Cost of Living Liz Chen Karen Kuo Minneapoli s, Minnesota
Aug 31, 2014
Cost of Living
Liz ChenKaren Kuo
Minneapolis,
Minnesota
TOTAL INCOME (PRE AND POST TAX)
LIZ CHEN KAREN KUO
Occupation: Psychologist
Initial Income: $45,000 Deductions:
• Federal Income Tax: $5,100
• FICA: $3,442.50• State income tax:
$2,513.33 Disposable Income:
$33,944.17
Occupation: Math Teacher
Initial Income: $40,000 Deductions
• Federal Income Tax: $4,183
• FICA: $3,060• State income tax:
$2,160.83 Disposable Income:
$30,596.18
HOUSING 3600 Chicago Ave
Minneapolis, MN 55407 Lease Term: 1 year Deposit: $950 Application fee: $35 per adult Monthly Rent: $950 Renter’s Insurance: $30.50 per
month; $366 per year Size: 1,100 sqft 2 story un-attached single-family home
2 bedrooms 1 full bathroom 1 detached garage 1 living room
HOUSING COSTS
LIZ CHEN KAREN KUO
$33,944.17 Deductions
$475 Deposit $35 Application Fee $5,700 Annual Rent $366 Renter’s Insurance
Remainder: $26,983.17
$30,596.18 Deductions
$475 Deposit $35 Application Fee $5,700 Annual Rent $366 Renter’s Insurance
Remainder: $23,635.18
HEALTHCARE
LIZ CHEN KAREN KUO Provider: Blue Cross Blue
Shield of Minnesota $134.50 per month per person PPO Deductible: $3,000 80% Coinsurance for in-
network services Total: $1,614 per year Remaining Income
($26,983.17 - $1,614): $25,369.17
Provider: Medica $94.24 per month per person PPO Deductible: $3,000 Coinsurance Total: $1,130.88 per year Remaining Income($23,635.18
- $1,130.88): $22,504.30
TRANSPORTATION COSTS
LIZ CHEN KAREN KUO Public Transportation:
MetroTransit, $76 per month
Bike: $429.99 (includes maintenance fee of $70)
Total (annual): $1,341.99 Remaining income
($25,369.17-$1,341.99): $24,027.18
Public Transportation: MetroTransit, $76 per month
Bringing bike from home; walking
Total (annual): $912 Remaining income
($22,504.30-$912): $21,592.30
COST OF UTILITIES (CALCULATED ANNUALLY)
LIZ CHEN KAREN KUO Phone: $599.88
T-Mobile 1000-minute calling only plan
Gas (Heating): $840 Electric: $2,094 Water: $559.20 Cable/Internet: $420
Comcast Total: $4,513.08 Remaining Income
($24,027.18-$4,513.08): $19,514.10
Phone: $479.88 AT&T 1000-minute calling only
plan Gas (Heating): $840 Electric: $2,094 Water: $559.20 Cable/Internet: $420
Comcast Total: $4,393.08 Remaining Income
($21,592.30-$4,393.08): $17,199.22
COST OF FOOD, FURNITURE, & HOUSEHOLD SUPPLIES
LIZ CHEN KAREN KUO Groceries: $175 per month Eating Out: $100 per month Snacks: $40 per month Food Total (annual): $3,780 Furniture: $2,500 Household Supplies: $500 (split
cost) Overall Cost: $6,780 Remaining Income ($19,514.10-
$6,780): $12,734.10
Groceries: $250 per month Eating Out: $40 per month Snacks: $0 per month Food Total (annual): $3,480 Furniture: $800 Household Supplies: $500 (split
cost) Overall Cost: $4,780 Remaining Income ($17,199.22-
$4,780): $12,419.22
SAVINGS *Doesn’t include Extracurricular activities b/c activities aren’t really needed to live (by Asian Standards, anyway – not that this is a good or a bad thing).
LIZ CHEN KAREN KUO Annual Living Costs*
($33,944.17 -$12,734.10) : $21,210.07
Annual Income to Save: $12,734.10
Saving 20% of Annual Income (from above): $2,546.82
Bank of America (0.05% APY) Checking Account: $546.82 Savings Account: $2,000
Remaining Income: $10,187.28
Annual Living Costs* ($30,596.18 -$12,419.22): $18,176.96
Annual Income to Save: $12,419.22
Saving 30% of Annual Income (from above): $3,725.77 Bank of America (0.05%
APY) Checking Account: $725.77 Savings Account: $3,000
Remaining Income: $8,693.45
EXTRACURRICULAR ACTIVITIES (CALCULATED ANNUALLY)
LIZ CHEN KAREN KUO Overnight Kayak Trips with Wilderness
Inquiry: $1,500 Horseback Riding at River Valley
Horse Ranch: $800 Ice Skating at The Depot :$540 Guthrie Theater Tour and
Performances: $100 Visit Lake Harriet, Lake of the Isles,
Lake Calhoun, and the Stone Arch Bridge: $0
Flute, Accessories, and Sheet Music: $1,100
Total: $4,040 Total Amount Remaining ($10,187.28-
$4,040): $6,147.28
Yoga Membership: $540 Leisure Shopping (Calhoun
Square): $3,600 Visit Lake Harriet, Lake of
the Isles, Lake Calhoun, and the Stone Arch Bridge = $120
Total: $4,260 Total Amount Remaining
($8,693.45 - $4,260): $4,433.45
SUMMARY (OF THE FIRST YEAR)
LIZ CHEN KAREN KUO Disposable Income:
$33,944.17 Costs (Annual):
Housing: $6,961.00 Healthcare: $1,614 Transportation: $1,341.99 Utilities: $4,513.08 Food/Furniture/Supplies: $6,780 Savings: $2,546.82 Extracurricular Activities: $4,040
Remaining Income: $6,147.28
Disposable Income: $30,596.18
Costs (Annual): Housing: $6,961.00 Healthcare: $1,130.88 Transportation: $912 Utilities: $4,393.08 Food/Furniture/Supplies: $4,780 Savings: $3,725.77 Extracurricular Activities: $4,260
Remaining Income: $4,433.45
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