Tanya is 20 years old and has been working as a graphic designer for 3 years. She earns $35,000 per year in salary after tax. Because her family lives in a country town. Tanya had to leave home to find employment and learn to look after herself and her finances.

She shares a flat with 2 friends and pays rent of $150 per week. She estimates that her other weekly expenses, on average, include public transport fares $45; food $120; utility bills $30; mobile phone $30; clothing $50; and miscellaneous expenses $60. She also makes sure that she is saving some of her income and for the past 2 years has arranged for an automatic debit of $300 per month from her bank account into a managed fund. The amount accumulated in the fund comprises the original $2500 she was given for her eighteenth birthday to start the fund and contributions and earnings of $7500, making a total sum of about $10,000. The managed fund is a balanced fund. Any money left over after expenses and investment is kept in her bank account, which totals $2000.

Tanya's main goal is to buy a car in the next 6 months if she can afford it. She will use some money in her managed fund if she has to, but hopes to buy a car valued at about $13000 plus insurance of $750 p.a. she is prepared to take on some extra work in a restaurant to earn another $150 per week in cash to help her to meet her goal.

1.Clearly state Tanya's short-term goal.

2.How would a financial counsellor help Tanya to determine whether she may be on target to meet her goal?

3.what could the budget be for Tanya's income and expenses to assist her to meet her objective.

4.Suggest some budgetary measures to help Tanya accumulate her funds. Is there any other advice you may offer to help her achieve her goal?