 - $200.65 (electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) = $22, 288.97 Hye Hyun $20, 363.35- $200.65(electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) = $18,894.72

24. Food/Furniture Michelle Food: $7,000/year Household Furniture: $500 (split cost) TV: $119.50 (Sharp 22" LC22SB27UT Widescreen LCD HDTV, split the cost) Household Supplies: $300 Hye Hyun Food: $8,000/year Household Furniture: $500 (split cost) TV: $119.50 (Sharp 22" LC22SB27UT Widescreen LCD HDTV, split the cost) Household Supplies: $300

25. Remaining Income Michelle $22,288.97 - $7,000 (food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $14,369.47 Hye Hyun $18,894.72 - $8,000 - (food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $9,975.22

26. Extracurricular Activities Michelle Clothes: $5,000 Electronics: $500 Travel, Vacation: $4,000 Musicals/Concerts/Movies: $1,000 Hye Hyun Clothes: $3,500 Electronics: $500 Travel, Vacation: $4,000 Musicals/Concerts/Movies: $1,000

28. Bibliography (continued) Size, Screen. "Small Flat Screen TV - Hotel and Resort Travel Deals." Nextag - Compare Prices Before You Buy. Web. 08 June 2011. <http://www.nextag.com/small-flat-screen-tv/products-html>. "South Carolina Electric and Gas Company." Web. 1 June 2011. <http://www.sceg.com/NR/rdonlyres/7E39B8E5-B278-4489-B8F0-FD754D65F962/0/Rate1.pdf>. "This Is My Plan." BlueCross. Blue Cross. Web. 03 June 2011. <http://southcarolinablues.com/UserFiles/scblues/Documents/Visitors/Personal_Blue_Secure_brochure.pdf>. "Toyota Prius Lease Calculator." New Cars, Used Cars For Sale, Car Prices & Reviews at Automotive.com. Toyota, 2011. Web. 08 June 2011. <http://www.automotive.com/default.aspx?BGUCNavSection=pricing>.