According to Statistics Canada, the Consumer Price Index (CPI), a proxy of inflation rate in Canada rose 3.9% on an annual average basis in 2023. Imagine the family's income will increase by only 1%, but all expenses except for car and mortgage payments will be 5% higher in 2024 compared to 2023.
If need to create cash flow statement where TFSA contributions are not included as expenses, what will be their expected monthly surplus/deficit in 2024?

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Question Set 3. (30 marks) Ella and David are a married couple in their mid-thirties and have a 3-year-old girl named Jules. They both work self-employed and have recently decided to assess their financial situation to plan for their future goals, such as saving for their children's education and preparing for retirement. As part of their financial review, they have gathered information on their assets, liabilities, expenses, and income to create financial statements that reflect their current financial position. Following is the information reported on December 31, 2023. Item Amount Annual car insurance $1,500 Annual homeowner insurance $900 Balance of David's auto loan $7,000 Balance of David's checking account $1,200 Question Set 3. (30 marks) Ella and David are a married couple in their mid-thirties and have a 3-year-old girl named Jules. They both work self-employed and have recently decided to assess their financial situation to plan for their future goals, such as saving for their children's education and preparing for retirement. As part of their financial review, they have gathered information on their assets, liabilities, expenses, and income to create financial statements that reflect their current financial position. Following is the information reported on December 31, 2023. Item Amount Annual car insurance $1,500 Annual homeowner insurance $900 Balance of David's auto loan $7,000 Balance of David's checking account $1,200