Several years ago when I paid off my husband's work van, I decided to take that payment money ($100 a week, $400 a month) and keep putting it away for a car fund. Well, I did do that, but if it was a short week, that was the one envelope that I did not fund.
I was able to pay off my car with the money a year early, so we could get dh a new car and only have one payment.
Now, I am getting a new car this week and yesterday I sent in a check to pay off the yellow vette even tho I was very very short in the car fund. I just took the money out of my regular savings.
I have decided to take all the money that I contribute to the $20 challenge and put it all in my car pay off fund!
I am going to keep track of it in a separate ledger and hope I can get this new car paid off in about 2 years.
I am going to start today with the 3 $5 bills that I have in my wallet.
Prev. total $3563.00
today 15.00
new total $3578.00
Getting serious about the car fund
March 16th, 2010 at 06:13 pm
March 17th, 2010 at 04:59 am 1268801977
March 17th, 2010 at 02:36 pm 1268836582
March 20th, 2010 at 12:01 am 1269043284
with the 5 year note i got i started to thing about all the interest i would be paying of the 60 month time period. the first year i made the minimum payment. then i decided it made more sense in the short to bit the bullet and pay twice as much each month and pay the car off in 2.5 years than have the expect 5.
i still have the same car and feel i learned a great lesson in finding an affordable payment and am still proud of my efforts to pay the car note off early.