Claire is applying for a loan to purchase a pre‐owned car. She is told that the monthly payment for the loan would be $200. She wants to make sure that she can afford this monthly loan payment, so she is creating an Income and Expense Statement to summarize her financial transactions for a month. Claire saved her paycheck stub and all receipts for the month of August and summarized the information below. Use this information to help Claire create an Income and Expense Statement for the month. Claire was lucky to land her dream job several years ago. She is paid $4,000.00 per month before deductions. Her August paycheck stub indicated that she pays $800.00 in Federal Income Taxes, $230.64 in Social Security and $53.94 in Medicare taxes. As part of her job she …show more content…
She appreciates that this is automatically deducted from her paycheck. To ensure she is prepared for retirement, she also saves $50.00 per month in a personal retirement account. As part of her job she also receives excellent health insurance, a benefit for which she only pays $120.00 per month. Even though her health insurance covers the majority of her medical expenses she still has to pay a small percentage of the out‐of‐pocket costs, so she budgets $75.00 per month. Claire understands the importance of saving money for future use and emergencies so she diligently saves $400.00 per month by having the money automatically transferred to her savings account. After saving for a down payment, last year Claire was able to reach her goal of home ownership and she purchased a small house. She pays $800.00 per month towards her mortgage which also includes her property taxes. Other costs of owning her home include $150.00 for all utilities and $50.00 for homeowner’s insurance. Her house was only a couple years old when she purchased it so maintenance costs are low. She tracked about $50.00 per month in various household maintenance and cleaning
The area that she was living it was to expensive for them to afford the house. She could not afford with only one jobs. That is why she was looking for a second job. It was difficult to find a stable job. The jobs she got didn’t pay enough money.
My mother’s company went with a high-deductible health care plan and they raised her deductible to 4,000.00 a year. With that she has to pay 100% of our doctor’s bills and health care cost until she meets it. She is a diabetic so that means that it is getting very expensive to control with the
Father passed away when she was 4. Her mother works in the office and gets the minimum wage.
Her spending too much on entertainment and gifts, with clothes being a necessity, can be remedied by finding cheaper places to shop for clothing, eliminating entertainment until she saves enough to support her living expenses for at least 6 months, and by buying gifts ahead of time either off season, when they are on sale, or months prior to when they are needed. If available she can lay away items which will stretch payments overtime allowing for more disposable
aware oil company. Her income from Green Point for the year ended 30 June 2011 was $16 500.
Alice’s next goal is to buy a house and to start saving for her children’s education. Since paying off her student loans, she has the extra money she would have been using to pay her student loans and can now be set aside for a down payment on a home. If she has a larger leftover amount she can set up savings accounts for her children to slowly start saving
Financial goals are important to Ms. Tau as she continues to try and prepare for retirement, increase savings, and pay off debt. She also hopes to begin a college fund for her eldest granddaughter, who will be graduating in five years. Ms. Tau has maintained putting $97 a month into her employee retirement plan, which currently has accumulated $115,500. Additionally, $200 a month goes into her liquid savings. She is attempting to save $18,000, which amounts to a 6-month income safety net. Ms. Tau is working toward paying off her personal loan of $34,650 and
I helped my client assemble a budget sheet, which showed that she could afford the rent payments of £90 per week and pay £5 per week towards her arrears. I explained to my client about the difference between important or non-important debts and referred, with her consent, for ongoing housing support to Shelter while her situation stabilised.
Housing $360 Food and drink $207 Fuel and power $26 Clothing and footwear $52 Medical and health expenses $58
she thinks that she has done everything perfect. She has saved about $10 000 to live off for the time being v
In Ellen’s case, she is a 37-year-old part-time graduate student who lives alone and supports herself by working as a home
loans she owes, how much her house will cost and where it will be located, how many children
-Kimberly is liveing in a loving and stable home environment where her basic needs are met and she receives regular medical care. Kimberly has family and friends in the area to help support her
My participant requested her name not to be used in this study. So ,I'm refering my participant she. She is 23 years old, still live with parents and her yearly income is $25,000 a year. She work for a daycare in Brooklyn, New York.