This is face-cannon worthy.
CASE STUDY NUMBERS FOR US READERS | ANNUAL TT$ | ANNUAL US$ | MONTHLY TT$ | MONTHLY US$ |
Post-tax income | $65,000 | $9,587 | $5,417 | $799 |
House fund - savings towards a mortgage down payment | $6,000 | $885 | $500 | $74 |
Annuity - towards a Government approved annuity that's tax deductible | $2,400 | $354 | $200 | $30 |
SAVINGS TOTAL | $8,400 | $1,239 | $700 | $103 |
Life insurance | $4,020 | $593 | $335 | $49 |
Health insurance | $6,612 | $975 | $551 | $81 |
INSURANCE TOTAL | $10,632 | $1,568 | $886 | $131 |
Loan - TT$40,000 @1.5% (US$5,900) | $23,964 | $3,535 | $1,997 | $295 |
Credit card - Minimum Payment on TT$3,000 (US$442) Medical expense until Insurance reimbursement | $2,400 | $354 | $200 | $30 |
DEBT PAYMENT TOTAL | $26,364 | $3,889 | $2,197 | $324 |
Tertiary – Gov't subsidized tuition | $4,000 | $590 | $333 | $49 |
Preschool – Private institution capable of tending to daughter's medical needs | $20,700 | $3,053 | $1,725 | $254 |
EDUCATION TOTAL | $24,700 | $3,643 | $2,058 | $304 |
GROCERIES TOTAL | $24,000 | $3,540 | $2,000 | $295 |
PUBLIC TRANSPORT TOTAL | $15,840 | $2,336 | $1,320 | $195 |
Baby supplies | $2,040 | $301 | $170 | $25 |
Utilities | $9,204 | $1,358 | $767 | $113 |
Building fee | $1,200 | $177 | $100 | $15 |
Cell phone | $5,280 | $779 | $440 | $65 |
Landline phone + internet | $4,200 | $619 | $350 | $52 |
Netflix | $720 | $106 | $60 | $9 |
OTHER TOTAL | $22,644 | $3,340 | $1,887 | $278 |
ONGOING CASH OUTLAY TOTAL | $132,580 | $20,794 | $11,748 | $1,733 |
ONE-OFF CASH OUTLAYS EXPECTED FOR 2017: | ||||
Health care - Medical procedure for daughter. To be reimbursed by Insurance at a later date | $9,000 | $1,327 | $750 | $111 |
Home repairs | $11,200 | $1,652 | $933 | $138 |
TOTAL CASH OUTLAY EXPECTED 2017 | $152,780 | $23,773 | $13,432 | $1,981 |
HYPOTHETICAL NUMBERS | ANNUAL TT$ | ANNUAL US$ | MONTHLY TT$ | MONTHLY US$ |
Post-tax income | $65,000 | $9,587 | $5,417 | $799 |
Life insurance | $4,020 | $593 | $335 | $49 |
Health insurance | $6,612 | $975 | $551 | $81 |
INSURANCE TOTAL | $10,632 | $1,568 | $886 | $131 |
GROCERIES TOTAL | $24,000 | $3,540 | $2,000 | $295 |
PUBLIC TRANSPORT TOTAL | $15,840 | $2,336 | $1,320 | $195 |
Baby supplies | $2,040 | $301 | $170 | $25 |
Utilities | $9,204 | $1,358 | $767 | $113 |
Building fee | $1,200 | $177 | $100 | $15 |
Landline phone + internet | $4,200 | $619 | $350 | $52 |
OTHER TOTAL | $16,644 | $2,455 | $1,387 | $205 |
ONGOING CASH OUTLAY TOTAL | $67,116 | $9,899 | $5,593 | $825 |
Life insurance--cancel or switch to a cheaper policy if possible. Is this term or whole?
Home repairs--can she DIY some of these to reduce the cost, or barter with someone? Ho essential are these repairs, can they be deferred or scaled back?
Education--Is there any possibility of scholarships or financial aid for her daughter?
--Unless her tertiary education is *soon* going to result in a higher-paying job, she should take a leave of absence until she can afford tuition.
- What is the expected timeline on insurance reimbursement?
- Is there only one sick child, or does your friend have multiple children? I ask because there are two lines for tuition.
- In the US there are multiple options for cell phone providers. Can your friend switch providers so that she only pays for the minutes she uses? What about getting rid of her cell phone entirely and relying on the home phone she is covering?
What is healthcare like in Trinidad? Is it socialized? Could possibly cut health insurance if there's a public option.
Life insurance is whole.If she can switch to term, she'll reduce her premiums (and there are tons of threads on why whole life is a bad idea).
Home repairs aren't essential, but are being demanded by her mother with whom she lives. It's a culture thing here that children are obligated to fulfill their parents' wishes.I respect this--and after all her mother is giving her free rent. Still, could her mother reduce her wishes for a while--say, until the daughter has the certification and better job in 2018?
Is there any way to sell/profit from her skills online? She's pursuing an IT qualification, so she has some knowledge of web development, coding, etc.