college budget

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University of Manitoba
MKT 2210
Luming Wang

Monthly Budget Expenses covered by myself Cell Phone $45.95/mo. Clothes $100/mo. Hockey (fees) $42/mo. Room (rent and utilities) $532.50/mo. (Rent: $900/mo. +Utilities: $165/mo. /2 people) Transportation $194/mo. Food $355/mo. Entertainment $362/mo. Total $1631.45 One time Expenses covered by Parents, saving, scholarships, Grandparents and Myself Tuition $41,590/year ($10,000 by parent, $10,000 by grandparents, rest by me after I am done college) Entry Fees $228/year (first year only) Books $1,300/year Insurance (car and medical) $966/semester Total $44084 Income Part Time Job $1620/mo. during school (September-April) (before taxes) (month= 30 days) Parental Support $10000/yr. Grandparent Support $10000/yr. Scholarships $300 Savings $5000 Total $ Part B: After the first year of school I will be in a large deficit for money because with school I am being limited to working only twenty four hours a week (six hour shifts four times a week) at $15 (I work at Sobeys where there is a union so we make slightly more then minimum wage plus after a 1000 hours of work my play gets increased by 50 cents per hour) leaving me with a slight deficit at the end of every month However by the start of school next year I will be in only a slight deficit because I will be working full time in the summer at Sobeys, with forty hours a week at $16 an hour making approximately $3840 prior to taxes (8 hours a day working 30 days from May-August) By the end of my fourth year of school I will be in a slight deficit of approximately $59,245.60 however once I am done college I have a lot of time to work to pay off my fees as well as looking for a full time job as a lawyer. By the end of my 4-year bachelor degree my parents and grandparents will have spent $80,000 on my education ($20,000 a year over 4 years) Part C: Loan amount $59,245.60 Interest rate 2.5% Amortization 10 years Payment amount $558.51 A=A (0+r) n 20 A=$80,000(1+0.06) A=$256570.84 Tuition $41,590 Fees $228 Books $1,300 Total: $43,118 LIVING EXPENSES Room* $1,065/mo. $9,585 Board $355/mo. $3,200 Transportation $194/mo. $1,750 Personal $362/mo. $3,255 Total: $17,790 TOTAL BUDGET $60,908 Room = Rent: $900 x 9 months = $8,100 Utilities: $165 x 9 months = $1,485 Medical Insurance Fall Semester (8/7/2011 – 1/8/2012) $966 Medical Insurance Spring Semester (1/9/2012 – 8/6/2012) $1,142 Freshmen Orientation Fee $420 Per Year Identification Card Fee $30 Per Card Campus Health Fee (Infirmary) $426 Per Year Lab Fees
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