minneapolis, minnesota[1]

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Cost of Living Liz Chen Karen Kuo Minneapol is, Minnesota

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Page 1: Minneapolis, minnesota[1]

Cost of Living

Liz ChenKaren Kuo

Minneapolis,

Minnesota

Page 2: Minneapolis, minnesota[1]

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

Page 3: Minneapolis, minnesota[1]

HOUSING

3600 Chicago AveMinneapolis, 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

Page 4: Minneapolis, minnesota[1]

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

Page 5: Minneapolis, minnesota[1]

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

Page 6: Minneapolis, minnesota[1]

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

Page 7: Minneapolis, minnesota[1]

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

Page 8: Minneapolis, minnesota[1]

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

Page 9: Minneapolis, minnesota[1]

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

Page 10: Minneapolis, minnesota[1]

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

Page 11: Minneapolis, minnesota[1]

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

Page 12: Minneapolis, minnesota[1]

BIBLIOGRAPHY