THE ART OF

MASTERING
MONEY
MONICA GELLER

Group 02
 CHARACTER PROFILE
Head Chef
Obsessively Clean Monica Geller, from "Friends," is an obsessive-
compulsive, competitive chef. Known for her purple
apartment and nurturing nature, she is moving to
Ambitious London to be head chef at a top restaurant.

SPENDING PRIORITIES
Competitive
High Quality Cooking Equipment
Cleaning Supplies
Events and Gatherings
Compulsive Home Decor
02
 Financial Aspects of
London in 1997
Average Savings Rate Taxable Income £ Tax Rate Average Income Level

9.2% First £4,100 20% £16,473.60 per year

Conversion Rate £4,101 - £26,100 23% Minimum Wage

0.59 Over £26,100 40% £10.42 per hour

02
03
 Monthly Income and After-
Tax Calculations
INITIAL SALARY DRAWN
$80,000
TAX CHARGEABLE
Conversion of the Salary as per UK 18,880 GBP
FULL-STACK (2023-NOW)
Exchange Rates:
Salford & Co.
47,200 GBP
Salary after income
Responsible for thetax
full=development
47,200-18,800
lifecycle of web applications from
planning and design to= testing
28,400and
GBP
implementation.

EXCHANGE RATE = 0.59 as at Dec 1997 04

Cost of Living

05
 Monthly Budget
Planning
Utilities
Food
0.5%
Monthly Expense Amount (£) 13.9%

Transportation
Housing 1500 6.9%

Entertainment 200
Entertainment
Transportation 150 9.3%

Food 300
Housing
69.4%
Utilities 150
06
 Category Amount (£) Expenditure
Housing

Transportation
£1,500

£150
Summary Investing
7.7%

Food £300
Savings

Utilities £150 15.5%

Entertainment £200
Housing
50.1%
Savings £463.71 Entertainment
6.7%

Investing £231.85 Utilities

5%

Total £2,318.53 Food

10%
Transportation
5% 07
 Percentage of spend
& save
Savings
20%

Needs
50%

Wants
30%
08
 SHORT TERM GOALS LONG TERM GOALS

1. Build an Emergency Fund- Save enough 1. Save for a down payment on a

to cover at least three months of living house- Purchase a home in London,
expenses. requiring a 20% down payment.

2. Purchase Essential Kitchen Gadgets 2. Save for marriage - Make a

and Equipment- Buy high-quality kitchen wedding planner and decide on saving
gadgets to improve her cooking for wedding.
efficiency.

09
References
https://researchbriefings.files.parliament.uk/documents/RP96-109/RP96-109.pdf
https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-
rates/usd/USD-to-GBP-1997
https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/dgd8/ukea
https://www.statista.com/statistics/280687/full-time-hourly-wage-
uk/#:~:text=At%20the%20start%20of%20this,pounds%20per%20hour%20by%202020.
https://www.macrotrends.net/global-metrics/countries/GBR/united-kingdom/inflation-
rate-cpi
https://www.oceanfinance.co.uk/blog/how-prices-have-changed-over-the-years/
https://www.numbeo.com/cost-of-living/in/London
10
 Thank You!
Aditya Pratham | Ananya Belchandan | Arjun Totawad
| Digyasa Rai | Khushi Budhiraja | Mansi Aggarwal |
Parul Bhadoriya | Priyanka Subhash | Shruti Dutta
Gupta | Vanshita Gupta

11