Car Budget

The costs of my car are as follows -
Loan cost: $16 490 at 15% over 5 years
Tyre price: $130 per tyre, need replacing every 18 months
Fuel consumption: 6.4L per 100km
Insurance cost: $1295.16 per year
Vehicle registration cost: $641.90 per year

My income is $1057.69 per week. I can only spend half of this ($528.85) or less on my car. I need to calculate how much I will be spending on my car.
Loan repayments
SI = PIT
SI = 16 490 x 0.10 x 5
SI = $8 245
Total amount to be repaid = P + SI
Total amount to be repaid = $16 490 + $8 245
Total amount to be repaid = $24 735
Weekly repayments = Total amount to be repaid / [52 x T]
Weekly repayments = $24 735 / [52 x 5]
Weekly repayments = $95.13 per week
Tyre price
Car requires 4 new tyres every 18 months, tyres cost $130.
Every 18 months I will spend 4 x $130 on tyres = $520
To find weekly repayment I will find monthly repayment
$520 / 18 = 28.89
To find yearly repayment I will multiply this by 12
28.89 x 12 = $346.67
Now to find weekly repayment I will divide this by 52
$346.67 / 52 = $6.67
Tyre cost per week = $6.67
On average I travel 200 km per week. If fuel costs $1.38 per litre and my car uses 6.4L per 100km how much will I spend on fuel per week?
Fuel consumption per week = 6.4 x 2
Fuel consumption per week = 12.8L
Fuel cost per week = 12.8 x 1.38
Fuel cost per week = $17.66
Insurance costs $1295.16 per year
Insurance cost per week = $1295.16 / 52
Insurance cost per week = $24.91
Vehicle registration costs $641.90 per year
Vehicle registration costs per week = $641.90 / 52
Vehicle registration costs per week = $12.34

Total cost of car per week = $95.13 + $6.67 + $17.66 + $24.91 + 12.34
Total cost of car per week = $156.71
I have successfully met my budgeting needs of spending less than $528.85 on my car per week.

Insurance Comparisons

Comprehensive Car Insurance Policies.
After generating a quote for comprehensive car insurance for a 2011 Mazda2 the results were as follows.
NRMA: $1992.36 per year
Allianz: $1697.48 per year
Suncorp: $1295.16 per year
RACQ: $1356.22 per year

I have decided to go with Suncorp because it is the cheapest.

Car Choice

I have chosen to buy a brand new Mazda 2. I have chosen a Mazda 2 because it is in my price range at $16 490. I really like the way it looks, it has a low fuel consumption, air conditioning and a cd player. That means it meets my needs.
Information from http://www.mazda.com.au/Vehicles/Mazda2/Pricing.aspx

Practice Budget: $20 Meal for 4

I have to create a meal to feed 4 people for $20 or less. I am making pasta. I will need:
Golden Selctions Pasta Fettuccine 500g for $5.36
Bertolli Pasta Sauce Provista Classic Natural 700g for $3.75
Bega Cheese Tasty 300g for $5.58
Beef Mince Premium - Made fresh daily for immediate use 500g for $4.95
My expenses:
$5.36 + $3.75 + $5.58 + $4.95 = $19.64
As the total is less than $20 I have successfully met the budgeting needs.

Practice Budget: $150 Outfit

I need to budget to create an outfit worth up less than or equal to $150. I have decided to have these items as my outfit:
Shoes: Impulse Black from Payless Shoes $49.95
Top: Love Flower Printed Raglan Wide Neck Top from Supre $15
Jeans: Sander Navy Skinny Jean from Jay Jays $39.95
Scarf: Chiffon Head Scarf from Supre $6
My budget expenses:
$49.95 + $15 + $39.95 + $6 = $110.90
As my total expenses are less than $150 I have successfully completed a budget!

Income

I have choosen to become a service station manager/superviser in Gladstone. (For more details click here.) I believe this method of obtaining income suits me for several reasons. It is a salary based source of income and a permanent, full time position. I have been working in a service station for 3 years, so I believe that this occupation is within my reach. The position would involve providing and encouraging good customer service and managing the store and its employees. In this position I would earn $55000.00 per year.
Yearly income = $55000
How much would I earn per month?
Monthly income = yearly income / 12
Monthly income = 55000 / 12
Monthly income = $4583.33
How much would I earn per week?
Weekly income = yearly income / 52
Weekly income = 55000 / 52
Weekly income = $1057.69

Introduction to blog

This is a blog designed to allow students to understand what is required of them to complete the required task associated with the PVM budgeting unit.