How long will it take me to save up enough money for a car?
If I were to get a job that pays nine or ten dollars an hour, and I work 5 hours a day for 5 days a week, how long will it take me to save up enough money for a car that costs around $7,000 ? I am only 16. So there isn't anything I would really need to spend money on. Plus I get an allowence. So if there's anything I really want to buy, I can use that to pay for it.
Public Comments
- You would gross 25 hours @10=250 then they deduct taxes say 10% so you have 225 net so it would take over 31 weeks if you didn't spend a cent on anything else and didn't need more money for taxes and insurance. My guess is that it will take a full year unless you have exceptional self control.
- That is $250 a week at $10 per hour. After taxes, you may net $200. If you do not have any living expenses and can save everything you earn, it should take 35 weeks. Don't forget you will need insurance on the car which will be pretty high if you are an unmarried male under 25.
- Assuming you make $10/hr and you save every dollar, you will be making a gross income of $50/day or $250/week. With a 15% income tax, your net income will be around $212/week. Lets say you bring home $200/week. $7000/200 = Approximately 35 weeks or 7-9 months. But there will be taxes and registration fees plus insurance, you may need an extra $1000 to cover those costs. If you want the car now, your option is to see if you qualify for auto loan. But if you don't need it, just save your money until you have enough.
