Trying to Budget..Whats your "opinion" on this question. Easy 10 Points!!!!

Question

If I make 60k yearly, my rent is 1600 monthly and other monthly expenses is about 500-600. Do you think It would be in my budget to get a car payment of $400? Just your opinion is needed. Thx

Answer 1

To find out if a $400 car payment will fit within your income you should get on a budget.  You can download a free budget workbook from:  http://www.bills.com/guide/

or use an on-line tool at: http://www.kiplinger.com/tools/budget/

A budget will compare your monthly take home income with your monthly expenses.  This will tell you if you have enough income for the car payment.

Additional expenses that come with purchasing the car are yearly registration and insurance which you need to amortize into your monthly budget.  Divide the yearly cost of insurance and registration by 12 and add that amount to your monthly expenses.  Put this amount into savings so that when insurance and registration come due you have the money to pay them.

You should also have $50 a month in your budget for car maintenance.  The oil needs changing every 3,000 miles and other maintenance will need to be performed periodically.  You may be tempted to spend the car maintenance money on other things once it builds up but don't!  Eventually the car will need new tires or some other maintenance.

God bless!

Answer 2

u know what i tried doing, i tried cutting out some things i don't need. this gets rid of debt really fast, & yer $$$ starts building. u can save MORE by getting a good used car off a private citizen, like say, a close friend or even a nearby neighbor. this is what i did right b4 fianls wk when i needed time in the classroom 2 catch up on ladder diagrams so i wouldn't fail. i had no other chaoice cuz i couldn't get a loan anywhere. the mBIG + is NOT owing on the buy-off & u don't have any liens against it, so u can rest EZ KNOWING the car's fully YOURS

Answer 3

Assuming your takehome is about $45K, that would leave you almost 3K a month for expenses...you list between 2100 and 2400 in known expenses, giving you, say $800 to $500 a month for other pruchases.  Depending on what your life style is like, it is doable, but some months will be tight due to unexpected expenses.  I personally would not play it that close.

Answer 4

I would imagine you'd be able to.  However, you only state that you make 60k a year, but you don't state how much you bring home each month.  We have no idea what kind of deductions (insurance, retirement, or other allotments) coming out of your pay, so it's really hard to say.

Answer 5

1. first thang: yu need a raeny dae fund av 6 months spend tu tide yu over is sumthang bad happen, such as luze job or get sik.