Homework for Finance.


Sooner than later, they will be expecting their first born and as such, they need to start accumulating sufficient amount in savings that can handle emergency situations. It is also apparent that the family car was acquired through a loan. They should therefore pay the debts within the first five years.

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Having formed a family, Sam and Judy would be expecting children and as such, they should commence saving for their children education. More so, as a young couple, the two should immediately join a retirement plan that could secure their future after retirement. Moreover, they should engage in various forms of investments to enhance their cash flow patterns while at the same time managing taxes properly to avoid hefty fines and penalties in future which could adversely affect them.

Asset financing: This form of credit involves financing by a financial institution whereby both the asset is jointly owned by the bank and the purchaser. The purchaser will be required to make initial payments as agreed with the bank after which monthly installments are made based on the agreed terms. The rights to the property are transferred upon completion of installment payment.

Hire purchase: Similar to asset financing, the couple will be expected to make a down payment and subsequently pay the remaining balance in agreed installments after which the asset is transferred to the purchaser.

Official clothes: The couple should prioritize in buying official clothes for use while going to work. This is because most workplace has a code of dressing which every employee must comply with. Borrowing from friends is the most appropriate form of credit for financing purchase of official clothes since the clothes are not too expensive and secondly this form of financing is interest free.

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