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I have made my decision

July 19th, 2017 at 03:17 am

So...over the past month I have started my "Loose Change Fund". Currently, I have about $57.00 in it. Mostly from tiny CC cash rewards and a jar of change I finally got around to taking to Coin Star.

This evening while filing some paperwork specific to the payoff of my car (I wrote the check and mailed it last Friday), I realized that in two years, my youngest daughter will be ready to take on her first vehicle. Over the past five years, I have been able to payoff my vehicles as they fall out of reimbursement due to depreciation and put them in storage for each of my previous two kids. My middle child just put her's on the road this past February. As I said, my youngest turns 15 in November, 2017, will turn 16 in November 2018 and at that point, will get her learners permit. After driving for six months, she can take her road test which will qualify her for her Jr. License.

All said, in 22 months, I'll be looking to gift her my car, as I have her two siblings, and purchase a new vehicle. My thought is, I have 22 months to get creative in my "Loose Change Account" deposits of which, I can put towards paying cash for my next car. I hope to never finance one again and I think if I focus, I can most likely surprise myself with the amount I can sock away without adversely affecting my other investments.

We shall see, but I thought it a good idea nonetheless. It certainly gives me something to shoot for.

2 Responses to “I have made my decision”

  1. VS_ozgirl Says:

    That's a great idea, I also hate the idea of financing cars, the interest is such a waste of money.

  2. patientsaver Says:

    Will you be getting a raise this year? You can divert that to your new car fund.

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