Minneapolis, minnesota[1]

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Cost of Living Liz Chen Karen Kuo Minneapoli s, Minnesota

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Transcript of Minneapolis, minnesota[1]

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

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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

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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

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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

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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

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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

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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

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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

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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

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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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BIBLIOGRAPHY 2010 Freewheel, Inc. Advertisement. Freewheel Bike Shop - Minneapolis - Twin

Cities - St. Paul - Trek - Gary Fisher - Nokian - Schwalbe - Studded Tires. Web.07 June 2011. <http://freewheelbike.com/>.

2011 Meet Minneapolis. "150 Things to Do in Minneapolis." Minneapolis Convention & Visitors Association. MOA, Delta, American Express. Web. 07 June 2011. <http://www.minneapolis.org/page/150-things-to-do.jsp>.

"Average Cost of Food & Drink for Single Women in MINNEAPOLIS,MN | Bundle." How America Spends and Saves Money | Bundle. 2011 Bundle Corporation. Web. 07 June 2011. <http://money.bundle.com/data/spending/food- drink/minneapolis-mn/single-

women#/spending/bubbles/MINNEAPOLIS,MN/400005/0/5/0/100>. "Bicycling in Minneapolis." City of Minneapolis, Minnesota - Official Web Site.

City of Minneapolis, 2010. Web. 07 June 2011. <http://www.ci.minneapolis.mn.us/bicycles/>.

Bikram Yoga Keeps You Stay Healthy, Fight against Stress, Diabetes, Obesity, Insomnia, Arthritis. 2010 Bikramyoga.com. Web. 07 June 2011.

<http://bikramyoga.com>.

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BIBLIOGRAPHY (CONT.)

Calhoun Square | Home : An Urban Mall in the Heart of Uptown. Jones Lang LaSalle. Web. 07 June 2011. <http://calhounsquare.com>.

"City of Minneapolis-St. Paul Cost of Living Calculator. Minnesota--Minneapolis-St. Paul Relocation C." Salary.com. Web. 07 June 2011. <http://swz.salary.com/costoflivingwizard/layouthtmls/coll_metrodetail_110.html>.

FICA Tax. Careers, Finance and Investing : Money-zine.com. Rep. Money-zine.com, 2011. Web. 07 June 2011. <http://www.money-zine.com/Financial-Planning/Tax-Shelter/FICA-Tax/>.

Health Insurance - Find Affordable Health Insurance Plans and Buy Medical Coverage Online. 2011 EHealthInsurance Services, Inc. Web. 07 June 2011. <http://www.ehealthinsurance.com/ehi/Alliance?allid=All22890>.

How America Spends and Saves Money | Bundle. Rep. 2011 Bundle Corporation. Web. 07 June 2011. <http://money.bundle.com/data/spending/phone/minneapolis-mn/single-women#/spending/statsdetail/MINNEAPOLIS,MN/400005/0/5/0/102/5>.

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BIBLIOGRAPHY (CONT.) James, Clara. "What Does It Cost to Heat a Home in Minneapolis-St.

Paul? What Does It Cost To Heat An Apartment in Minneapolis-St. Paul?" Minneapolis / St. Paul - Guide to Minneapolis and St. Paul, Minnesota. About.com. Web. 07 June 2011. <http://minneapolis.about.com/od/househome/a/heatingcosts.htm>.

LA Fitness: Where Fitness Is a Way of Life. 2011 L.A. Fitness International, LLC. Web. 07 June 2011. <http://lafitness.com>.

Macy's| Department Store, Dept Store , Department Stores, Clothing, Apparel, Accessories. Macys.com, Inc. Web. 07 June 2011.

<http://www1.macys.com/index.ognc>. Metro Transit. Advertisement. Metropolitan Council. Web. 07 June

2011. <http://www.metrotransit.org/>. Minneapolis Concerts | 2011 Concert Calendar/Schedule & Tickets.

2011 MinneapolisConcerts.net. Web. 07 June 2011. <http://www.minneapolisconcerts.net/>.

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BIBLIOGRAPHY (CONT.) "Minneapolis Gas Prices - Find the Lowest Gas Prices in Minneapolis,

Minnesota." Twin Cities Gas Prices - Find Cheap Gas Prices in Minnesota. Gasbuddy.com, 07 June 2011. Web. 07 June 2011. <http://www.twincitiesgasprices.com/Minneapolis/index.aspx>.

"Minneapolis Zip Codes, Area Code, County and More." Minneapolis Yellow Pages and Minneapolis MN Guide. 2011 MDNH, Inc. Web. 07 June

2011. <http://minneapolis.areaconnect.com/zip2.htm?city=Minneapolis>.

"Places near 3600 Chicago Ave, MN55407." Map. Google Maps. Google. Web. 07 June 2011. <http://maps.google.com/maps?hl=en>.

RichWeb Media LLC 2011. Advertisement. High Speed Internet, DSL Providers, Wireless Internet by Zip Code. RichWeb Media LLC 2011. Web. 07 June 2011. <http://www.broadbandexpert.com/internet-and- tv-bundles/>.

River Valley Horse Ranch. 2011 River Valley Ranch, Inc. Web. 7 June 2011. <http://www.rivervalleyhorseranch.com/>.

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BIBLIOGRAPHY (CONT.) T-Mobile USA. Advertisement. Cell Phones| 4G Cell Phone Plans |Android

Tablet PCs| T-Mobile. Web. 07 June 2011. <http://www.t- mobile.com/>. United States of America. Minnesota Department of Revenue. Minnesota

Department of Revenue. Minnesota State Government, Dec. 2010. Web. 07 June 2011. <http://taxes.state.mn.us/Pages/index.aspx>.

United States of America. United States Department of Labor. CONSUMER PRICE INDEX, MINNEAPOLIS-ST. PAUL, MINN.-WIS., MSA - 2010 ANNUAL AVERAGES. By U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics. Web. 07 June 2011. <http://www.bls.gov/ro5/cpimpls.htm>.

United States of America. United States Department of the Treasury. Internal Revenue Service. US Government, 13 Dec. 2010. Web. 07 June 2011.

<http://www.irs.gov/>. Zillow Inc. Advertisement. Zillow - Real Estate, Homes for Sale, Home Prices

& Values. Yahoo!-Zillow Real Estate Network, 1 May 2009. Web. 07 June 2011. <http://www.zillow.com/homes/>.