Monday, April 04, 2011

New budget revisited

Jolie pointed out in my previous post that the income amount I calculated did not deduct taxes. I kind of did that purposefully, thinking that low-income people normally receive most of their taxes in refunds the following year. I also left out GST/HST refunds with the intention of saving or putting towards student loan repayments.

So, with taxes deducted the new spending total would be:
$1435.00 - 215.25 (15% Federal tax) - 72.47 (5.05% Provincial tax)
= 1147.28
+  355.96 (Child Tax Credit)
+  300.00 (Child Support)
= 1803.24

Guessing that rent + utilities will be around $1000, I can see how this adjustment will be problematic. The student loan folks will probably want $400, so this will leave me with just over $400 for food, household, and car expenses. As long as I do not plan to spend ANY money on fun for the next little while this can be managed. In the background I will have my extra income (about $400), plus other government deposits to put towards emergency funds and extra loan repayments.

Lucky for me that I have the extra income, knowing so many others do not.

Seriously, Karissa

2 comments:

  1. That's a super tight budget! But it's where we're going to be soon too... hope you're able to get by! The little gvmt. "bonuses" do help!

    ReplyDelete
  2. Even on a tight budget, it's still advisable to save up or allocate a chunk of it for getting loans, even bad credit car loans.

    ReplyDelete

Thanks for commenting! I will have it published as soon as I can ~ Karissa