mia is required to pay at least $250 a month toward her student loans, but shes made a goal to pay them off…

mia is required to pay at least $250 a month toward her student loans, but shes made a goal to pay them off as quickly as possible by paying more. go through her budget to find the max she can afford to pay each month. subtract each monthly expense from the running total.\nmia makes $2,300 after taxes each month.\n11. $1,800 in rent that she splits with a roommate\n12. $280 on groceries and restaurants\n13. $100 toward an emergency fund\n14. $160 on gas\n15. $70 for medical debt\n16. $200 on classes and food for her new puppy\n17. $80 in income for nannying her sisters kids\n18. $250 for her remaining expenses\n19. how much more can mia afford to pay toward student loans on top of the required $250?\n20. once mia pays off her student loans, what would you recommend she do with that extra money each month? why?

mia is required to pay at least $250 a month toward her student loans, but shes made a goal to pay them off as quickly as possible by paying more. go through her budget to find the max she can afford to pay each month. subtract each monthly expense from the running total.\nmia makes $2,300 after taxes each month.\n11. $1,800 in rent that she splits with a roommate\n12. $280 on groceries and restaurants\n13. $100 toward an emergency fund\n14. $160 on gas\n15. $70 for medical debt\n16. $200 on classes and food for her new puppy\n17. $80 in income for nannying her sisters kids\n18. $250 for her remaining expenses\n19. how much more can mia afford to pay toward student loans on top of the required $250?\n20. once mia pays off her student loans, what would you recommend she do with that extra money each month? why?

Answer

Explanation:

Step1: Calculate total expenses

$1800 + 280+100 + 160+70+200+250=2860$ (rent + groceries + emergency - fund + gas + medical - debt + puppy - related + remaining - expenses)

Step2: Adjust for income from nannying

$2860-80 = 2780$ (subtract nannying income from total expenses)

Step3: Calculate remaining money

$2300 - 2780=- 480$ (subtract total adjusted expenses from after - tax income) Since she is already in the negative, she can't afford to pay more than the required $250$ towards student loans.

Answer:

She can't afford to pay more than the required $250$ towards student loans. For question 20, a good recommendation would be to first increase her emergency fund as it provides a financial safety - net in case of unforeseen circumstances. Once the emergency fund is well - stocked, she could consider paying off her medical debt faster to improve her financial health.