You have a net income of $40 000 per year. Your expenses include the following: Rent:
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Question:
You have a net income of $40 000 per year. Your expenses include the following: • Rent: $800 per month • Insurance: $225 per semi-annually • Car Payment: $315 per month • Car Expenses: $1 000 per year • RRSP: $50 per month • Entertainment: $50 per week • Cell Phone: $75 per month • Food: $500 per month
a) Create a budget.
b) Modify the budget to include a savings plan of $100 per week.
c) You paid off your car and have decided to buy a house. Your mortgage payment is now $1 050 per month. Modify the budget to reflect this new financial plan.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: