How much do you save each month of your personal income

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Reference no: EM133761795

Case: Joe is a 19-year-old, first-year student attending FSCJ. He has chosen to live with a group of high school friends in an apartment within walking distance of the FSCJ Deerwood campus. His parents have offered to let Joe live at home while he is attending FSCJ, but Joe values his independence and chooses to live with his apartment roommates. Joe works on the weekend at the mall and is currently only taking 2 classes at FSCJ. One course is an online course, while the other hybrid course meets one day a week for 2 hours. His parents offered him the use of an older family car free of charge, but Joe chose to get a bank loan for a newer truck.

Question 1: Identify Joe's two (2) largest expenses. Describe in detail at least two (2) ways Joe could decrease his spending in these areas. For example: If grooming/grooming supplies were his largest expense, Joe could purchase a pair of hair clippers and give himself haircuts twice a month to save on salon visits.

Question 2: Look at Joe's total budget of $159.00 for Lifestyle Expenses. Do you think these budgets would be realistic for yourself considering your current spending habits in each category and current pricing? Why or why not? How would you have to change your current spending habits to fit into Joe's $159.00 Lifestyle Expense budget?

Question 3: Based on Joe's budgeted monthly savings, how many months would it take him to save up to be able to afford a new flat-screen TV costing $500.00 to replace his current broken TV? Hint: $500.00 divided by Joe's monthly savings = # months to save. How much do you save each month of your personal income as savings? What types of expenses could you decrease to increase your personal monthly savings?

Question 4: Financial experts suggest having an emergency fund of 3 to 6 months of your income saved up in case you lose your job/income. During the recent COVID-19 pandemic, many employees did lose their jobs for a period of time.Have you considered starting an emergency fund for yourself? Why or why not? Considering your own budget, identify two items in your budget that are a "need" (essential to life) and two items you would classify as a "want" (not essential to life) if you had to make choices during a difficult time.

Question 5: Have you started saving for retirement? Why or why not? If you are not when do you think you will start? If you are what kind of ways are you saving? (Savings, IRA, 401K, crypto, etc.) Why did you choose that way to save?

Reference no: EM133761795

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