Finding a Car
Most people also have ideas on what type of car they would like to own. Use the Websites below to find your dream car. Make sure to note the price of the car. Also make sureto note the URL (the address of the Web site) that you used.www.autoweb.comhttp://autos.msn.com/www.autotrader.com
Setting Up Your Budget
The next step is to set up your budget. This will entail the following steps:
athttp://autos.yahoo.com/finance/loan-calc/. Make sure to look up current interestrates on car loans in your state. (You don't need to do this for mortgages.) In bothcases assume that you only have a 5% down payment.
Some budget experts recommend that a house payment should be no more than28% of your gross monthly income, and that a car payment should be no morethan 12% of your gross monthly income. Knowing your income from your careersassessment, you will choose a house and car that fits into your budget.
Fill out the worksheet to see how much money you should budget for theremainder of your household expenses. Make sure to double-check your calculations.
Reviewing the Project
It is time for a reality check. At this point, change worksheets with a partner. Once youhave your partner's worksheet, you need to do two things:
Double check the calculations, and
Check to see how realistic the budget is. Now, write a recommendation to your partner on their worksheet explaining how realistictheir budget is, and making suggestions on any necessary changes.