Financial Goals Answers

Shaniqua brings home $225 per week working 25 hours. She is able to save $25 of her earnings each week. Shaniqua wants to have $600 saved at the end of 15 weeks. She is allowed to work up to 30 hours per week if she wants. She can save all the money earned working extra hours. Which of the following statements is true?

Investing money in a retirement fund is part of a plan for achieving _____.

Four friends want to take a vacation together, so each one gets a part-time job. Each person has 8 weeks to save $720 for the vacation. Analyze the four individual plans below and decide which of the four people will reach his or her goal of saving $720 for vacation. Friend A: Works 13 hours per week at $6.95 per hour.Friend B: Works 15 hours per week at $5.85 per hour.Friend C: Works 18 hours per week at $5.25 per hour.Friend D: Works 11 hours per week at $7.80 per hour.

One should continue to monitor his or her goals and adjust his or her plan for achieving them when it is necessary.

Mike and Kate plan to save money for their wedding over a 20 month period. They will need to save $8,000 to help pay for the wedding. They set aside the same amount each month. After a year they saved $4,000. Mike and Kate know they must adjust their plan in order to meet their goal, so they came up with the following options: Option A: Stay with saving the same amount they've been saving each month but postpone the wedding 2 months. Option B: Increase the amount of money they save each month by $80 from what they've been saving. Which of the following is a true statement?

Kinsey has a plan to save $60 a month for 16 months so that she can purchase a new television. After 11 months Kinsey has saved $600. If the most that Kinsey can possibly save is $80 per month, which of the following statements is true?

The Polleys want to put in a swimming pool next summer. They need to save $6,000 over 12 months in order to achieve this goal. They set aside the same amount each month and after 7 months discovered they have saved $3,100. The Polleys know that they must adjust their plan in order to meet their goal, so they come up with the following options: Option A: Save the original amount for each month but put the pool in one month later than originally planned. Option B: Increase savings for each month by $100 from their original plan. Which of the following statements is true?

Tony works 22 hours per week. His take home pay is $15.80 per hour. If Tony is able to save all of his earnings, how long will it take him to save at least $4,800?

Joanne has a goal of buying a townhome and saved for 5 years. She expected to have the down payment of $15,000 saved by now but unfortunately she is $2,000 short. Joanne is stressed and ready to give up. As her friend, what would you say to Joanne to convince her that she should not give up? Give her an option of how she might adjust her plan.

Tom has a goal of saving enough money to buy a new set of rims for his car. Tom makes $7.50 an hour take home pay at his job working 15 hours per week. If the rims that Tom wants cost $900, how long will it take Tom to achieve his goal?