So you’ve decided to start planning for a car purchase and need to come up with a budget to make everything work within your financial goals.
You are in the perfect place to achieve that result.
Let's Jump in!
Make a Budget
Create a budget worksheet to see how much you are spending and bringing in from month to month. This is a great way to manage your finances and really see the true numbers to determine your position. This is also a great time to clean house and cut loose expenses that no longer serve you and where you are going.
Not a bad time to think about adding some side hustle cash flow to your income too. If you want to make your investment work for you think about companies like Uber, Lyft, Instacart, Doordash, Grubhub, Postmates, Turo, HyreCar, DriveShare & Wingz to bring in cash with your car. Want to continue to save a bit more before you commit to a vehicle purchase, try using something like carpoolworld.com for free carpooling and ride shares. Sometimes finding creative ways will produce opportunities you didn’t know were there.
Check out this YouTube channel for some Inspo: The Rideshare Guy
Track your Income
Enter your Expenses
-Food & Family
Compare your Income + Expenses
What is the difference between your monthly Income vs. Expenses. What do you actually have left over and what are you doing with it. Remember to include a money goals section to be sure you are adding to retirement , vacations , emergency fund or anything that is crucial to your future plan.
Make a savings priority list in the order of things that are most important to you so you stay focused on your true goals and don’t carelessly spend your money.
After you have done a serious inspection of your monthly budget you can have a clear view on exactly what you would be comfortable spending on a vehicle. Be sure not only to account for monthly costs (insurance, maintenance, gas + tolls, storage/parking) but the purchase price of the vehicle with interest + expenses.
“Discipline is choosing between what you want now and what you want most.”
~ Abraham Lincoln
xo ~ Lori
CEO & Founder