Collins Community Credit Union

The Triple CU Scoop - Saving for a new car!

Published on Jun 04, 2013

As you may recall in one of my past posts I recently had to replace the back brakes on my car, which cost me a substantial amount of money. 

In my car’s defense it is ten years old, so it was about time for a major repair.  Needless to say I was frustrated with the situation, I mean who isn’t when it comes to spending a large amount of money on car repairs?  I was especially frustrated because here I am, a recent college grad, trying to make the smart decision and not buy a new car right out of school and wham!  Life kicks me in the butt.  I was sticking it out, driving my old rusty Ford Focus around until I could save up for something more reliable.  I couldn’t help but think about how the money I spent to repair the car could have been put towards a down payment for a newer car. 
I quickly got over my frustration and realized that life happens and I need to be prepared.  I needed to set a goal and put money aside so that I could get a new (to me) car, and to do so I started using Money Meter
With Money Meter I can set goals and track my progress.  I specify what the goal is and when I want to complete that goal.  For example, I want to set aside $3,000 to use as a down payment on a car in one year.  That means that I need to save $270 a month to achieve my goal.  That may seem like a lot, but $270 is about the amount of a monthly car payment.  If I can put that money into savings each month then I know I’ll be able to afford a car payment each month. 
Whether you are saving for a car, a wedding or a college education Money Meter can customize your goals and track your progress.  Login into CU Online to get started today!

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