Monthly Budget and Operating Costs
Objective: You will develop a budget for personal expenses and car-related expenses to determine if you are able to afford a car.
1. Complete your Personal Monthly Budget. Write down all expenses you incur in a month. For example, snacks, entertainment, meals, gas, insurance, cell phone, and any other bills you incur and pay for with your paycheck and/or allowance.
2. After you calculate your Total Expenses, do you have enough money to afford a car payment? Use the standard interest rates below along with the http://www.onlineloancalculator.org/ to determine if you can afford a car payment. Then go on to the next step below.
B. If your vehicle is a 2008 or older: Go to MoneyZine.com and enter the information in the Buying a New or Used Car Calculator. Print a copy of the results showing the 5 Year Details. Circle/highlight the Total Cost of Ownership of your chosen vehicle.