We want to see our savings account increase at a much faster pace than it has in previous months.
We want to get enough cash together to buy a second vehicle when we need it. We don’t have a need for a second car right now, but we do think sometime within the next year or so, we’ll need one so we’re trying to plan ahead on this.
Our target amount is $8,000. Be real with me folks — that ought to be enough to get a decent used car or van or something, right? Something that doesn’t have a ton of miles and still has 5 or so years (at least) of life in it. Yeah?
If we need to spend a little more, I suppose we can, but we’d like to keep it as small as reasonably possible of course. We want to avoid a car loan.
Once we add another vehicle, our car insurance and other car-related expenses will rise, too.
Our (paid for!) car will have her fourth birthday tomorrow. Yay! Shirley has 34,085 miles. I’m the original driver. We’re hopeful that she still has a long life ahead of her.
Kelley Blue Book says Shirley is worth around $7,000 if sold to a private party. I have no intentions of selling, but it gives me hope that we’ll be able to find something decent at that price point.
So anyway, we’re at about 42% of our savings goal. (See my sidebar for the progress bar).
We’re committing all of my freelance and blog earnings to this savings account. Previously, some of my earnings went to it, but it also got absorbed in our regular monthly spending for odds and ends. No more.
Shane’s paycheck will contribute as much as we possibly can without compromising other budget categories.
I’m also planning on selling a couple of things on eBay. Probably won’t net a lot, but maybe $100 or so and every little bit counts.
What savings goal are you working toward? How’s it going?