The document summarizes the monthly budget for a newly married couple. It outlines their sources of income totaling $5280 per month. It then details their monthly expenses which include $700 for rent, $600 for groceries, $400 for clothing, $300 for car financing, $150 for car insurance, $300 for gas, $100 for car maintenance, $1000 in savings, $100 for cell phone bills, $100 for charity donations, and $500 for other allowances, totaling $4250 per month. This leaves them $830 per month for additional costs like entertainment and unexpected expenses.
How Much Does Holding A Property Cost in Austin? - www.TheTexasHouseBuyer.comLeah Pomar
Are you holding on to a property in Austin and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Austin home! How much does holding a property cost in Austin TX?
Keep reading to find out!
Understanding the Food System: How it Works and When it Doesn'tAnne Anderson
Presentation by Robyn Krock of Valley Vision (Sacramento, CA) on the basics of the farm to market to consumer food systems and what needs to be fixed to allow better distribution of healthful food to everyone.
How Much Does Holding A Property Cost in Austin? - www.TheTexasHouseBuyer.comLeah Pomar
Are you holding on to a property in Austin and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Austin home! How much does holding a property cost in Austin TX?
Keep reading to find out!
Understanding the Food System: How it Works and When it Doesn'tAnne Anderson
Presentation by Robyn Krock of Valley Vision (Sacramento, CA) on the basics of the farm to market to consumer food systems and what needs to be fixed to allow better distribution of healthful food to everyone.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Dayton Contractor Network connects homeowners in and around Dayton Ohio with quality prescreened home improvement contractors. Visit DaytonContractors.org for a free estimate.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Take a look at these annual side-by-side comparisons to see how your county sales and affordability hold up next to the state and country as a whole. Indicators provided are sales, median prices, supply, and affordability.
Dayton Contractor Network connects homeowners in and around Dayton Ohio with quality prescreened home improvement contractors. Visit DaytonContractors.org for a free estimate.
Retirement Planning- Case studyPart 1A) SMART Goal Setting.docxronak56
Retirement Planning- Case study
Part 1
A) SMART Goal Setting
Specific
What: They should to achieve debt freedom and save enough money before age 65. They supposed to decrease his daily expense to save more money, to pay off the current loan and some credit debts. Then they need to start RESPs for their children.
Why: Their Net cash flow was negative, it means they have more expense than income. They must find a way to solve these problem, even through they have 308879.63 net worth, but it is useless. They have too many loan and mortgage need to repayment.
Where: They should focus on house mortgage first, because that $300000 mortgage with interest rate is 4.75%.
Who: their children. When they do this financial planning, their kids is inherently involved in.
Which: They have some constraints which is that they need to pay education for kids, they have economic pressure, so saving money is hard thing for them.
Measurable:
They want to save $2000 per month to pay off their mortgage $1897.57 monthly.
Achievable:
We suggest saving money from Entertainment and Transportation.
· Yearly expense
Travel $120, Activities $360, Alcohol $120 totally is $600
We also can decrease expense form car insurance, Colin and Jill can use one car and suspend the car insurance saving $1440 yearly.
They already saving $2040 for one year.
Realistic:
That is realistic because they can easily to save money form their income, they need to know how to budgeting their money, especially they already have two kids.
Time-Limited:
They will save money form their daily life for $2040 for one year, their yearly mortgage is $1897.57*12= $22770.84, they need to saving 10 years money to pay off one year mortgage.
B) Cash Flow Statement & Net Worth Statement
According to the expense statement for retirement planning, I estimate the expense after Colin and Jill retirement is $28546.68. It means they need income after tax is same amount.
Electricity/water: When they are after 65 year old, they should sleep so early that compare with before. That’s why their electricity usage rate is going down. Change $150 to $100 per month
Internet: they don’t use internet after 65 years old, because they always watching TV or reading book, no time to use internet. Change $100 to $50 per month
Groceries: it will change some because they want to be health, and will buy many nourishment and fruits,and more milk. Not changed.
Eat-out: eat-out cost will be decrease, they usually cook at home. Change $100 to $50 per month
Colin&Jill car insurance: They don’t need two cars for driving, so they can just drive one car with one car insurance, so the cost will be decrease. Decrease $110 per month
Gas fee: gas cost also decrease because two cars in stead of one car.
Medical: Colin has high blood pressure, his medicines cost will increase.
Travel: Colin and Jill like to long-distance travel every month,so that’s why travel cost is increased. Change $50 to $ ...
2. Sources of Income Our newly wedded couple doesn’t make a whole lot of money a year and has to be very cautious when spending money Husband: $18.00/hr Wife: $15.00/hr Over all, our couple makes around $5280 a month.
3. Housing As a new couple, with only $10,000.00 in savings, it would be extremely difficult and almost impossible to purchase a house. Our new couple decided to rent a house until they saved enough money to put a down payment on their on place. The house we choose, 51 Ed Quigg Way, Woodbridge ON will cost our couple $700.00 a month.
4. Living Expenses The money spent on rent a month, ($700.00) covers many other expenses that our couple requires to live. This basement apartment includes all appliances and electronics, hydro, gas ,cable, phone and internet expenses.
5. Food is a necessity in a persons every day life. This is why Groceries is added to our monthly budget. On average, a couple will spends about $150.00 a week, resulting in $600.00 a month (approx.) on food and snacks.
6. Clothing Whether its absolutely necessary or if it’s just for fun, people, especially women, love to buy clothing. Because our couple doesn’t make a whole lot of money, the amount spent on clothing has to be limited and controlled. Our couple has decided to put about $200.00 each ($400.00 a month) aside for clothing a month. Whether they use it or save it, that’s their choice.
7. Transportation Financing a car: To fully pay for our used 2001 BMW, our couple has chosen to finance a car, paying $300.00 a month. Insurance: Having a woman as a first driver saves our couple alot of money when it comes to car insurance. The wife will be first driver on the BMW while the husband will be second. The insurance will cost our couple approx. $150.00 a month.
8. Transportation Along with financing the car and paying monthly insurance rates, in order to drive the car, our couple will need to add gas and maintenance to their budget. Gas: $300.00 a month Maintenance: $100.00 a month
9. After paying the monthly bills regarding living expenses, it is important to put a certain amount of money away in our savings. As a couple, we decided a fair amount of money a month to put in our savings account will be $ 1000.00 a month.
10. Cell phone Bills Our couple, both having Blackberry smartphones, will be hit with a cellphone bill of $100.00 a month ($50.00 each).
11. Charity and Gifts Although our couple may not be the richest couple in the world, they are still able to afford to give some money to the less fortunate. This is why our couple has decided to give at least $100.00 a month as charitable donations. Also, our couple has a big family, and many close friends. Gifts need to be bought for these people for special occasions. Our couple has decided to keep about $200.00 a month of gifts. This money doesn`t isn’t always used and can be saved for the next occasion.
12. SUMMARY $700.00 RENT $600.00 GROCERIES $400.00 CLOTHING $300.00 FINANCING - CAR $150.00 CAR INSURANCE $300.00 GAS - CAR $100.00 MAINTANCE - CAR $1000.00 MONTHLY SAVINGS $100.00 CELL PHONE BILLS $100.00 CHARITY + $500.00 MONTHLY ALLOWANCE $4250.00 We started off by saying our monthly income was $5280.00 a month, which means we have $ 830.00 left over which covers the cost of entertainment, for example movie nights or eating dinner out. This also helps cover the cost of unexpected accidents that occur.