2. Scenario Anthony and Jennifer have recently married and are now debt free. Jennifer is 26 and Anthony is 27. They both are very competent in their careers. Jennifer is a secretary for a law firm in the city of downtown Toronto. She makes an annual salary of $35,000. Anthony is an architect also in the city of Toronto. He makes $50,000 a year. Together, they have an income of $85,000 a year and a total of $20,000 in savings. Before they start a family, they plan on renting a condominium close to work and buying a used SUV.
3. Welcome to the Jone’s Residence Jennifer and Anthony have found the perfect condo in the city of Toronto, on Lakeshore. It’s a warm and comfortable home for the newlyweds. The condo they are renting costs $1,930 a month. This fee includes the use of facilities such as the pool and gym, utilities such as hydro fees gas fees and telephone fees [long distance changers are extra], furniture, and maintenance fee. Annually, this is cost them a total of $23,160.
4. It’s time to eat, dress up and have fun! The newlyweds are young and hip. They like to always look their best while being aware of their budget. Worrying that they will age, they tend to purchase healthy and organic foods. They spend approximately $400 a month. Annually, they spend about $4,800 in groceries. Between the two of them, they have a budget of $200 a month for clothing. That is a yearly cost of $2,400.
5. Cruising in tdot! The love birds needed a vehicle that would benefit then in the present and the future. They purchased a used 2002 Acura MDX with 132,000 km. The cost of this SUV was $12,000 and they decided to make a full payment upfront to avoid debt. They refuse to touch their savings account because they’re saving for future investment emergences. They fill up their tank at approximately $60 every five days, which calculates to approximately a total of $4,320 a year. For both Jennifer and Anthony, Wawanesa Car Insurance charges them $150 a month. Yearly, it costs them $1,800. They have a misc. transportation fee of $40 a month for random TTC tokens and bus tickets. This costs them a total of $480 a year.
6. “hollla at me” Both Anthony and Jen have blackberry bolds. They are under a family plan that includes free incoming calls, unlimited text msgs, unlimited social networking, and voicemail. This is a monthly fee of $80, which results in an annual fee of $960. They are signed for a contract with Rogers television and they pay basic cable at $30 a month. In the end, it costs them $360 a year. The condo comes equipped with free wi-fi secured connection for all residents. Because they are still young, they enjoy date night on Friday nights. This includes dinner and a movie, $450 a month, $5,400 a year.
7. “If you can't feed a hundred people, then feed just one.” -Mother Teresa Although they do not have kids of their own, they enjoy giving generously to others. They have adopted an 8 year old girl named Shiela, from Africa. She suffers from HIV AIDS and starvation. They give $2 a day to the Adopt-A-Child foundation. This results in a yearly donation of $730. On top of that, they send Shiela basic necessities for her everyday life. This costs $30 a month, and $360. Due to the fact that they have date night every Friday night and have a budget for clothing, they feel a weekly allowance is not necessary. Jen and Anthony put aside $2,400 a year in case of last minute gifts and/or accidents that may occur. They enjoy multiple coffees throughout the day, therefore they spend about $630 a year on coffee lol !
8. Totals Jennifer and Anthony have done the best they can to accommodate their lifestyles with their budget. Living Expenses: $30,360 Transportation: $18,600 Entertainment: $6,720 Miscellaneous: $4,120 This brings them to a grand total of $59,800 worth of expenses. Subtracting that from their annual income of $85,000; they are left with $25,200. They invest $1,200 a month in the stock market. That brings them to a remainder of $24,000. With that $24,000, the submit $2,000 a month into their savings account.
