Finance is something I never put much thought into. Last summer I had great income, it felt great to receive a check every Friday. I did the usual, like tithe and spend the extra on my personal expenses. I never thought about the future, and if one day I would have a similar experience as Adam. For that reason our professor gave us a scenario. Our case was that we had a $29,500 yearly income. We had $10,000 in school loans and $10,000 car loans along with a $2,000 credit card debt. Our goal was to pay off all our debt and have ate last $1,000 in an emergency fund and eventually reach $10,000 in the fund by the end of 3 years.
Car: I originally had a Mazda 3 2014. Seeing I could not afford the monthly payments along with the insurance I …show more content…
Missions and building fund also got a piece of my check.
Loans: Paying of all of my loans was the first thing on my check list. I stared of with first selling my car as I explained on the above points. I used my income that I gained from that to pay of my credit card first since that was the one with the lowest amount total $2,000 payed of in the first month. I then later moved to paying my car loan since that was the one with the highest interest rate. I finished paying it of in August of the first year. The last loan was my school …show more content…
With the extra money I revised I bought a Tracphone LG 306G that I found at my local Walt-Mart store in Frankfort IN. My monthly payments were now $35 a month.
Food: I used my knowledge and wisdom and became roommate with a good Mexican friend of mine who knows how to cook up a storm. When holidays come around it’s always a smart idea to migrate to our Aunts house where food is like mana. For that reason I spent only about $100 monthly along with $20 for eating out expensive, because lets be honest I would be eating out at my moms house.
Entertainment: Considering the fact that I make big bucks at Enterprise working a lot of hours, that almost leaves me minimum time to be entertained with Direct T.V and Netflix. I find myself entertain with DVD movies which I own plenty of. For that reason I canceled my month plan with Direct T.V and Netflix.
Clothes: I like to live by the idea of “reduce, reuse, recycle”. I usually shop at my local thrift shops in Frankfort. To be honest the last time I bought new clothes was my senior year of High School. I have plenty fiends and family who always pass down their used clothing items. I do understand I work in a business setting, but you can find really great things in thrift
Car: I originally had a Mazda 3 2014. Seeing I could not afford the monthly payments along with the insurance I …show more content…
Missions and building fund also got a piece of my check.
Loans: Paying of all of my loans was the first thing on my check list. I stared of with first selling my car as I explained on the above points. I used my income that I gained from that to pay of my credit card first since that was the one with the lowest amount total $2,000 payed of in the first month. I then later moved to paying my car loan since that was the one with the highest interest rate. I finished paying it of in August of the first year. The last loan was my school …show more content…
With the extra money I revised I bought a Tracphone LG 306G that I found at my local Walt-Mart store in Frankfort IN. My monthly payments were now $35 a month.
Food: I used my knowledge and wisdom and became roommate with a good Mexican friend of mine who knows how to cook up a storm. When holidays come around it’s always a smart idea to migrate to our Aunts house where food is like mana. For that reason I spent only about $100 monthly along with $20 for eating out expensive, because lets be honest I would be eating out at my moms house.
Entertainment: Considering the fact that I make big bucks at Enterprise working a lot of hours, that almost leaves me minimum time to be entertained with Direct T.V and Netflix. I find myself entertain with DVD movies which I own plenty of. For that reason I canceled my month plan with Direct T.V and Netflix.
Clothes: I like to live by the idea of “reduce, reuse, recycle”. I usually shop at my local thrift shops in Frankfort. To be honest the last time I bought new clothes was my senior year of High School. I have plenty fiends and family who always pass down their used clothing items. I do understand I work in a business setting, but you can find really great things in thrift