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Getting serious about the car fund

March 16th, 2010 at 06:13 pm

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

Posted in $20 Challenge | 3 Comments »

3 Responses to “Getting serious about the car fund”

  1. Wonderlake653 Says:
    March 17th, 2010 at 04:59 am 1268801977
    1268801977

    Are you financing the car or paying cash and paying yourself back? I am surprised you would finance a car considering the amount of money you have been able to save the last three years in the challenge and the low interest rates that you are earning in your accounts. Whatever you decide, keep up the good work & enjoy your new car.

  2. Ima saver Says:
    March 17th, 2010 at 02:36 pm 1268836582
    1268836582

    I am financing the car and paying off the 2008 corvette. The reason I do this is, my husband is a car nut! He would buy a new car every 6 months if i would let him. However, he hates car payments, so he will not buy a new car until the last one is paid off. We had not planned on buying a new car, but when we found out this one needed $3000 in repairs, plus new tires ($2000) we decided to trade it in.

  3. James Says:
    March 20th, 2010 at 12:01 am 1269043284
    1269043284

    a few years back i got in a bad car accident and sold my car to the salvage yard for $250. so long story short i did not have much money to put down on a new car. the good news is my credit was/is good so when i got a new car i found a loan the i could afford.

    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.

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