Did you just buy a new car? Congratulations! Now, start saving for your next one.
The Financial Coach at Capital Budget Strategies, LLC, Austin’s best Financial Coach, wants to help you save money for future expenses you know you will have to pay. Don’t waste your money, save it!
Most likely this will not be your last vehicle purchase, right? In about 5, 7 or 10 years, you are going to need a new car. You have two choices: take out an auto loan (currently charging 9.5%) or pay with cash.
Yes, I said pay with cash, meaning no auto loan. When you finance a new car, who holds the car title, meaning who owns it? Either a bank or the dealership. That is why guys with tow trucks and pit bulls come in the middle of the night to “repossess” your car when you default on your loan.
When you pay cash, you get the vehicle title. You own the car when you drive it off the lot!
As an example, you determine you will buy a new car in 7 years and plan to spend about $30,000. Why not open a savings account and deposit $357/month into it? In 7 years, you will have $30,000 and a car title. Best part, if a family emergency arises before the time is up, you will have lots of cash available.
It is a fact; you WILL need a new car. Why not start saving now? Even if you need a car in 5 years, you will still have a very large down payment to lower your monthly payments.
For only $149, the Money Coach at Capital Budget Strategies, LLC, will meet with you one-on-one via Zoom and help you set up an emergency fund, deal with your debt, build a personalized monthly budget, determine future expenditures, review your retirement savings, explain social security and credit reports and help you get financially organized. Thus, reducing the financial stress in your life!
Enjoy your new car and do not forget to check your tire pressure!