Just Graduate 's Financial Planner

931 Words Nov 10th, 2015 4 Pages
Just Graduate’s financial planner, Just Graduated has a job and makes $32, 000 after tax per year and he has a $25, 000 school loan. Student debt is to be paid off and monthly combined expenses of $2, 000 every month, with rent. Just Graduated has no credit card and is look for help to help him manage his financial expenses.
Income Management
Just Graduated makes $2,666.66 every month because he makes $32, 000 a year and there is 12 months in a year. From the $2,666. 66 the Just Graduated must pay $2000 for his rent and other things he needs to buy like food and cloths. Just Graduated will be left with $666.66 and he needs to pay for his student loan, which is $25, 000. Just Graduated is suggested to take $333.33 from his monthly income ($666.66) and pay for his student depth, which will take about 6 and a half years to pay off the student loan (75 months). With the rest of the money ($333.33) he should put $166.66 into a tax free savings account (TFSA) to his home bank or any bank he wishes to put his money into. Just Graduated should put his money into his TFSA because a TFSA is an account that gives tax benefits for saving; Any money that is put into a TFSA will not be taxed no matter what and the Just Graduated will receive a small amount of money for having money in that account. Just Graduated should keep the rest of the $166.66 to do anything he likes (movies, trips and going to parties.). It is recommended he pay off his depth fast as possible because…
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