My Squirrel Accounts to the Rescue
Just a real quick one-- I have previously written about setting up what I called, "Squirrel Accounts" (Squirrel Accounts . . . Do Yourself a Favor and Set One Up).
Recently, I had an issue with my car that was beyond my capabilities to repair. Thankfully, my Squirrel Accounts were there to cover this unexpected expense (I had expected it months from now). My little savings accounts lessened the blow.
My car is running fine and now it is time to start re-funding the accounts with the money used for the repair. Again, I can't reiterate the importance of these little "set it and forget it" savings accounts.
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Categories: Automotive, Personal Finance, DIY, Frugality, Personal Philosophy
Tags: Automotive Personal Finance Preparedness Budgeting Frugality Tips Tricks Techniques Frugal How to ideas DIY Personal Philosophy
Hi! I think we all forget every time we drive our cars we are using them up. Each month we should put at least $50 away just to cover reapirs. And another $50 to cover replacement costs. If you really want to be brave drive an older car and pay yourself the payment every month. After about 3 years you can buy a newer car for cash ($400 a month times 36 =$14,400.)
Also I have this theory about cars. I have spent about $6,000 on cars and reapirs for the last 12 years (not including gas, regular maintance like oil changes, or insurance.) Just to buy and repair my cars. How?
I get cars that run great but no one really wants. Many people I know will get a new car and donate there old one or sell it to me for around $500, which is about the trade off the would have gotten from dealer. I have even had 3 cars given to me. Granted these cars are all over 10 year sold, but still have worked for me. My theory is that you can get a reliable car for about $1,000-$1,500 if you are not picky. And my cars for the most part all looked nice as well. One looked almost new. My car now is a 1998 Chevy Lumina. It had 1 owner who maintained it well. He had 2 minor fender benders in it (slight dent in front.) But since he was 78, he lost his license (he was losing his sight, he needed to lose his license.) He insisted that he give me the car ( I know his family.)
Of course I see that as a blessing from God, but I think we all need to look at cars differently.
Either way you look at them, cost in the factor of repairs and replacement every month!!!
Thanks for your blog!!!
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