Saving For a Car to Drive Later

by Michelle Vandepas | More from this Blogger

01 Mar 2007 09:45 AM

My hubby's truck has over 150,000 miles on it and we have to start thinking about getting him a new one. He's been mentally shopping for new trucks in his head for a while now, but says he can drive the one he has two more years. I hope that is true.

It is fun to drive a clean new car, but in actuality I'd rather spend money traveling, or on our home instead of on a car.

In time though, we'll have to cough up some moeny and make that big purchase.

This time when he buys a truck we'll be paying cash.

What you say? Huh? Cash for a car?

Yep. Now that we are debt free, I want to stay that way.

It is very tempting to put desperately needed things on a credit card. I read that Comp USA will be selling some items off at great deals. As a long time computer and gadget nerd, I'd love nothing more to go shopping. But alas, when I look at my budget, and even at my wish list, there is nothing I see that will make me shop - even for a good deal.

I have to keep our long term goals in mind.

A truck is on our wish list, and so the flexible digital tripod or 15 port hub must wait.

We've started saving for cars and trucks.

Both our vehicles are paid for. It feels great. Now, money that would normally go toward a car payment is getting put in the bank - and then transferred to a savings plan, in our case, a long term CD.

I'm not recommending that a CD is right for you, but when evaluating our situation it helps to balance our assets in various places at various risk levels.

So, is your car paid off now? Could you possibly put aside the equivalent of a car payment into savings? If not that much, how much? $100,00 a month? Anything will help.

Get your car fund started now so that when you are ready for a newer car, (never a brand new car please), you'll be able to stay debt free!

What we are saving for

Watching my pennies

Learn more about Michelle Vandepas

In a previous life, Michelle was president of a medical manufacturing company, and then in private practice as a holistic business consultant.

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