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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

2 Responses to “Getting serious about the car fund”

  1. Wonderlake653 Says:
    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:
    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.

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