You have a net income of $40000/year. Your expenses include the following: • Rent: $800/month • Insurance: $225/semi-annually • Car Payment: $315/month • Car Expenses: $1000/year • RRSP: $50/month • Entertainment: $50/week • Cell Phone: $75/month • Food: $500/month a) Create a budget. (5 marks) b) Modify the budget to include a savings plan of $100/week. (2 marks) c) You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan. (2 marks)

/in /by

You have a net income of $40000/year. Your expenses include the following:
• Rent: $800/month
• Insurance: $225/semi-annually
• Car Payment: $315/month
• Car Expenses: $1000/year
• RRSP: $50/month
• Entertainment: $50/week
• Cell Phone: $75/month
• Food: $500/month

a) Create a budget. (5 marks)
b) Modify the budget to include a savings plan of $100/week. (2 marks)
c) You paid off your car and have decided to buy a house. Your mortgage payment is now
$1050/month. Modify the budget to reflect this new financial plan. (2 marks)

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