Sydney Doctor's Financial Plan: Income, Expenses, and Holiday Budget

This report provides a detailed financial analysis of a medical professional's income, expenses, and budgeting strategies. The report begins with a contextual statement outlining the individual's background, including their recent graduation, job location, and living preferences. It then delves into the specifics of their income, including gross and net income, tax deductions, and additional expenses. The analysis includes detailed breakdowns of various expenses such as rent, transportation, insurance, utilities, groceries, and personal care. A significant portion of the report is dedicated to planning for a holiday to Cardiff, Wales, including flight comparisons, accommodation choices, and a comprehensive budget for the trip, including expenses for attractions, shopping, and emergency funds. The report also includes appendices with detailed calculations of income, expenditure, and budgeting, offering insights into the individual's financial planning and decision-making process, as well as a reflective statement on what was learned. The report highlights the individual's financial planning for accommodation, transportation, and travel, as well as their monthly and annual expenses. It also provides a detailed budget for a planned holiday, including flight and accommodation costs, as well as spending money for attractions and other expenses. This report demonstrates the application of financial planning principles in a real-world scenario.

Contextual statement
Having completed my Masters Studies in Medicine from the University of Melbourne six
months ago, I have applied to various government hospitals within the country to deliver my
surgery services. Fortunately, due to the low number of doctors in the country, the government
did not hesitate to hire me to work within the Sydney town in Australia. However, since I am
beginning my career life, I have been interested to stay near the hospital which will only need
fifteen minutes travel to the work station. I have no family and choose to stay alone, when it
comes to commuting, I will spend 10-20 minutes to my work place.
Consequently, I like making friends and having fun with them during weekends and holidays.
My hobbies include swimming on the beaches, watching movies, travelling and sporting. For the
better part of my since childhood, my dream is to visit The Capital of Wales in the United
Kingdom; and that is the place I would visit in the course of the year.
The following essay will dwell on the recent listed government areas one can visit during the
holidays. However, I earn $68,294 but after deduction by net income ends up at $65,237. The
reason is that I give back $3,715 to the government inform of tax. Apart from that I spend 32.5c
over $37000 as evident in the appendix 1 and 2 respectively. The list of expenditure can also be
seen from the appendix.
Apartments
I did several analysis within the Sydney town to get an affordable apartment within my range
considering that the prices of these place change every year. Apparently, after taking time to
analyze the available apartments, I come to some of them which fits my interest. You can check
at appendix 2 for the confirmation.

The initial option that came to fit my interest is the apartment called Sydney East Luxury
Apartment town. The expenditure at this place would amount to $400 every week. The apartment
consist of two bedrooms, a car and a bathroom. However, considering that I am going to stay
alone, I realized that the apartment do not fit my interest and thought of an alternative
accommodation.
The second apartment that could satisfy m interest was a single bedroom Granny flat that was
going at $350 per week. The decision was a bit better than the initial decision. It guaranteed me
affordable cost, expanded staying area, a car, a bathroom and I could spend few minutes to reach
to Sydney town.
Means of transport
I prefer to use the personal car for the means of travelling. My car is a Black Audio A4 2015
Modal that seem to be faster than trekking to working place. The expenditure for fuel for every
two weeks will amount to $50. You can check on the appendix on the last page to confirm the
same. The distance to work places and shopping areas is not far. For example the workplace is
about 1.5km from where I stay while the shopping Centre is 1.0km. The rough approximation is
that $80 tank full of petrol would go up to 5 weeks instead of three and half weeks. Considering
the calculation, I spend $66.30 every month. Alternatively, I can pay $795.60 to Third Party
Damage Insurance. The monthly payment was a bit satisfying and it is the decision I opt for at
the moment.
Income
As a beginner in the field of medicine, my salary in the field can be evident from
https://www.health.nsw.gov.au/careers/conditions/Awards/he-profmed-salaries.pdf . The gross

income for a surgeon doctor like my case would $77,866 per year starting on July, 1, 2019. I fall
on the category of between $45001 to $90000 taxed incomes. It means that I will pay $4677
together with 40 40.4c for every $1 over $45000.
However, after the tax the annual salary in my account would be $70,234.98 as illustrated in the
calculations on the appendix.
My living expenses
Generally, I spent money on a weekly basis. The money cater for car insurance, maintenance and
servicing. Apart from that, part of the expenditure is on petrol, rent, clothing, groceries, date with
my friends and other bills. I budget $3200.90 for every fortnight while my monthly budget runs
at $6326.870c. The result of the calculation lands me to a monthly expense of about $3566.87c.
The outcome of the budget enables me to save $30,870.987c
Topic
I would like to visit the capital of Wales in the United Kingdom when I have a holiday. My
holiday begins on 12th of December 2019 to 31st December 2019. There are various why I chose

this place in the United Kingdom. First, I have been dreaming of this place since my childhood.
Secondly, the place is always full of fun based on the programs I watch on the television. Apart
from that, there are enjoying outdoor adventures, breathtaking scenery and national parks in this
place. For this year, I have set aside $30,500.90c for the holiday. I would like to see the picture
of the places I only see on the newspapers, television and brochures.
Travel requirements and flight tickets
To get the best outcome in this holiday trip, I will do a comparison of various flights and
accommodations to identify the suitable and affordable flight for my case. During the budgeting
process I will allocate money for the weekly activities. However, I will ensure that I set aside
money for emergency issues that may arise during the trip.
My comparison on flights from Australia Sydney airport to United Kingdom. The flights range
on the dates my holiday is beginning and ending. After the comparison, I choose the option that
am comfortable with based on finance and time.
Flight option one:
Delta Airlines
Total time it will take is 30h 15m with one stop. The cost of return of an adult is $1743. I will
accompany myself with 45kg in two bags.

American airline
The American Airlines will take 30h 15m with one stop. The cost of return is $2,094.
Accommodation
At the time I started having interest in this beautiful city of United Kingdom, I tried to analyze
the best hotels that can accommodate me. The Jurys in Cardiff provide the best satisfaction in my

case. I can easily reach to the business Centre, meeting rooms, car service areas, massages,
lounges, bar, pool, Wi-Fi and sauna. Besides that, there is a bigger touch screen television
Attraction and places to visit
My decision is that I will explore the first of the trip in knowing the hotel properly since I had
not seen it initially. I will also visit the swimming pools and pools during the evening hours.
There are also other market places I would go for more exploration. However, when there are
high sunshine period I can visit the beaches to enjoy the cool breeze. However, from week two
and three, the following are other places I will enjoy visiting:
a. The UK’s all in one destination
b. Edinburgh
c. Roman- Era Bath
d. Ancient Stonehenge and Medieval Salisbury.
e. Wonderful Windsor

f. Idyllic England
The photos include the following

Gross Income Calculations: I’ve used various multiplications, subtraction and addition methods
including the scratch method, the extended method, long multiplication, and short multiplication.
My Gross income starts at $68,294. I have already paid $3,715 in tax and a further 32.5c for each
$1 over $37,000. I have $31,294 over $37,000.
1. First I take away $3,715 for the annual gross salary. Creating a total of $64,579.

2. Secondly I subtract $37,000 from $64,579. This would give me a total of $27,579.
3. Thirdly in order to figure out 32.5c for every $1 of that $27,579. To find the outcome I
have divided 32.500c by 100, so I have moved the decimal point down two places to the
left. Giving me 0.325c.
4. Fourthly I’ve multiplied 0.325c by $27,579 which comes to $8963.175.
5. Fifthly I add $3,715 to $8963.18. So the total tax I pay is $12,678.18
Appendix
The fortnight budget and spending:
Fortnightly income is $3,200.90c
Monthly income of $4318.536c
Monthly Expenses Amount Total at the end of the
month
House
 Rent $280 $1120
Car
 Insurance
 Petrol
 Car Wash &
Maintenance
$61.28
$30
$25
$116.28
Utilities
 Electricity & Gas
bill
$115.50 $115.50

 Water bill
 Phone bill
 Cleaning
products
$100
$70
$40
$100
$70
$40
Food
 Groceries
 Take-away food
$87.35
$45
$87.35
$45
Personal
 Clothes
 Grooming
 Medical
$50
$50
$50
$150
Other
 Entertainment
 Presents
$60
$25
$85
Total $1,929.13

Appendix
I will be renting out a Granny Flat; my income monthly is $4,318.536c. I found my house via
domain real estate, my home is located around Luxury, and I pay $320 a week.
1. Multiply $320 by four had given me $1,280.
2. Then subtract $4,318.536c by $1,280, leaving me with $3,038.536c
After paying rent I am left with $3,038.536c at the end of the month.
Appendix 2
Car Maintenance and Insurance: Income monthly is $4,318.536c.
Third Party Insurance with Commonwealth Bank Australia, I will be paying $61.50c every
month on my Audi.
1. I simply subtracted $61.50 from $4,318.536c.
2. Answer is $4,257.036c.
After paying insurance I am left with $4,257.036c at the end of the month.
Caltex petrol station for the Audi is Premium 98 weekly for a full tank of petrol I pay $40.
1. First I multiply $40 by 4.
2. Getting $160 at the end of the month.
3. Then I subtract $160 from $4,318.536c.
4. Finally adding up to $4,158.536c.

After paying my monthly petrol I am left with a total of $4,158.536c at the end of the month.
Shine Car Wash – Once a month I will try and get a car wash and for my Audi, it appears I will
have to pay approximately $34 for an internal/external car wash. Shine car wash is located
around the hotel
1. First I subtract $34 from my monthly income of $4,318.536c.
2. Leaving me with a total of $4284.536c at the end of the month.
Appendix 2
Income every Month: $4,318.536c.
I am with Energy Australia; I’ve decided to choose the secure saver – electricity & gas Plan
meaning once a month I will need to pay $117 however when I pay on time I will receive a 26%
electricity discount and a 22% gas discount.
1. First I subtract 26% and 22% from $117, which gives me $116.52c.
2. Then I subtract $116.52c from $4,318.536c.
3. Leaving me at end of the month with $4,202.016c.

Once a month I recharge my phone with Vodafone however it isn’t a plan although it is a $40
recharge data combo.
1. I subtracted $40 for $4,318.536c giving me $4,278.536c.
Appendix 2
Income per month: $4,318.536c
Woolworth’s grocery products once a month –
Products Prices
Milk 5L $6.50
Toast bread 900g $2.55
Slice cheese 1kg $7.0
Fruit loops cereal 500g $6
Free range eggs 700g $4.20
Fruit & Vegetables $6
Chicken Breast 550g – 650g $7.80
Beefsteak 170g $7.50
Rice medium grain 1kg $2.40
Rice Bran Oil 500mL $3
Table Salt 500g $0.90
Junk Food $15 approximately

Dove Hair Therapy Shampoo & Conditioner $10.0
2x Dove Soap 100g $4.50
Toilet paper 20 pack $15
Female necessities $10
Total $102.35c
Appendix 3
Money to spend on this trip is $27,579.00c.
Expenses Amount Total Reference
Airline Tickets
Return
$1,743 $1,743  Refer to airline tickets Info on
transport
Hotel $8,485 $8,485  Refer to accommodation
Holiday Week 2&3
spending
$3,000 $3,000  Refer to attractions and places to
go section
Shopping and
Markets
$1,800 $1,800  Estimate
Food $1,500 $1,500  Estimate
Spare emergency
money
$2,800 $2,800  Estimate
Total
Amount:
$19,328

Spending Money $27,579.00
Total Trip Expenses $19,328
Money remaining after the holiday $8,21.00
Reflective statement
After doing this assignment, I have equipped self with several calculation techniques including
division, subtraction and addition. Apart from that, I have gained knowledge on budgeting and
saving.