minneapolis, minnesota[1]
TRANSCRIPT
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 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
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
BIBLIOGRAPHY