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Essential Guide for College Students: Budgeting for a Car and Part-Time Work

As a college student, managing finances can be challenging, especially when considering transportation. This guide explains how to afford a car with minimum wage earnings. With a job paying $5.85/hour for up to 20 hours a week during school and 40 hours during breaks, you can estimate a monthly pre-tax income of $468 or $936. Learn about budgeting for a 2008 Chevrolet Aveo, with financing options and costs detailed, ensuring you make informed decisions. Explore valuable resources to aid your financial planning for your college transportation needs.

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Essential Guide for College Students: Budgeting for a Car and Part-Time Work

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  1. A Car for College! Student Name

  2. It all Starts with the Right Job -Trying to Catch a Ride • Minimum Wage - $5.85 per hour • Working 20 hours per week during school • Working 40 hours per week during breaks • Monthly Pre-tax Income - $468/$936

  3. My Budget Before a Car

  4. Small Car for a Small Budget • 2008 Chevrolet Aveo Sedan • GMAC financing @ 6.9% • Price $14,805 • Down Payment $6,000 • 60 months • $173.93 per month • 1.6 L 4 cylinder • 4 speed automatic • 23 City/32 Hwy. MPG

  5. My Budget With a Car

  6. Web Sites Used • www.federalreserveeducation.org • www.dol.gov/compliance/topics/wages • www.chevrolet.com

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