Budget Project

In: Business and Management

Submitted By LMedwards
Words 882
Pages 4
The Ford Family Budget
My family, the Ford family, lives in a small town outside of Birmingham. They live in a newly purchased house in Chelsea, Alabama. The Ford’s have three children (13, 15, 17), the youngest of which is special needs and requires adult supervision constantly. While the Ford family loves eachother, they have a lot of financial struggles. They have one car, which the mom drives to get to her part time job at a catalog warehouse. Occassionally the father and mother will car pool to and from work since they both work in the city, but occassionally, when schedules don’t match up, the father has to take public transportation to his full time job at a refridgerator plant. The use of public transportation sometimes makes him late for work and he is scared he may face loosing his job, therefore he is looking to purchase a used car for his commute.
While a second car would greatly benefit this family, they really can’t afford it with the two eldest children asking to join the football and cheerleading teams. He wants to provide the best experiences for his children but is lost as to how to do that.
My family’s yearly income is $40,000.00. That isn’t much considering the following is the ideal cost of living for their area:

Since they are in a garden/starter home they are able to drive their house payment down to $800 a month (they have excellent credit).
They follow their expected budget with food and usually spend around $930 a month on food, which includes occasionally eating out.
Since the mom only works part-time she is able to stay home with their special needs child most of the time. When she isn’t able to, her mother-in-law (who lives about 20 minutes away) is always available to help. The two eldest children also help a lot. With all of this help, their child care budget per month is $0.
Since their one car is paid off they are able…...

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