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My family makes an annual Profit: $60,000 with saved money $6,000. From these numbers we rationally decided on getting the Honda Pilot and the two bedroom and one and one-half bath costing $95,000.To get these, we would take $5115 out of our savings to pay down payments. Down payments, according two experienced sources, is roughly 5% of the price – $500. Therefore The down payment for the car would be $865 and the down payment for the house would be $4250. This is most of our savings, leaving only $850 for emergencies, however it was the best deal. We could have gotten the accord instead of the pilot but we would not be able to get a loan and therefore would have to pay the full price of $3,500. The house is the perfect size and is not too expensive.
We can also afford the monthly payments on the auto loan and mortgage. We earn $5,000 a month. Now some of these funds will be used for bills and living expenses. The following is the list of expenses taking out of our monthly pay: 1. Food will cost about $150 a week and $600 a month according to www.thepeacefulmom.com. 2. Education will cost about $1,000 $500 for school tuition and $500 for sports and activities. 3. We will leave some money for luxuries (clothes, fast food, etc.): $1000 annually so about $83 a month. 4. Phone (cellphone) bill: $20 monthly for each phone $80 monthly. 5. The cost for Internet is about $50 a month according to experienced sources. 6. According to energystar.gov, the average household spends $2,200 on energy a year. Therefore the monthly bill is about $183 per month. 7. Water costs about $100 per month according to trusted sources. 8. Gas for the car will amount to about $2,100 annually and $175 monthly. Therefore the total amount of money spent is $2211 a month. The money left amounts to $2789.
Supposing we put $1000 into savings each month, we would have $1789 dollars left. According to bankrate.com, a 30 year loan would having an interest rate of 4.01%. Saying that the property tax was 1.25% and the PMI was 0.5%, We would have to pay $532.74 per month. Bankrate.com also states that on 10/15/14 the interest for 60 month car laons was 4.04%, so with a 60 month loan we pay $487.32 per month. Therefore we would spend a total of $2020.06 on savings, mortgage, and auto loans. Adding this to the monthly expenses, we get $4231.1, leaving $768.9 extra funds. We would use this extra money on luxuries, accounting for unexpected issues, and cases when our monthly expenses are more than expected. We also have not even added insurance costs into the picture. The next step is to plan ahead. In a four months, we would have $5,000 in savings we could get an accord ($3,500) for the 16-year-old. The rest of the savings from then on would go to saving for college funds, emergency funds, hospital bills, and car and house repair funds. We would also have money for the occasional withdrawing for small luxuries not covered by the luxury funds or extra money.
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