"Monthly Spending Plan Form"

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Monthly Spending Plan
Complete Column 1 based on your current situation. Start with your monthly take-home pay. This is the amount you
1.
have left after taxes and other deductions have been made.
Subtract the amount you need for savings, monthly expenses and monthly creditor payments.
The remaining balance is the maximum amount you can afford to put toward the monthly payment for a
vehicle and any new related expenses, like car insurance.
Complete Column 2 based on your new situation. This column will show your new vehicle payment and adjustments
2.
you’ve made to expenses and credit obligations. Be sure to adjust any expenses, like vehicle maintenance and
insurance expenses, which might go up or down when you get a new vehicle.
The remaining balance in Column 2 will indicate whether you can afford the new vehicle payment and change in
expenses projected.
C
R
URRENT
EVISED
Monthly Income & Savings
[1]
[2]
Monthly Take-Home Pay
$_____________________
$____________________
Savings
-$_____________________
-$____________________
Monthly Expenses:
Mortgage Payment/Rent
-$____________ _________
-$____________________
Utilities
-$____________ _________
-$____________________
Food
-$____________ _________
-$____________________
Transportation
-$____________ _________
-$____________________
Insurance (Home, Vehicle, Life)
-$____________ _________
-$____________________
Taxes
-$____________ _________
-$____________________
Clothing
-$____________ _________
-$____________________
Personal
-$____________ _________
-$____________________
Entertainment
-$____________ _________
-$____________________
Gifts & Contributions
-$____________ _________
-$____________________
Education
-$____________ _________
-$____________________
Credit Card Payments
-$____________ _________
-$____________________
Other Creditor Payments
-$____________ _________
-$____________________
Vehicle Payments
-$____________ _________
-$____________________
Miscellaneous
-$____________ _________
-$____________________
= $_____________________
= $______ ______________
Remaining Balance:
Monthly Spending Plan
Complete Column 1 based on your current situation. Start with your monthly take-home pay. This is the amount you
1.
have left after taxes and other deductions have been made.
Subtract the amount you need for savings, monthly expenses and monthly creditor payments.
The remaining balance is the maximum amount you can afford to put toward the monthly payment for a
vehicle and any new related expenses, like car insurance.
Complete Column 2 based on your new situation. This column will show your new vehicle payment and adjustments
2.
you’ve made to expenses and credit obligations. Be sure to adjust any expenses, like vehicle maintenance and
insurance expenses, which might go up or down when you get a new vehicle.
The remaining balance in Column 2 will indicate whether you can afford the new vehicle payment and change in
expenses projected.
C
R
URRENT
EVISED
Monthly Income & Savings
[1]
[2]
Monthly Take-Home Pay
$_____________________
$____________________
Savings
-$_____________________
-$____________________
Monthly Expenses:
Mortgage Payment/Rent
-$____________ _________
-$____________________
Utilities
-$____________ _________
-$____________________
Food
-$____________ _________
-$____________________
Transportation
-$____________ _________
-$____________________
Insurance (Home, Vehicle, Life)
-$____________ _________
-$____________________
Taxes
-$____________ _________
-$____________________
Clothing
-$____________ _________
-$____________________
Personal
-$____________ _________
-$____________________
Entertainment
-$____________ _________
-$____________________
Gifts & Contributions
-$____________ _________
-$____________________
Education
-$____________ _________
-$____________________
Credit Card Payments
-$____________ _________
-$____________________
Other Creditor Payments
-$____________ _________
-$____________________
Vehicle Payments
-$____________ _________
-$____________________
Miscellaneous
-$____________ _________
-$____________________
= $_____________________
= $______ ______________
Remaining Balance:
Shop for the Best Deal When Financing a Vehicle
Take the time to know and understand all of the terms, conditions and costs to finance a vehicle before you sign the
contract. Review and compare the financing terms offered by more than one creditor.
CREDITOR 1
CREDITOR 2
CREDITOR 3
Negotiated Price of Vehicle
$______________
$______________
$______________
Down Payment
$______________
$______________
$______________
Extended Service Contract (Optional) *
$______________
$______________
$______________
Credit Insurance (Optional)*
$______________
$______________
$______________
Guaranteed Auto Protection (Optional)*
$______________
$______________
$______________
Other Optional* Products __________
$______________
$______________
$______________
Amount Financed
$______________
$______________
$______________
Finance Rate (APR)
______ ________%
______________%
______________%
Finance Charge
$______________
$______________
$______________
Length of Contract in Months
______________
______________
______________
Number of Payments
______________
______________
______________
Monthly Payment Amount
$______________
$______________
$______________
*Any items that are “optional” are not required for the purchase. If you do not want these items, tell the dealer and do not sign for them.
Sample Comparison
This example will help you compare the difference in the monthly payment amount and the total payment amount for a 3-year
and a 5-year credit transaction. Generally, longer terms mean lower monthly payments and higher finance charges. Make
sure you have enough income available to make the monthly payment by reviewing your monthly spending plan. You’ll also
need to factor in the cost of automobile insurance, which may vary depending upon the type of vehicle.
3 years (36 months)
5 years (60 months)
Amount Financed
$ 20,000
$ 20,000
Contract Rate (APR)
8.00%
8.00%
Finance Charges
$ 2,562
$ 4,332
Monthly Payment Amount
$ 627
$ 406
Total of Payments
$ 22,562
$ 24,332
Down Payment
10%
10%
Note: All dollars have been rounded for this illustration. The numbers in this sample are for example purposes only. Actual finance terms
may be different and will depend on many factors, including your credit worthiness.
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