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COST OF LIVING…IN MINNEAPOLIS
Tao He
Sophia Ziogas
ABOUT THE CITY
Minneapolis, MN Population: 382,578 Average household
income: $44,478 Unemployment: 4.7%
FINANCIAL STARTING POINT: SOPHIA
Gross Income:$60,000 per year Federal income tax: $8,838 State Income Tax:$4,665 FICA:$4,590 Net Income: $41,907
FINANCIAL STARTING POINT: TAO
Gross income: $40,000 per year Federal income tax $4,475 State income tax: $2,800 FICA: $3,060 Net income $29,665
HEALTHCARE: SOPHIA
Blue Cross Blue Shield individual coverage
$67.50 per month $10,000 annual
deductable $810.00 per year
HEALTHCARE: TAO
Blue Cross Blue Shield of Minnesota 80% individual coverage $5500 deductible $85 per month $1020 per year
HOUSING
Ulyssess Manor 1835 Ulysses Street Northeast Minneapolis,
MN 55418 (2 beds, 1 bath, 755 square feet)
HOUSING EXPENSES
Rent $750 per month Deposit $750 Furniture: $1200 Refrigerator: $700 TV: $340 Total Expenses:
$2,990 Total rent: $375 per
person per month
UTILITY BILLS
Water and Electric bills: $72.86 per person per month
Waste fee:$23.00 per person per month
Cell phone: Go-phone $300.00 per person per year
Internet: DSL, $29.00 per month
Total Fees: $135.35 per person per month
TRANSPORTATION
Metro-pass for Trains and buses $76 per month
$912.00 per year per person
FOOD FOR SOPHIA
$120 per week for Groceries $70 to go out per week Total Food Expenses: $9,120 per year
FOOD FOR TAO
Groceries /eat at home: $3600 per year
Restaurant Dinning $1000 per year (Avoid mostly)
Food related supplies (paper towels, eating utensils): $200 per year
Total food Expenses: $4800 per year
EXTRACURRICULAR ACTIVITIES: SOPHIA
Netflix: $95.88 per year Clothing: $2000 Cycling: $200 Cross Country skiing:
$90 for skis, $60 for boots, $20 poles
EXTRACURRICULAR ACTIVITIES: TAO
Video Games: $400 per year
Clothing: $1000 per year
Movies: $200 per year General Shopping: $600
per year Special Occasions: $300
per year Costco Membership:
$100 per year
SOPHIA’S FINANCIAL OVERVIEW PER YEAR
Net Income: $41,907 Healthcare: -$810 Annual Rent: -$4500 Housing Fees: -$1495 Utility Fee: -$1624.3 Public Transportation:-$912 Food: -$9,120 Extracurricular: -$2460.88
Money Left: $20,985 = Total Savings
SOPHIA’S SAVINGS
$20,985 left Savings account: $10492.5 Bank of America interest: 1.9% Checking account:$10492.5
TAO’S FINANCIAL OVERVIEW PER YEAR
Net income: $29,665 Healthcare: -$1020 Annual Rent: -$4500 Housing Fees: -$1495 Utility Fee: -$1624.3 Public Transportation:-$912 Food: -$4800 Extracurricular:-$2600
Money left: $12713.7 = Total Savings
TAO’S SAVINGS
Money left: $12,713.7 Savings account: $6,356.85 Bank of America interest: 1.9% Checking account:$6,356.85
WORK CITED "Bank of America | Please Select Your State." Bank of America | Home | Personal. Web. 01
June 2011. <http://www.bankofamerica.com/state.cgi?section=generic>. "Blue Cross Blue Shield of Minnesota Questions." Blue Cross and Blue Shield of
Minnesota. Web. 01 June 2011. <https://www.bluecrossmn.com/distribution/planadvisor/questions.html>.
"City of Minneapolis: Recreation." City of Minneapolis, Minnesota - Official Web Site. Web. 01 June 2011. <http://www.ci.minneapolis.mn.us/visitors/recreation.asp>.
"FICA & SECA Tax Rates." The United States Social Security Administration. Web. 01 June 2011. <http://www.ssa.gov/oact/progdata/taxRates.html>.
"Minneapolis See Do: Things to Do in Minneapolis: Minneapolis Nightlife: Details, Information, Directions, Maps, Hours of Operation." Minneapolis Convention & Visitors Association. Web. 01 June 2011. <http://www.minneapolis.org/page/1/minneapolis-nightlife.jsp>.
Minnesota Department of Revenue. Web. 01 June 2011. <http://taxes.state.mn.us/Pages/index.aspx>.
"Passes & Go-To Cards - Metro Transit." Home - Metro Transit. Web. 01 June 2011. <http://www.metrotransit.org/passes-go-to-cards.aspx>.
"Prepaid Phone Deals and Packages - Shop - Wireless from AT&T." Cell Phones, Cell Phone Plans, & Wireless Accessories - from AT&T. Web. 01 June 2011. <http://www.wireless.att.com/cell-phone-service/packages/prepaid-packages.jsp?wtSlotClick=1-005NJJ-0-2>.
"Ulysses Manor in Minneapolis, MN." Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder. Web. 01 June 2011. <http://www.rent.com/rentals/minnesota/minneapolis-st-paul-and-vicinity/minneapolis/ulysses-manor/643142/?sp=1>.