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The Family Piggy Bank The Family Piggy Bank

52 Week Money Saving Challenge (Week 20)

Posted by on May. 15, 2013 at 1:48 PM
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1 mom liked this

Hi everyone!

We are in the middle of Week 20 and if you are following the chart, you should have saved $210.00 by the end of this week.

Check in and let us know how you are doing and....

Do you believe in financing items smaller items such as cars, furniture, electronics or saving until you can pay cash??

Have a great rest of the week!

by on May. 15, 2013 at 1:48 PM
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Replies (1-10):
ivf_blessed
by Bronze Member on May. 15, 2013 at 2:03 PM

Hi all!

I am still on track with my saving and so are the kiddos!

I was sitting with my bosses today and one of them was saying that he wanted to get rid of his sedan and buy an SUV.  He was looking at a 2010 used SUV.  He said, I am still waiting to hear back on a price...if it starts with a 5 - he (the guy selling it) can forget it. 

I was thinking $5000 but then a minute later he said, I know the newer ones cost $50-$60k but I wouldn't think a used one would be more than $40k.  I couldn't help myself...I practically yelled "YOU ARE GOING TO SPEND FORTY THOUSAND DOLLARS ON A CAR?!?!?"  I think it embarrassed him a little bit and I felt bad but honestly, I could not imagine spending that much money on a CAR.

I financed my last car for 5 years, it cost $20k brand new.  I paid it off in 2 years and decided I would NEVER finance a car again - nor would I buy a brand new car again.  I am still driving that car 10 years later and I will until it dies.  In the meantime, I have a "New to Me Car" Sinking Fund that I put aside money each month so I can eventually get myself a 'new car'.

I have taken advantage of the 0% interest on furniture and a washer/dryer combo in the past and paid those off before the time period was up.  Now that I am more financially stable, I have started a sinking fund for those types as things as well.

I hope everyone is having a great week!

 

baconbits
by Bronze Member on May. 15, 2013 at 2:56 PM
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 I'm behind on mine by weeks but ahead in money so I guess I'll look on it as being ahead. DH hasn't worked a lot lately so it has cut into any extras. I don't consider a car the same as furniture and electronics. It's a much higher price. I just paid cash for my new couch and it was $600. My new to me SUV ran $6,000 and I fianaced it. However I did pay it off early. My dh's truck was going to cost us over $3,000 for repairs so we opted to buy him a new to him truck and had to fianance it. It's for 5 years but I'm think it will be gone in 3. If the old one hadn't had over 200,000 miles we might have fixed it but I don't think it was worth it.

sugapie0305
by Member on May. 15, 2013 at 6:41 PM
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I'm still on track with my piggy bank and have the $210 plus extra in loose change and a few extra $1 bills. My savings account I have $900. I'm already exciting to see that account hit the $1000 mark and not much longer on that =)

As far as financing... I would rather save up to pay. I know cars can be different and if I needed to finance, then I probably would. Other than that, I rather pay cash in the full amount with no worries.

Mrsray81
by New Member on May. 15, 2013 at 6:48 PM
1 mom liked this

I just saw this forum. I'm gonna start today and put money in. Ill try to catch all you ladies. 

Larisa72
by Member on May. 15, 2013 at 6:54 PM
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lol  I have exactly $60 now....BUT...got the check for my sewing job and it's on the way to the bank account...part will be used to pay for a summer class for DS, part will be withdrawn and put in my till....

ivf_blessed
by Bronze Member on May. 16, 2013 at 12:47 PM
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Sorry ladies!  I didn't mean to make it sound like it's a bad thing to finance the purchase of a car.  It is definitely different than furniture, appliances & electronics.

I just firmly believe money can be saved to purchase a decent car without having to finance it if you plan ahead & budget for it.  Of course there are always emergencies or 'life happens' sort of stuff that could make it a necessity to finance a car purchase - this is the case for a lot of folks and could be for me if my car died tomorrow.  I could find a used car for the $3k I have saved so far but would I WANT a car for $3k or would I choose to finance an extra $3-7k to get a better car?  I'm going to try my hardest to find a car for $3k first.

My point is, there are some folks that 'overspend' on a vehicle just because they can finance.  I mean, who needs a $60k car?!

And then there are folks that buy a new car every 3-5 years just because they always want a 'new car' and have the never ending car payment.

I am not being judgemental - to each his own IMO - these are just things I wouldn't ever do...again.  LOL

 

lovingjx3lild
by Member on May. 17, 2013 at 4:15 PM

 Hey i'm checking in....I'm still on track with my saving. Hope everyone else is doing great.

Larisa72
by Member on May. 18, 2013 at 8:57 AM

I don't understand the people that spend a fortune to have a HumVee, then live in a trailer park...makes no sense....to me, it is better to have a nice, solid house, and a smaller, more fuel-efficient car...and yes, we have 2 that are financed, but mine is more than half paid off (got it in 2011, it's a 2010) and hubby's is making progress (2011 he got in 2012).....and we maintain them so they are literally run into the ground and need major work before we start looking for a replacement.....which is one more reason I want to get back on track with this challenge....so that the money is there for a new car when the time is right, or emergencies that may come up....should hopefully be back on track by the end of next week (once check gets in the bank, etc.)

mommy_2_be_2010
by Member on May. 23, 2013 at 10:50 AM
My plan is to start next month with $30(i'm broke right now and on a limited income because i get disability) and then anywhere between $5-$20 after my kiddo will be getting the change and i'm going to try and keep at least $25-$50 in the bank provided we don't go out to eat(it's just me and kiddo) like we have been......

Wish me luck ladies
DisabledVet
by Member on May. 24, 2013 at 2:15 PM

It depends on the circumstances. If your car breaks down and isn't worth fixing getting a new car makes sense. There are always variables.

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