Justin is married with one child. He works 40 hours each week at a rate of $16 per hour. His wife began working part time after their daughter was born, but still contributes about $350 to the cash inflow each month. Their monthly cash outflow is generally about $3,000. They have a balance of $2,000 in their savings account. Justin has retirement contributions taken out of his paycheck at work. They have renter's, car and life insurance coverage.

Question

Demarion

Mathematics

8 March, 07:29

Justin is married with one child. He works 40 hours each week at a rate of $16 per hour. His wife began working part time after their daughter was born, but still contributes about $350 to the cash inflow each month. Their monthly cash outflow is generally about $3,000. They have a balance of $2,000 in their savings account. Justin has retirement contributions taken out of his paycheck at work. They have renter's, car and life insurance coverage.

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Luka Baker · Answer 1

Well, 40 times 16 equals $640. He contributes 350 so there are 290 dollars left for food and clothes. Plus there is also 1,000 dollars left as well. They need to work out a plan that they could only use 600 for their food and clothes. The rest should be put away for retirement and college