Sumanta works as an insurance advisor at a financial planning firm, where he has an after-tax annual income of $52,000. Sumanta recently purchased a condo, and his mortgage is $225,000. His monthly mortgage payment is $1,200, and the monthly condo fee is $245. Every month, he spends about $140 on his cable and internet package, $110 on electricity, and $75 on his cell phone. Sumanta spends roughly $125 per week on groceries and another $80 per week at restaurants. His gym membership costs $45 per month, and his music classes cost $50 per month. Sumanta also recently purchased a new car, and he has a car loan. His car payment is $310 per month, and he spends an additional $150 per month on gas and $185 per month on auto insurance.

1. Construct a cash flow statement for Sumanta. (2.5 Marks)
2. Does Sumanta have positive/negative cash flow? What do you recommend doing with his positive/negative cash flow? (1 Mark)
3. If Sumanta saves $500 in a Tax-Free Savings Account (TFSA), what is his personal savings rate (PSR)? (1 Mark)