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Personal Budget

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Assuming you would like to purchase a new car next year, develop a personal budget for yourself or a friend for this year. Make sure to include a savings plan to save enough for a down payment, taxes, license, and insurance. Discuss the situations that might derail the budget along with a plan for your to deal with these issues.

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Solution Summary

The solution details a personal budget used for the purpose of buying a new car in the future.

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We'll begin with current income and expenses:

Income: $650 per week, $2,600 per month

Expenses:
Rent $600
Utilities $300
Food $300
Entertainment $300
Current Car Payment $0
Current Car Insurance $100
Fuel $400
Insurance, Other $400
Clothing $200
Savings $0
TOTAL------------------------$2,600

The target purchase price of the new car is $20,000. We'll need a 10% down payment ($2,000 minus a $1,000 trade in value of current car, net $1,000), taxes will be another 9.25% ($1,850), licenses will be $300, and insurance will be paid monthly ...

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