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Car Payments

Are car payments eating up your wallet? The cost of two car loans can often be as much as your mortgage. Is it really worth your money to have two newer cars? A friend of mine was recently explaining how she wanted to quit work and be home more with her kids, but she simply couldn’t afford it. We started talking about some of her large expenses and she proceeded to tell me that her loan payments for her two newer cars exceeded $700. Then, adding in car insurance and registration fees, she was paying out almost $1000 a month … Continue reading →

Should You Lease a Car?

Is leasing a car a good idea? It really depends on whom you are talking to, the answer you will receive. If you are talking to a car dealer or a person who leases cars, he will share with you numerous reasons to lease. You can get a brand new car every few years. Your car will stay under warranty during the lease, so you do not need to worry about any major repairs. It can bring you peace of mind because ultimately things will be taken care of. Leasing is basically renting a car for three years. Every month … Continue reading →

Are you Upside Down on Your Car Loan?

Are you upside down on your car loan? When you are upside down on a car loan, it means that you owe more on the loan then you can sell the car for. This happens when you trade in a car for a newer one and the dealership roles your old loan into your new one. It can make it very difficult to get ahead when you make this move. If something were to happen to your car, your insurance would not completely pay off your loan, and so you would need to continue to pay on your old car … Continue reading →

Financial Pitfalls: The New Car Mentality

One big financial pitfall is the new car mentality. Many people like to drive new cars and feel they need the safety and security. Here are four myths that support the new car mentality. 1) Many people feel that they need the latest model car. A new car is a status symbol. There is a certain feeling of accomplishment when you drive a brand new car off of the lot. You have achieved something. But you have also lost something. The average new car depreciates two thousand dollars the second you drive off the lot. If you have two thousand … Continue reading →

Stopping Your Spending Spree

How do you stop a spending spree? Have you ever had one? Be honest. I know that there are a few people who haven’t, but most people experience at least one in their lives. You could have just moved into a new house, and then decided that you did not want to wait to buy new furniture and went a little crazy. You may have gotten a new computer and decided that with the new hardware, you need all the latest software as well. Or it may be a new gaming system, a new big screen television, and a new … Continue reading →