Consider each of the following case studies. make a monthly budget. You will have to make reasonable assumptions for many expenses. include a description of any assumptions made.

Case study1 1

Pratima and her husband Chad own a house in Belleville, Ontario. They have bi-weekly mortgage payments of $775.00. They also pay property taxes of $3600 per year, and house insurance of $450 per year.

Pratima works as a Certified General Accountant, while Chad is an estimator for a construction contracting company. Their combined monthly net income is $6362. They have a three-year old son, and a four-year old daughter. Both children are in full-time daycare and are enrolled in a variety of activities including swimming, soccer, and dance. Pratima and Chad would like to start an education savings plan for both children.

Pratima's car is paid for, however Chad has monthly payments of $575.00 on a minivan. Pratima has a short commute to work, but Chad uses a lot of gas driving to building sites for his job.