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thinking...saving big expenses


Forum: Financial Planning and Budgeting

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  #1  
January 30th, 2010, 12:28 PM
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Join Date: Oct 2004
Location: *queen city* of North Carolina
Posts: 9,497
How do you save for the big expenses? OR rather how do you stay patient?

We know infant child care for the first year will be about $12,000. After that it will drop in half as I get a discount at my job. Dd will start school in August 2011 and we decided we'd TTC #2 sometime after that. So we'll have at least 9 months during pregnancy plus a year and half to save for child care. I think it is a completely realistic goal. We'll also be debt free this year (so we'll have a good year at least if we concieve right away).

We're also tossing around the idea of a second car. We've been tossing around the idea of getting a second car (or truck) for DH. He wants a Honda Ridgeline, but said an F-150 is he second choice. Both expensive trucks. BUT we've got to figure out something. Our current car payment is $333, and have a 3.5% interest rate on the loan. I know a lot of people would choose to get a second car, but given that we'll be debt free - we do need a fully stocked e-fund - but at the same time our day to day life is getting unbearable with only one car (Dh and I's work schedules are conflicting and wont be the same EVER). So we're really torn on (A) the best time to buy, (B) how much down payment we should really have because we can't buy in cash
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  #2  
January 30th, 2010, 07:38 PM
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Join Date: Aug 2005
Location: Texas
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You may already be thinking this - but I say go with a used car! You can save a ton of money buying a car that is 1-3 years old, but still in great shape. We bought a used mini-van that was a little over 2 years old, that would have been way out of our range new. We put a large down payment down and paid if off within a couple years.

I'd suggest trying to have several thousand for a down payment. If you just wanted to get a newer car, I'd say you should wait until you had a big down payment, BUT I know having only 1 car is probably very hard and waiting 6 months may not be an option. In that case, buy less car so you can keep your monthly payments down. Big car payments = not much money put into savings.

Good job being disciplined to save!!!
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  #3  
February 1st, 2010, 05:56 PM
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I deff thinking a used car/truck. But Dh has reservations about getting a used car. Perhaps since it wont be the "family" car he might be more open to it, but in that past he hasn't been trilled!

We're not even thinking about buy a car for another 4 to 6 months so ya know.
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  #4  
February 2nd, 2010, 08:59 PM
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Quote:
Originally Posted by Fallen2Love View Post
I deff thinking a used car/truck. But Dh has reservations about getting a used car. Perhaps since it wont be the "family" car he might be more open to it, but in that past he hasn't been trilled!

We're not even thinking about buy a car for another 4 to 6 months so ya know.
We always take any used car that we buy to a separate mechanic before we buy it to make sure there are no problems that we don't know about. It costs about $90, but well worth it I think! That might help.
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  #5  
February 6th, 2010, 06:26 AM
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I've suggested that Totally not logical, and really buying a new car is silly b/c they loss so much value just by driving it off the lot. And DH knows that. IDK, we'll see what happens. If he wants the truck of his dreams then he's going to have to find it used I'm sure.
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  #6  
February 16th, 2010, 07:41 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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I would also go for an used car.

Good way to displine yourself. It is very hard to save money now a days
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