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The Continuing Saga of Sam and Judy
Part Two
It has been a year since Sam and Judy graduated and they have both done well in
their jobs. They have each received promotions and pay-raises. Sam is now earning
$35,000 and Judy is earning $36,000 so they now have take-home pay of $3550.
They are still living with Sam’s parents and have agreed to start chipping in for rent
and utilities. They are now paying $400 per month rent and another $200 a month
for utilities. Their financial statistics are now:
Gross Annual Income:
Sam: $35,000
Judy: $36,000
$71,000
Total
Net Monthly Income (assuming withholding at 40%)
$3,550
Their monthly expenses are:
Rent
Utilities
Student loan
Car loan:
Car insurance
Commuting costs
Food at home
Food and Entertainment
Dry Cleaning
Miscellaneous
$400
$200
$300
$350
$225
$263
$300
$300
$400
$400
They have the “things,” clothing, athletic equipment, computers, iPods, cell phones,
TVs, etc. that we saw in Assignment 1 but they feel frustrated because there are a
number of items that they want to have but they don’t have the money to buy them.
The things that they want to buy are:
1.) A new camera: When they were on their honeymoon Sam was upset because
they weren’t able to take pictures to augment their wedding album. Sam has
taken a look at the new Nikon cameras and can get a terrific package for
$900.
2.) A second car, so that they can run errands separately on the weekend. They
also are pretty sure that they will need two cars when they get their own
place. They are pretty sure that they can get a used car for about $11,000.
3.) A 52” LCD television. They are both sports fans and love the idea of being
able to watch games at home on a big screen. They figure that they will need
to pay $2500 for the model that they want.
4.) A wardrobe that is suitable for business wear. They both have nice clothes
that were appropriate for student life, but they do not have the kind of
clothes that they need to work in an office. They think that they will each
need to spend at least $1500 just to get the basics.
Your assignment is to:
1.) Discuss what are the different kinds of credit that is available that would
allow them to purchase the things that they want.
2.) Make your recommendations for them regarding what they should buy and
when they should buy it and what kind of credit/loan they should use. Talk
about why you are making your recommendations.
3.) Include an estimate on the monthly cost of each of the loans that they decide
to use to purchase things.
4.) Prepare a budget that shows how their the rent and utilities as well as any
purchase that they make will impact their financial situation.
…
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