OH and I just got my Alliant membership package in the mail. I'm also a member of the credit union at my job and BOA 
@jazz_collegegrad08 wrote:
OH and I just got my Alliant membership package in the mail. I'm also a member of the credit union at my job and BOA
Good job CU's are a great place to "bank."
I would like to just reiterate a little advice as Matt and others stated. Open the savings account and begin making "payments" into it that are equivalent to your expected monthly payment PLUS any addition costs, such as "full coverage insurance" as well as any other costs you will incur with a new car that you are not burdened with owning outright as you do now.
You need to make sure you can bare these costs IN ADDITION to a savings plan on top of that. You need to be able to save money on top of your expenses, including the iminent car payment down the road. So you need to establish these habits and learn to live within those budgetary limitations so that it is no a hardship when you have to figure out where and what to cut later.
Good luck and glad to hear it was only the starter. IMO, maintain the car you have as well as possible and drive it as long as possible while you save your equivalent payments as mentioned. Every month longer that you drive your existing car is money in the bank and effectively a profit to you.
A 2004 if well maintained could easily (under normal conditions) be driven for another 5 years. And though that may not be the nicest drive, you could pay cash for your car if you save the monthly payment for just 3 years, since you won't be paying interest, you will be earning it!
@Anonymous wrote:
@jazz_collegegrad08 wrote:
OH and I just got my Alliant membership package in the mail. I'm also a member of the credit union at my job and BOA
Good job
I would like to just reiterate a little advice as Matt and others stated. Open the savings account and begin making "payments" into it that are equivalent to your expected monthly payment PLUS any addition costs, such as "full coverage insurance" as well as any other costs you will incur with a new car that you are not burdened with owning outright as you do now.
You need to make sure you can bare these costs IN ADDITION to a savings plan on top of that. You need to be able to save money on top of your expenses, including the iminent car payment down the road. So you need to establish these habits and learn to live within those budgetary limitations so that it is no a hardship when you have to figure out where and what to cut later.
Good luck and glad to hear it was only the starter. IMO, maintain the car you have as well as possible and drive it as long as possible while you save your equivalent payments as mentioned. Every month longer that you drive your existing car is money in the bank and effectively a profit to you.
A 2004 if well maintained could easily (under normal conditions) be driven for another 5 years. And though that may not be the nicest drive, you could pay cash for your car if you save the monthly payment for just 3 years, since you won't be paying interest, you will be earning it!
Exactly so, and similarly down the road when preparing for home ownership one can talk with friends and relatives who own homes about all the costs (principal, interest, insurance, taxes, reserves for maintenance, etc.) and open a new savings account dedicated to pretending one already owns the home in order to practice living within its budgetary consequences.
@jazz_collegegrad08 wrote:Yes, I have a 3yr old and a 4 month old- they require money. No, I'm not married. I'm 23 yrs old if anyone needs to know and has been working in the medical field for 1 year this month
Yes, student loans = about $450 a month
I'm moving so I don't have to cough up the $800 a month to a cheaper apartment complex
FYI: I could afford a downpayment hadn't my car died in the middle of a pay period and I just used my savings on another emergency. I have been saving money every month but I had to pay off some medical bills >$1000 when I had my baby. I know my credit sucks and I'm working on it. I messed up around the time I was graduating from college before I had a job. I had to spend the little I had on important stuff like food and housing. NO I do not qualify for public assistance as I make too much money.
You are taking my statements as a personal attack.
In general I believe that 95% of Americans (who are not living hand to mouth- and even those people smoke or drink) spend some sort of money friviolously and do not save nearly enough.
Either societal pressure, personality disorders, the way they were taught, or just not actually evaluating the costs/benefits of their actions.
I am not perfect. I subscribe to NETFLIX and three magazine subscriptions when in reality I could just use the library. I have been going out a lot lately for different events and even to the best of my intentions overspending. I am obsessive compulsive so I have more household cleaning supplies than any sane person should own.
I do think though that you are not saving enough each month, and probably could cut corners in some way shape or form to save more money- if you are not packing a lunch, packing store bought soda instead of vending machine yeah you are squadering money you (with your own admission) simply do not have.