Establish a Car Replacement Fund for the New Year

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My father always told me that the only things I had to borrow in my life were my home, my homework, and my education.

Everything else has to be paid for with money.

“If you can’t afford it, you can’t afford it,” he told me.

I think this is a good idea for everyone, including babysitters.

This means that caregivers have to pay for their car.

Of course this is hard for many to do. Many child caregivers, like everyone else, put money down and take out a loan to buy a car. As a result, you pay interest on your debt. The money you spend on interest rates can be used to achieve short- or long-term financial goals.

Here’s how to put one together for use with your car.

Step 1: Hold on to your modern car for as long as you can and pay off any debt on it as soon as possible.

Step 2: Start setting aside money in a monthly savings account on your next car.

Step 3: When you buy a car, donate as much money as you can using the money you have set aside and other savings you may have at the time.

Step 4: Pay off your new car loan as soon as you can and keep investing in your next car.

Hopefully, every time you buy a car the amount you pay is much higher until you are able to pay the full amount. It may take you several years to reach this goal. But it is worth it!

We live in an age of car enthusiasts who encourage us to buy new luxury cars in a few years. But most of us cannot afford to do that. Most child caregivers buy old cars and do not spend as much money as they do. Paying for your car will help you save money on your car.

I have written a pamphlet that explains in detail how to set up a car bag.

Tom Copeland – www.tomcopelandblog.com

Image: https://www.nytimes.com/2021/10/21/business/autonation-profits-car-prices.html

For more information on how to manage your finances, see my Family Child Care Money Management and Retirement Guide.


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Categories: Financial Management, Financial Management & Retirement





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