Final answer:
To help Alejandro meet his financial goals, he should create a monthly budget by considering his income and expenses. He can save $250 per month to buy a $6000 car within the next 2 years. His remaining monthly income can be allocated to his expenses.
Step-by-step explanation:
To create a monthly budget to help Alejandro meet his financial goals, we need to consider his income and expenses. Alejandro's income from work is $10 per hour after taxes, and he works 30 hours per week. This means his weekly income is $300 ($10 x 30). To calculate his monthly income, we multiply his weekly income by the number of weeks in a month, which is usually around 4 (weeks). So, Alejandro's monthly income is $1200 ($300 x 4).
Next, we need to determine how much money Alejandro can save each month. Since he wants to save to buy a $6000 car within the next 2 years, we divide $6000 by 24 (months) to find out how much he needs to save each month. Alejandro needs to save $250 ($6000 ÷ 24) every month.
In order to create his monthly budget, Alejandro should deduct his monthly savings goal from his monthly income. So, his budget would look like this:
- Monthly Income: $1200
- Monthly Savings: $250
- Remaining Monthly Income: $950 ($1200 - $250)
Alejandro can then allocate the remaining monthly income to his expenses and adjust accordingly to match his financial goals.