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, Thank you for using Meant4Teachers.com.