Buying an Automobile

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.