Goal: Paying Cash for My Next Car
Beginning this month, I am saving up to hopefully pay cash for my next car. I have a 2004 Chevy Cavalier that recently rolled over 150K miles. I've driven this baby since my second year of grad school and it has been good to me. However, I KNOW that cars don't last forever and that I need to be preparing for the next one.
People sometimes ask me when I'm going to get a "doctor" car. My answer is always NEVAH!!! People, I'm a psychologist, not a physician. While I make a great salary, it's not "physician money" nor do I want to spend a lot on cars ever. I'm just not that interested in cars and know firsthand how they can be totaled in seconds. To me, they are a practical necessity.
I work in healthcare and park amongst physicians. BMW, Lexus, Cadillac...and my little Chevy. I'm pretty sure that safety and security checks my parking permit on the regular to see if I really belong in that lot. Tee hee!! This makes me chuckle. To be honest I feel a little smug about the whole situation- who says you have to inflate your lifestyle to fit in? I refuse.
Hello there!
At this moment, I'm leaning toward a pre-owned Honda Fit. Who knows what will happen in a year. My goal is to save about $14,000 over the next twelve months which will be possible as long as I bank all of my side income, stick to my budget*, and save a portion of my primary salary. It's do-able but will be a challenge. If I spend less than $14K- great!! I know for sure that I will not be spending any more. I just feel that that is a ton of money for a depreciating asset.
I was able to move some money around yesterday, so as of today I have $1000 and a bit of change in my car fund. I should have another $400-600 to add to that at the end of the month. I'll keep you updated on the progress I make each month as well as any financial set backs that occur. This will be the first time I will buy a car in cash. Wish me luck!!
*Which means buying fewer clothes. Sticking to my budget always means buying fewer clothes. And books. I know where my problem areas are. Ahem.
People sometimes ask me when I'm going to get a "doctor" car. My answer is always NEVAH!!! People, I'm a psychologist, not a physician. While I make a great salary, it's not "physician money" nor do I want to spend a lot on cars ever. I'm just not that interested in cars and know firsthand how they can be totaled in seconds. To me, they are a practical necessity.
I work in healthcare and park amongst physicians. BMW, Lexus, Cadillac...and my little Chevy. I'm pretty sure that safety and security checks my parking permit on the regular to see if I really belong in that lot. Tee hee!! This makes me chuckle. To be honest I feel a little smug about the whole situation- who says you have to inflate your lifestyle to fit in? I refuse.
Hello there!
At this moment, I'm leaning toward a pre-owned Honda Fit. Who knows what will happen in a year. My goal is to save about $14,000 over the next twelve months which will be possible as long as I bank all of my side income, stick to my budget*, and save a portion of my primary salary. It's do-able but will be a challenge. If I spend less than $14K- great!! I know for sure that I will not be spending any more. I just feel that that is a ton of money for a depreciating asset.
I was able to move some money around yesterday, so as of today I have $1000 and a bit of change in my car fund. I should have another $400-600 to add to that at the end of the month. I'll keep you updated on the progress I make each month as well as any financial set backs that occur. This will be the first time I will buy a car in cash. Wish me luck!!
*Which means buying fewer clothes. Sticking to my budget always means buying fewer clothes. And books. I know where my problem areas are. Ahem.
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-Jamie D.