Financial Budget
Transcript: Medical and Toiletries 45 Kingsbridge Garden Circle #320 Condo fee: $234,900 My mortgage with TD Bank: $1048.82/month (3.44% 3 year closed) Taxes: $1,766.78/year ($147.23/month) 10% down payment of $23,490 Amortization period: 25 years State Farm insurance: $200/month Yearly Salary: $180,850 School Debt: $40,000 Credit Card Debt: $2,500 AFTER TAXES: Net take-home: $114,168 Monthly Salary: $9,514 I put 20% of my monthly earnings into my Royal Bank of Canada savings account. I get an interest rate of 1.050% on every dollar. I deposit $1902.80/month, that means I gain 1.050% of that ($19.98) the first month. So by the end of the first month, I'd have $1922.78. There is no minimum balance or monthly fee. I am saving money for my childrens' tuition and a house for my future family. I chose to put 20% of my monthly budget into savings because it's important to be secure for the future. I also gain interest by having my money in RBC monthly. Youssef Labib I have $582.38 of extra income for each month. I plan to put $300/month into a tax free savings account with TD Bank. This is a very reasonable investment because this account can hold up to $5,500/year and I'd be putting in $3,600/year. I also don't pay taxes on the investment income or growth earned in my TFSA. There are also tax-free withdrawals with this account. If I save for 20 years, I would have $143,536. That means I would've saved $31,162 in taxes by saving my money through TFSA. The last remaining portion of my extra income ($282.38) will be in my pocket just to be on the safe side. If I ever need anything extra than I'll have enough money for it. My Car City and Province of Residence I estimated how much money I'd need to spend on medicine and toiletries and came up with a budget. For medicine, I would need Tynelol ($20), Advil ($15), band-aids ($8), muscle tape ($3), and other creams ($10). That's a total of $56. For toiletries I estimated costs for shampoo, conditioner, tooth paste/brush, razors, shaving cream, tissue/toilet paper, soap, deodorant and cologne to be about $80. The amount of money I would spend per month on medicine and toiletries is $136. The percentage out of my entire budget spent on medicine and toiletries is 1.4%. I don't spend a whole lot on toiletries because I tend to conserve my supplies and don't waste them. I made the decisions by looking at what I really needed over what I was want. That's how I made sure I wouldn't be spending too much. Groceries Financial Budget Pie Graph Savings MY FINANCIAL BUDGET ! :) In my condo, there are maintenance fees that cover a lot of my monthly bills and utilities. I pay $416/month for hydro, heating, water, exercise, gym, pool and every other utility included in the condo. Besides the maintenance fees, there are electronic fees. I purchased cable with Rogers for $74.98/month. This is the "Extra Plus" bundle which includes 230 channels, sports, lifestyle and specialty. I also purchased internet with Rogers for $94.99/month. I got the Hybrid Fibre 60 package, an average internet bundle. Lastly, my cell phone bill is $49/month with Fido. This plan includes unlimited text, 750 minutes of Canada-wide calling and 750mb of data. The total price I pay per month is $634.97. To find these prices and packages, I did some research on the companies' websites. I looked at what plans I would need and which were reasonably priced. I made the reasonable decisions I did by looking at what I needed before at what I wanted. My utilities and monthly bills are 6.67% of my total budget. Financial Budget My yearly salary is $180,850 before taxes. Using the tax take home pay calculator I calculated how much I make annually after taxes. I pay $63,342 of personal tax while I live in Ontario. My Canada Pension Plan is $2,426 and my employment insurance is $914. After taking those factors out of my yearly salary, my net take-home is $114,168. That means I make $9,514 a month. Charitable Donations Extra Income Mississauga, Ontario I've lived in Mississauga for most of my life and plan to stay there. I enjoy living there because it's a diverse and unique city with a lot of potential. I decided I didn't need to buy an expensive or bigger residence because I would be living on my own. I did my mortgage plan with TD bank using their 3.44% 3 year closed interest rate. I also put in a down payment of 10%, which was $34,490. My amortization period was 25 years. The taxes I'd pay are $147.23/month. For a 25 year mortgage for $211,411 at the rate of 3.44%, my monthly cost is $1048.83. The taxes that I would pay a month are $147.23 (1766.78/year). The insurance cost I got from Statefarm was $200/month. With all these costs added together, my condo would cost $1,396.05 a month. This is a reasonable price considering my financial situation. I thought it out and found a good mortgage to pay a month after trying it out various times. 25 years gives me plenty of time to get the mortgage paid off. My condo takes up 14.67% of my total
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