How to Save Money in the Monthly Budget
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The paper creates two monthly budgets, in tabular format, to illustrate typical costs a Toronto resident will likely incur each month. The paper presents a table for a single, working adult with a gross income of $50,000, and a table for a single, retired adult, living in her own modest home on which the mortgage has been fully paid. The paper goes on to show how the monthly budgets of both individuals can be modified so the individuals can realize monthly savings; the fixed expenses cannot be changed but discretionary spending can be reduced with some planning and a few simple changes. The paper highlights how these individuals can find ways to reduce their monthly expenditures without a significant negative impact on their lifestyles.
From the Paper:"Table 1 is for a single, working adult with a gross income of $50,000. After taxes, the take home pay is approximately $33,000. Table 2 is for a single, retired adult, living in her own modest home on which the mortgage has been fully paid. Assuming the value of the home is approximately $270,000, the yearly taxes would be approximately $1800, calculated monthly at $150.
"Any individual who has calculated a monthly budget knows that, on paper, a budget may seem adequate. In actuality, unless one is extremely diligent about tracking every expense, there are monthly incidentals that can add up, leaving one short at the end of a month. When a budget is figured closely, extra expenses such as birthday and Christmas gifts, repairs, or even small emergencies can create havoc with the monthly budget. As can be shown, the monthly budgets of both individuals can be modified so the individuals can realize monthly savings. It is suggested that the savings be placed in interest-bearing accounts where they can be accessed readily if needed."
Sample of Sources Used:
- Cohen, Campbell. 2011. "Cost of Living in Toronto." Canadavisa.com. Nov. 30, 2010.<http://www.canadavisa.com/canada-immigration-discussion-board/cost-of-living-in- toronto-t58715.0.html>.
- New World Realty Group. 2011. "Calculating Property Taxes in Toronto." (n.d.) <http://www.neworldrealtygroup.com/qna/How_much_are_the_property_taxes_in_Toron to _on_a_condo_for_450000-qna81804.html>.
- Super Cheap Electricity Blog. 2011. "How Much Can I Save if I Unplug Something?" <http://www.supercheapelectricity.com/blog/how-much-can-i-save-if-i-unplug- something/>.
- GasBuddy.com. 2011. "Toronto Gas Prices." <http://www.torontogasprices.com/>.
Cite this Term Paper:
How to Save Money in the Monthly Budget (2013, May 21) Retrieved February 25, 2021, from https://www.academon.com/term-paper/how-to-save-money-in-the-monthly-budget-153316/
"How to Save Money in the Monthly Budget" 21 May 2013. Web. 25 February. 2021. <https://www.academon.com/term-paper/how-to-save-money-in-the-monthly-budget-153316/>