(CR) Rather than using the budget outlined above for James, assume that he has the same budget, but without the credit card and car loan debts. In this scenario, James paid cash for an inexpensive used car and furnished his apartment with used furniture. He has three main financial goals now that he is earning his first career income. Add into his budget a sinking fund for a newer used car that he plans to purchase one year from now. James also has a goal of investing a full 15% of his income for retirement (instead of just 4% of his income). The third thing he wants to do is begin saving for a down payment on his first house. Consider: How much extra money does James have to put toward his financial goals now that he is not making payments on past purchases?