Drive Free Savings Template printable pdf download

Drive Free Savings Template

CHAPTER 4

Name____________________________

STUDENT ACTIVITY SHEET

Date_____________________________

DRivE fREE

Watch the Drive Free, Retire Rich video. (This is available on the Unit 2 disc of your teacher’s Foundations in

Personal Finance DVD set, or online at .)

Shop around at local car lots, online ads, or in newspaper classified ads to find a great car that you’d like to

buy. Look for something 2-3 years old, and be reasonable with your expectations—you don’t need a Hummer!

Write the cost of the car you find in the blank marked “goal” at the top of the used car log. Then, figure out

how much you need to save per month for the next 20 months to reach that goal.

Since you need something to drive between now and then, find two other cars that you could buy in the

meantime. Start with a car around $1,500. Then, find something in the mid-range between that car and the

one you’re ultimately working toward. Assume that you would buy this second car after about 10 months of

saving. Fill in the required information for all three of these cars on the used car log.

Remember that the money used to buy the first two cars is not “lost.” You will sell the current car before

buying a newer one, so you will apply the proceeds from that sale toward the purchase of the next car. For the

purposes of this activity—and because you will have owned the first two cars for less than a year before selling

them—you can assume that you will sell them for the amount that you paid for them.

Using the information on the used car log, create a poster-sized time line of the entire 20 months. On this

time line, include the following for each car purchase:

Purchase date

Picture of the car

Purchase price

Number of months required for savings

FOUNDATIONS in PERSONAL FINANCE

Drive Free Savings Template