budgeting for a car payment\nmonthly expenses\tamount budgeted\nrent\t$600\nutilities, phone…

budgeting for a car payment\nmonthly expenses\tamount budgeted\nrent\t$600\nutilities, phone, internet\t$230\ngroceries\t$350\nentertainment\t$100\nrenters insurance\t$20\nsavings\t$100\nauto insurance/gas\t$225\ndiscretionary spending\t$225\ntotal expenditures\t$1,850\nyour used car payment will be $250 per month. what financial challenge do you now face?\nmy auto insurance costs more than my renters insurance.\ni will spend more on groceries now that i am buying gas.\nmy savings budget is too high.\nmy car payment is higher than my discretionary spending.

budgeting for a car payment\nmonthly expenses\tamount budgeted\nrent\t$600\nutilities, phone, internet\t$230\ngroceries\t$350\nentertainment\t$100\nrenters insurance\t$20\nsavings\t$100\nauto insurance/gas\t$225\ndiscretionary spending\t$225\ntotal expenditures\t$1,850\nyour used car payment will be $250 per month. what financial challenge do you now face?\nmy auto insurance costs more than my renters insurance.\ni will spend more on groceries now that i am buying gas.\nmy savings budget is too high.\nmy car payment is higher than my discretionary spending.

Answer

Explanation:

Step1: Identify car - payment and discretionary - spending amounts

Car payment = $250, Discretionary spending = $225

Step2: Compare the two amounts

Since $250>225$, the car payment is higher than discretionary spending.

Answer:

My car payment is higher than my discretionary spending.