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The Financial Fallout from the Wreck

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So we had a wreck. And now I have to deal with the aftermath…The facts are:

  • The balance due on my car loan is $4,400.
  • Insurance will pay out $6,241 for my totaled car.
  • We have two other operational cars between the 3 drivers at home, with no balances due on them.
  • Because I work from home and Princess volleyball season is over, there are no regular driving commitments for me other than getting Princess to school everyday at 7am. (She rides a bus home.)
  • The twins don’t ever leave the house before 7:30am and that depends on their work schedules.
  • Sea Cadet leaves for his Americorps FEMA commitment at the end of July. And he will not be taking his car.
  • Oh, and we live in a tiny town and have 2 operational bikes.

I’m betting you can get where I’m going with this.

At this point, after over a week to think about it as I awaited word of the fate of my wrecked car, I think the best financial decision for this time is to NOT BUY another car. At least right away. This will eliminate the monthly car payment for a while as well as reduce our auto insurance costs.

Thoughts on this plan? Have I missed anything?

Down the road, there are a several of factors I will have to consider:

  • Princess will return to volleyball practice for the fall season at some point. Depending on the twins’ school and work schedule, it may become necessary for me to have a car. But I might be able to borrow my grandmother’s car, again depending on the schedule.
  • Our original plan was to sell one of the twins’ cars when Sea Cadet left (year long commitment) and put that money away towards the purchase of another car when he returned. While he has already offered to let me keep his car…well, I don’t want to mess up his plan.
  • It looks like my boyfriend may be moving here from Florida in the next couple of months, and this will be a null issue as we have already talked about being able to live with one car as a long term plan.
  • Princess will be driving in a year…yikes! And I had hoped to save enough money to buy her a car next year. (I bought the twins’ first car for $1,900 and cars are cheaper here.)

As you can see there are lots of variables and I’m really trying to make the best financial decision here. Please give me your feedback…good, bad and other!

 

 


Angels Watching over Us!

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We had a fantastic week in Texas with my family last week. It was a bit hectic for me since I am now working 55+ hours per week with contracted clients, but I managed to get away from my computer a couple  hours a day to have some fun.

But, as those of you who follow me on Instagram know, we were in a horrific car wreck on our drive home…and if it wasn’t for the tension rails on the divided highway we were on in Arkansas, we would not be here. None of us!

To address the rumors that already started in the comments on a previous post…

  • I was driving.
  • No there was no texting and driving.
  • Yes, our car was totaled, I just got the word on Friday.

We began to hydroplane and then a car or truck, we are not sure since they didn’t stop, hit us and sent us spinning 480 feet across the median and would have been into oncoming traffic except for the tension rails.

The wheels came off the car, the windows broke and we landed in the mud about a foot deep. And as soon as we landed, a hurricane warning came over the radio. We all walked away without a bump, a bruise or a scratch.

We were 15 miles from our hotel for the night…and I didn’t have to “come up with a positive spin,” because us all being okay…I have nothing but gratitude.

Needless to say there will be financial fall out from this wreck. Yes, the second one in just over a month…or less than a month. Both weather related. Both with me driving. Yes, I’m already getting the “you shouldn’t drive anymore” teasing.

But in the end…there were no injuries in either wreck. And for that, I am so grateful.


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