Finance Case study

Write up a recommendation report as though I were the counselor and you are my assistant. include all possible resources Susan would be eligible for – it will be my job to discuss each of these with her to see if it is something she is interested in pursuing

CASE STUDY
Susan age 36 (DOB: 4/7/80)
Children:
Tina DOB: 8/27/10
Jeffrey DOB: 4/14/15
Susan is a single mom whose husband, Jack, deserted her after she got pregnant with Jeffrey. She has not seen or heard from him since, and therefore receives no type of child support. Susan recently learned that Jack is still single, living in Moberly, and earns $30,000 per year.
Susan’s parents, who live close by, help her out a little bit now and then, but they aren’t doing well financially either. She explored the idea of moving in with her parents, but they don’t have enough room. In addition, Susan’s mother is chronically ill, so they cannot take care of the kids for her. She has discussed her major issues with me and has shared her budget. She also has some goals she would like to achieve, which are listed in order of importance below.
Susan’s monthly budget
Income : $1824/month
Expenses:
$140 Payroll taxes
$30 Federal tax withholding
$20 Missouri tax withholding
$125 Medical insurance
$183 Tithing
$570 Mortgage
$120 Utilities (water, gas, & electric)
$300 Daycare
$45 Credit card
$184 Student Loan
$250 Food
$80 Auto insurance ,
$75 Gas
$50 Household and personal care Total expenses: $2172

Major Issues:
• 2 months behind on credit card; continues to charge things to credit card because she can’t seem to make ends meet
• 1 month behind on student loan
• 2 months behind on mortgage
• Considering bankruptcy to eliminate student loan and credit card debt
Goals:

1. Have enough money to pay her bills each month
2. Get caught up on all past due bills
3. Establish a starter emergency fund of $1000
4. Go back to school
5. Start saving for kid’s college
6. Start saving for retirement Major Issues (20)
7. 2 months behind on cc – 5
8. 1 month behind on SL – 5
9. 2 months behind on mortgage – 5
10. Bankruptcy – addressed – 5
    Goals (30)
11. Have enough to pay bills – 5
12. Caught up on past due – 5
13. Emergency Fund $1000 – 5
14. Return to school – 5
15. College – 5
16. Retirement - 5