Cost of Living in Trenton, NJKelly Lee, Adrian Kwak

Incomes

oAdrian Kwak• Occupation: Fashion

Designer• Initial Income:

$55,000• FICA: $4,207.50• Post-Tax: $38,050• Total: $33,842.50

oKelly Lee• Occupation: Animator• Initial Income:

$45,000• FICA: $3,442.50• Post-Tax: $30,550• Total: $27,107.50

Savings

oAdrian Kwak• $2,805 total• Savings account

(Chase): $1,905• .10% (APY)• Checking account:

$900

oKelly Lee• $2,055 total• Savings Acount (BOA):

$1,030• .05% (APY)• Checking account:

$1,025

Remaining Income

oAdrian Kwak• $33,842.50 -

$2,805(savings) = $31,037.50

oKelly Lee• $27,107.50 -

$2,055(savings) = $25,052.50

Housing

• 210A Wert Avenue, Hamilton, NJ 08610

• 1 mile from Trenton• Lease Term: 1 year• Rent (1 year) : $12,420• Deposit: $1,035• Renter's Insurance Cost:

$179 annually• Size: 825 square feet• 2 bedrooms, 1 bathroom

Remaining Income

oAdrian Kwak• $31,037.50 -

$517.50(housing deposit) - $6,210(rent) - $89.50(renters insurance) = $24,220.50

oKelly Lee• $25,052.50 -

$517.50(housing deposit) - $6,210(rent) - $89.50(renters insurance) = $20,290.50

Utilitieso Included in rent:

• Heat, hot water, cooking gas• Air conditioning• Cable/Satellite Ready• High Speed Internet Available• Dishwasher• Microwave• Refrigerator• Washer and Dryer in Unit• Community Laundry Room

o Not Included:• Electricity (Spark Energy) : $1,661.64/yr

Remaining Income

oAdrian Kwak• $24,220.50 -

$830.82(electricity) = $23,389.68

oKelly Lee• $20,290.50 -

$830.82(electricity) = $19,459.68

Food/FurnitureoAdrian Kwak• Food: $6,900• Household Furniture:

$610 (split cost)• TV: $135• Household Supplies:

$150 (split cost)

oKelly Lee• Food: $6,900• Household Furniture:

$720 (split cost)• Household Supplies:

$150 (split cost)

Remaining Income

oAdrian Kwak• $23,389.68 -

$6,900(food) -&610(furniture) -$135(TV) -$150(supplies) = $15,594.68

oKelly Lee• $19,459.68 -

$6,900(food) - $720(furniture) - $150(supplies) = $11,689.68

Health Care

oAdrian Kwak• $2,132.52 annually• $177.71/month/per person• Basic and Essential EPO Plan• No deductible health plan• 30% Coinsurance• Individual Coverage

o Kelly Lee• $2,132.52 annually• $177.71/month/per person• Basic and Essential EPO Plan• No deductible health plan• 30% Coinsurance• Individual Coverage

Remaining Income

oAdrian Kwak• $15,594.68 -

$2,132.52 = $13,462.16

oKelly Lee• $11,689.68 -

$2,132.52 = $9,557.16

Transportation

oAdrian Kwak• New Jersey Transit

(bus) : $150• Bike

oKelly Lee• New Jersey Transit

(bus) : $150• Bike

Remaining Income

oAdrian Kwak• $13,462.16 -

$150(bus) = $13,312.16

oKelly Lee• $9,557.16 - $150(bus)

= $9,407.16

Extracurricular Activities

• Adrian Kwak• Cat: $1125• Clothes: $1000• Movies: $100• Sports: $100• Travel/Vacation:

$2500• Kelly Lee

• Clothes: $800• Movies: $100• Books: $360• Travel/Vacation:

$3000

Remaining Income

oAdrian Kwak• $13,312.16 -

$1,000(clothes) - $100(movies) - $100(sports) - $2,500(travel) - $1,125(cat) = $8,487.16

oKelly Lee• $9,407.16 -

$800(clothes) - $100(movies) - $360(books) -$3,000(travel) = $5,147.16

Analysiso Adrian Kwak• I have learned how to file the 1040EZ form, come up with an budget,

and calculate my savings. I also realized the challenge of living alone with my own salary; there are many things to consider such as the cost of food, rent, healtcare, and etc. Through this project I was able to be able to understand and prepare myself for the real world.

o Kelly Lee• I learned about what taxes I have to pay and how to calculate taxes

and deduct them from my income. I also realized that when I live on my own I would have to quickly give up some extracurricular activities and other luxuries to foot housing bills and such. It was also interesting to learn about costs of food and furniture because I would always take both for granted and I never really thought about how much they cost my parents to purchase.

Bibliography• "Annual Percentage Yield (APY)." Bank of America | Home | Personal. Bank of America. Web. 07 June 2011.

http://www.bankofamerica.com/privacy/apy_pop.cfm?statecheck=NJ .

"Average Cost of Living in TRENTON,NJ | Bundle." How America Spends and Saves Money | Bundle. Bundle. Web. 07 June 2011. http://money.bundle.com/data/spending/groceries/trenton-nj// .

Chase.com. Chase. Web. <https://chaseonline.chase.com/resources/RateSheetForCons80211152010.pdf >.Health Insurance - Find Affordable Health Insurance Plans and Buy Medical Coverage Online. EHealth Insurance. Web. 07 June 2011. https://www.ehealthinsurance.com/.

"New Jersey Renters Insurance - Cheap Renters Insurance Quotes in NJ." Renters Insurance - Compare Cheap Renters Insurance Quotes. Renters Insurance. Web. 07 June 2011. http://www.rentersinsurance.net/new-jersey.html .

New Jersey Transit - Home. NJ Transit. Web. 07 June 2011. http://www.njtransit.com/hp/hp_servlet.srv?hdnPageAction=HomePageTo .

Spark Energy. Web. https://www.sparkenergy.com/Products-And-Services/ShowProductListing?ServiceType=0&CommodityType=0&Zone=ENJPSEG.

"Wingate Apartments in Hamilton, NJ." Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder. Rent.com. Web. 07 June 2011. http://www.rent.com/rentals/new-jersey/trenton-and-vicinity/hamilton/wingate-apartments/451048/2/?sp=1 .