Hello! Here’s a guest post from a reader, Nick. Nick was feeling stuck a few years ago and wasn’t making progress on his student loans. He ended up researching a lot about salaries and the cost of living for English teachers in China and realized that he would be able to save far more money […]
The post I taught English in China to pay off my student loans appeared first on Making Sense Of Cents.
Early retirement has been extremely popular lately, and I’m sure you’ve been hearing about it a ton. Between “Why I Hate the FIRE Movement,” says Suze Orman (from Afford Anything), Mr. Money Mustache, and any of the other amazing FIRE blogs, early retirement has been in the news a lot lately. And, I love it! […]
The post How Is Early Retirement Even Possible? appeared first on Making Sense Of Cents.
The number one money-saving tip people search for on Google is “how to save money on groceries.” Of course it is, food is one of the few things you need to survive and eating at home is way cheaper than…
The post How to Save Money on Groceries Without Clipping a Single Coupon appeared first on Modern Frugality.
Well, that was fast! I just got my check and it’s all going to bills! Sound familiar? If so, you’re might be living paycheck to paycheck. If you’re struggling to make ends meet with your income, you’re not alone. In fact, 74% of Americans are living paycheck to paycheck according to a survey from the […]
The post 9 Simple Steps: How to Stop Living Paycheck to Paycheck for Good appeared first on Incomist.
s Transferring your debt to 0% interest balance transfer credit cards seems like a no-brainer right? You’ll pay no interest for a promotional period of time so 100% of your payment will go to the principal. Sounds like a win to me. And quite often it is a win. But not always. When you know […]
The post Pros and Cons of 0% Interest Balance Transfer Credit Cards appeared first on Incomist.
Get the inside scoop from a grocery store veteran on how to save money on groceries before even stepping foot in a store! Everyone always wants to inside scoop, no matter what you’re talking about! Because let’s face it, us moms need all the tips, hacks, and genius ideas we can get! Doing things the […]
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The post 13 Tips on How to Save Money on Groceries Before You Shop appeared first on Money for the Mamas.
The 50/30/20 rule (also referred to as the 50/20/30 rule) is one method of budgeting that can help you keep your spending in alignment with your savings goals. Budgets should be about more than just paying your bills on…
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The post 50/30/20 Budgeting Rule: How to Use It [Instructions + Calculator] appeared first on MintLife Blog.
Have you been spending lots of time at home? Creating a household budget can help you get a handle on where youâre spendingâand where you can find ways to save.
The post How to Save More Money in the Stay-at-Home Economy by Focusing on What Matters Most appeared first on Discover Bank – Banking Topics Blog.
If you absolutely have to move right nowâthen here is everything you need to know about how to move safely during the COVID-19 pandemic.
The post Everything You Need to Know About Moving Safely During the Coronavirus PandemicâIf You Must appeared first on Real Estate News & Insights | realtor.com®.
Are you in the market for a new or new-to-you car? If so, you’ve probably wondered “How much car can I afford?”
While your local car dealership might be happy to tell you the sky’s the limit regarding your car purchase, your personal budget might be telling you a different story. Spending more than you can afford on a car turns that car from a blessing into a burden.
Deciding how much to spend on a car starts with knowing your current financial numbers. You'll need to know your current income, expenses, and savings amounts.
There are several financial factors that can influence how much you should spend on a car. The amount of money you earn, of course, needs to be taken into account.
When determining how much you earn, always use your net take-home pay to start with. From there, factor in the other financial obligations you have.
In other words, look at your budget. If you don’t normally use one, now is a good time to start. Having a clear view of all other monthly financial obligations will help you better determine how much you can afford.
The 50-30-20 budget plan can be helpful. In short, the 50-30-20 budget plan works like this:
There are many ways to design a budget, but the 50-30-20 budget gives you a good place to start. It will certainly point out of there are any areas that are totally out of whack.
Having a healthy savings account balance is important when making a car purchase as well. If you don’t have an emergency fund with a balance equal to three to six months’ worth of expenses, building that emergency fund up should be a priority.
If you don’t have an emergency fund with a balance equal to three to six months’ worth of expenses, building that emergency fund up should be a priority.
With an added car payment, having a plush savings balance will help you ensure you can cover the new payment even if you hit a financial bump. Or, for instance, if the car needs repairs.
Once you have looked at your budget and determined the amount of money per month you are comfortable spending on a car you'll want to be clear on the total car costs before you make your purchase. Affording a new car isn’t simply about the payment.
There are several other costs associated with car ownership, such as:
You can call your insurance company ahead of time and get a quote for the new vehicle you're considering. If you are still trying to narrow down what type of car you want, check out this list of the most and the least expensive cars to insure.
Call your insurance company ahead of time and get a quote for the new vehicle you're considering.
Fuel costs are fairly easy to determine. A Google search will give you the MPGs of any car you could think of. Compare that to your current car to see if your costs will change.
Maintenance and repair costs can be harder to determine but you can get an idea by using averages across a brand. Here's an article from Autowise that displays the cheapest and most expensive cars to maintain.
Be sure to factor in an accurate estimate of these additional car ownership costs as you determine a purchase price and payment amount you’re comfortable with.
Doing your due diligence as you shop for a car loan is important as well. You do not have to get financing through the dealership. You will likely do better getting a loan yourself through your bank. At the very least, have an understanding of what rate you would qualify for before heading into the dealership so you know if they are offering you a fair rate.
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