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Posts tagged with: car

Starting to Review the Next Step

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Within 8 weeks of this post, I will be consumer debt free.  I will also have saved approximately $5,000 from new jobs, odd jobs and selling a few odds and ends here and there over the last few months.  Now I have to plan the next step.

If I kept going at the rate I’m going with no other changes, paying $2,400 per month towards debt, my student loan debt would be wiped out by the fall of next year.  Isn’t that amazing!

However, we are going to need a car especially by September when school starts back, not to mention the idea of traveling in our sardine can is starting to give me and the kids hives.  Just a quick trip up to one of Little Gymnast meets had us all saying “never again.”  And since I’ve taken on new work with teaching both in person and online, I am definitely going to need some help in getting everyone everywhere.  Not to mention, both the twins are ready for a bit more independence.

We have already established that the twins will be paying 50% of their car insurance, plus gas and maintenance on their car.  (It’s in great shape so other than routine stuff, not anticipating any big bills for the time being.)  That means I will up my insurance payments a bit to help them out (anticipating $100 monthly increase on my part.)

So my thought at this point is to find a family car, obviously older that gets relatively good gas mileage which would be comfortable for us to travel in a bit (remember two trips to GA to see family over the next 5 months.)

I know there are going to be lots of opinions on this.  So the facts are…when this happens my only debt payments will be to my student loan currently right at $300 per month.  I will have $5K saved from recent odd jobs (this does not include approx $3K in my EF.)  So tell me what you think…

 


Transportation!

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Your comments got my wheels turning (pun intended) on what I will need to do once the debt is paid off.  I think I was so focused on not even going there that the obvious did not occur to me until your comments started streaming.  I need to buy a car.  As some of you might recall I am currently the beneficiary of my generous parents and am driving a vehicle they were not using but did not want to get rid of.  I need to return that to them and so I’ll be facing the decision of giving it back to them as soon as the debt is paid off, or waiting to set aside enough to either have a hefty down payment or…dare I say it?  Buy a car CASH???

The thought blows me away!  I know buying cash would be just awesome but at the same time it is as though my brain cannot compute that possibility.  That’s sad.  I need to get to a point where financing a car seems like the absurd idea and not the other way around, right?  If I save for 6 months I’d have roughly $18K.  That’s certainly enough to get something reliable and with good mileage.  I tell you what–one of the best things about this journey is to have OPTIONS.  In the past life was about trying to figure out how I’d squeeze another monthly payment out of my monthly income and here I am with the option of saving for a pretty short amount of time and buying cash.  What a luxury!

I’ve also wondered if I could just buy this little RAV4 from my parents but I think if I were to try to do that they would want to give it to me outright.  I don’t want to do that for a whole host of reasons.  They are elderly and with four siblings in the mix (all of whom have been helped at some point or another in life), things might get sticky.  No one has said anything to me b/c I think they are all aware of the favors they’ve been granted, but I’m sensitive to minimizing family drama.  Life is dramatic enough.  I just don’t think my folks would take payment for the vehicle and then it would be all sorts of silliness between me and them.

Anyway, just something to think about as I pedal on to financial freedom.


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