May 04 2010

Getting back on track with our savings

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?



6 Responses to “Getting back on track with our savings”

  1. Good job, Kacie! We paid $9500 for my car at a dealership–it’s a 2003 Toyota Camry, only one owner, no accidents, and 60,000 miles. I imagine if we’d purchased it from a private party it would be much closer to $6500-$7,000. I’m certain you can find a good car for $8,000!

    I recently sold my first car for $650–a 1994 Toyota Corolla. I paid $1600 cash for it in 2006 and besides routine maintenance had to replace the struts once ($450). We purchased the car from IU International students who had to sell it ASAP and return to their home country. Obviously this doesn’t work for EVERYONE, but I drove that car for 4 years with almost no problems and sold it for almost half of what I paid for it (I just wanted to be done with it, so we sold it on the cheap to our neighbor).

    We have our baby emergency fund ($1,000) all saved up now and it feels AWESOME to have an extra $200/month to kick our debt to the curb! (Update coming later today to you on that front.)

  2. Hi Kaci,
    Good job! I am sure you can find a good car. It will take a while, but you can do it. :)

    I started a Smarty Pig account for…Rosetta Stone! I want to learn another language so I thought this would be a good way to do it. I am not even sure what I want to learn yet. :)

  3. Way to go on working toward your goal!

    We are just a few hundred dollars away from our 6 months living expenses goal (this next paycheck should put us over!). We know that sometime in the next few years we will probably need to replace one of our cars (one is 10 years old, the other 17!), but we will roll that out of our living expenses savings and can always start building that back up again. So starting next paycheck we’ll be throwing all our extra money into savings for a house downpayment. Woohoo!
    .-= Susan´s last blog .. =-.

  4. Good job!

    You can definitely find a good car for that price. When we bought my car in 2004, we paid $5,500 for it. It was a ’99, one-owner, and it had 89,900 miles on it. I am still driving it and have had very few problems with it. In addition, I have put over 100k miles on it during the 6 years I’ve had it. Even taking inflation into account, you can find a great car :)

    It’s too bad they don’t make Oldsmobiles anymore, they really are great cars and last forever.

  5. Kacie, nice job!! You’ve always been such an inspiration when it comes to saving, working together for a common goal and achieving said goals.

    My goal is like Susan’s – to save up 6 months of living expenses. I just started this month, so I’m feeling very motivated. No struggles to report yet, but we’re early on in the game. ;)

    Good luck with the car! I would think you’d be able to find something decent for $8000. :)

    – Shayna from FabulousSavings.com

  6. We always buy used Volvo station wagons for a lot less than $8000. They are safe, and indestructible. Mileage means nothing on these babies: they last forever. Good Luck!
    .-= Bargain Junkie´s last blog ..ALWAYS QUESTION THE PRICE =-.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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