Family+Scenarios

1. Mom’s company and Dad’s company have reduced their health insurance coverage for you and your family. You must now pay 650 dollars a month for health insurance. Subtract from your monthly budget.


 * Well, since Mom is a single parent, it’ll be hard because we only have one income. After figuring out all of the finances and such a month, we have an extra $1,843.20. We would have to take $650 out of the monthly budget, and then figure out what we would need to cut back on in order to afford other things. It this situation, I think It’d all be about learning to cut back and balance out what we need and what we want. Like for example; You buy things you need as in Paper towel, food, clothes occasionally,etc. You buy things you want as in make-up, music (cds, itunes) clothes, etc. In order to pay the $650 a month, you would have to cut back on buying clothes maybe (You don't buy clothes monthly anyway), make-up, and whatever else you want to buy. It's okay to still buy some things you want once in awhile, but just not as much. Also, we would have to find ways to cut back on other things, such as maybe finding different providers for your tv,home phone, and internet temporarily until you can find a better way to pay for it. It's all about finding things you can cut back on so you have the money to pay for the new bill. Once we subtract this from the monthly bill, it'll come out to $ 1,193.20.**

6. Dad wants the bathroom and kitchen remodeled. After all the estimates, the family settles on a price of 20,000 dollars. How are you going to pay for it? Subtract from your monthly budget.
 * At some point, all families decide to do some remodeling to their house one way or another. How do you pay for it? I think the best way to pay for it it to take out a home equity loan, and pay it off slowly by the months. It works like this. You take a loan out of the bank, and pay it back later, kind of like a credit card. You borrow against the equity you have built up in your house. So, once you take the loan out, it's pretty much like paying off a normal bill or a credit card. You'll have a monthly payment that'll have to come out of the leftover money you have from your check and what not. So Let's say you had to put $800 down a month, then you subtract that from $1,843.20 every month, and you get 1,043.20.**