PART 2

It is now one year after your counselling session with Beth and Randall; they have taken some of your financial advice and would like to meet with you again for further guidance based on some new developments. Randall still works for the consulting firm and was recently promoted; is new salary is $25,000 per month with an additional $5,000 monthly vehicle allowance. Beth is now a teacher at a private primary school earning a salary of $6,000 per month. The couple believe they are now ready to buy their own home and provided you with the following updated information:

They hired a retired lady from their neighbourhood to provide at-home childcare during the day at a cost of $800 per week.

Beth is now 4 months pregnant; she plans to continue working after the baby is born and child-care will increase to $1,200 per week.

They have used their savings to pay off and cancel the $10,000 credit card.

Randall is now enrolled in the companys pension plan; he contributes 5% of his basic salary.

Based on the additional information:

5. Prepare a projected future budget if a home is purchased based on your advice, include the first-time homeowners tax allowance in your calculations.