How do you adjust your budget to pay the expense

Reference no: EM133616965

Problem I. Oh, no! You contract Mononucleosis (Mono) and consequently miss two weeks of work without pay. You do not have any type of disability insurance. Due to work missed, you lose $1500 in take-home pay for the current month. What do you do to meet your monthly financial commitments? How do you prepare for similar unfortunate events in the future?

Problem II. You drive over a nail and get a flat tire. What do you do? A tow truck costs $125 if you do not belong to a motor club that provides towing services. Plus, a new tire costs $75.

Problem III. You own your home. An electrical malfunction caused a fire in your kitchen. You used your fire extinguisher to put out the flames, but the fire damaged your kitchen wall, stove, countertops, and cabinets. Your insurance company covers replacement costs and damage only after you pay a $3,000 deductible. How do you adjust your budget to pay this expense?

Problem IV. Your dog, who has been your best furry friend for many years, has fallen ill. The veterinarian can operate and save the dog for $2,400. You can either pay the $2,400 in full or make $100 monthly payments to the vet over the next 30 months. You can, of course, choose to let your dog pass away due to natural causes or euthanize your dog for $120. How do you adjust your budget to take into account your choice?

Reference no: EM133616965

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