Gssc 1027 - Financial Plan

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Phone, Internet, and Television

When they use the bundle option by plan of Bell, two mobile phones are $115 per month and TV and Internet is provided at the contract with Bell at $99. 00 for two years (“Bell Fibe TV service and programming | Bell Canada,” n.d.).

Children

In five years after their graduation, they will have children and one of them should take care of children or children will have to send to daycare. The cost of using daycare is $ 2,500 per month for two children in Toronto (“Toronto Daycares. Child Day Care Centres in Toronto, ON with Reviews and Ratings,” n.d.).

Supposing taxes, CPP, EI and others deduct their salary, the net annual salary for

Assuming 25 percent of their salary goes to pay taxes, CPP, EI, and the net annual salary for $ 75,000 is $56,250 or $4,687 per month. The difference of about $1100 is created between the net wages and daycare costs. According to Cornell (2011), the costs of raising children will be $13000 per year plus the cost of daycare. Food, clothing, activities, and health care services are included in the cost.

Summary

Taxes, condo fees and mortgage payments reach $ 2800 per month or 33,600 per year. This is 30. 2 % of the gross wage for both of them. The budget for an RESP, a TFSA and an RRSP is not allocated.

How much money they can save will rely on the costs of daycare, housing and other costs that they would decide. As this financial plan is for setting aside basic requirements, more plans ahead are required. Due to two children, it is difficult for them to increase savings, however, they could change this plan if needed.

Bibilography

Bell Fibe TV service and programming | Bell Canada. (n.d.). Retrieved February 10, 2017,

from http://www.bell.ca/Fibe-TV#INT=FTV_hmpg_TXT

Cell phone rate plans, mobile plans, iPhone plans | Bell Canada. (n.d.). Retrieved

February 11, 2017, from http://www.bell.ca/Mobility/Cell_phone_plans

Cornell, C. (2011, August 10). The real cost of raising kids - MoneySense. Retrieved

February 16, 2017, from http://www.moneysense.ca/magazine-archive/the-realcost-

of-raising-kids/

Mortgage Payment Calculator. (n.d.). Retrieved February 1, 2017, from

https://www.tangerine.ca/en/calculators/calculators.html#mpc

The CIBC Loan Calculator: Use Our Loan Payment and Line of Credit Calculator. (n.d.). Retrieved February 16, 2017, from

https://www.cibc.com/ca/loans/calculators/line-of-credit-calculator.html

Pay Scale. Registered Nurse (RN) in Toronto, Ontario Salary (Canada). Retrieved February 20, 2017 from http://www.payscale.com/research/CA/Job=Registered_Nurse_(RN)/Hourly_Rate/6d1adc3a/Toronto-ON

Toronto Daycares. Child Day Care Centres in Toronto, ON with Reviews and Ratings. (n.d.). Retrieved February 10, 2017, from

http://www.godaycare.com/ontario/toronto/1

Toronto Hyundai. Toronto Hyundai.com (n.d.) Retrieved February 21, 2017 from http://www.torontohyundai.com/