MAP4C - Personal Finance Unit – Budget 1
Instructions:
You must create an original budget and then modify your budget. You must save or print
excel or word files showing your calculations. All budgets must include:
 Food
 Savings
 Insurance (renters, home, car, life)
 Emergency Fund
You must research housing/accommodation that matches your needs and include a link to
a website where you found the information.
The situation below involves you and your spouse renting an accommodation. After
creating your budget for the criteria below, create a parallel budget that is the same in
every way as the criteria below, except that you need to buy a house, and get a mortgage.
Annual
Income
after
taxes
$39050
Expenses
Changes






 Get married – wedding costs $19000
 Buy house – detached in Markham
 Spouse works part time making $34000/year
Rent
Car
Hydro
Cable
Phone
Other necessities
Other information
 Housing costs should not exceed 35% of your income
 Transportation should not exceed 15% of your income
You need a table that look like this….
Expenses listed in
Monthly Cost
this column
Percentage of
Monthly income
Justification
*might be
calculations,
websites, personal
thoughts,
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