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Posts tagged with: car wreck

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!

 

 


And there goes the EF…

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I mentioned in one of my recent posts that I had to travel a good deal last week. Little could I have predicted what that would lead too.

As I returned home last Sunday, I was involved in a wreck, rear ending the car in front of me. I left the scene questioning God as to why me?

Tow hitches, even when barely hit, cause a lot of damage!

Not 10 miles down the road, I encountered the devastation of the tornadoes that ran rampant through Alabama. If I had not had that wreck, I would most certainly have been in the middle of the storm that killed so many.

This was an airport just a few minutes before I drove up.

As it was my 5 hour trip home, took me 8 hours due to downed power lines, jet fuel on the highway closing it down and having to feel my way through the back roads. But I am grateful. So many people lost everything, even their lives and their loved ones during these storms.

While I was out of town, I was notified that my Grandmother had been admitted to the hospital. So I stopped at the hospital on my way home from my trip and ended up spending a couple of nights there with her. She is fine, back home now. But it was a scary time.

It has been a tough week. I even gave myself a mental health day on Wednesday just to catch up on my sleep and de-stress a bit. I am so glad it is Friday and I have no big plans this weekend. And then I realized that we lose an hour of sleep this weekend as the time changes. Come on!

I hope your week has been better than mine. But through all of this, I am grateful for full coverage insurance on my car, an EF to cover my deductible and kids who are responsible enough to handle things at home when I have to be away.

I promise to get on top of my finance review and plan next week!

 


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