Wednesday, June 25, 2008

The car breakdown (hehe, I'm punny)

Well, here's the skinny on my vehicular situation. I have decided to drive the thing for 1-2 more years or until it hits 200,000 miles. Which is only 40,000 miles away. Here's how I am planning to skimp and save to get the money saved up to pay for most (if not all) of my new wheels.
  1. I opened a high interest savings account with HSBC Direct. I'm currently getting 3.5% APY.
    • When I learn how to do math I will let you know how much I should expect to earn from said account during the year.
  2. I am planning, starting with my next paycheck, to put $200-300 in this account as a pretend car payment.
    • I say $200-300 because that's what I'm hoping would be my car payment if I got a car today and I don't know how much I will be able to put away right now. There is more math that needs to be done.
I still have to sit down and work out a budget. I've been trying, but since I'm living with my parents several notable parts of my current budget disappear. Like: rent, utilities, and my grocery bill. It's making budgeting a little too easy and because of that I feel like I need to be wary. Is there something that I haven't considered? I also may be moving out of my parent's place in the near future (one can only hope) and that may change things too. So, my new monthly budget will be coming soon. Stay tuned!

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