Little Timmy needs braces, Susie needs new glasses (she really wants contacts), and your husband is sulking over the neighbor’s new big screen. On the other hand, you are struggling just to budget for groceries, cell phone payments, and then you notice that the car is close to kicking the bucket. You have noticed the paint chips flying off while your are driving and that stain on the driveway from whatever mystery fluid its been leaking. So the question is now how to budget for a new car while the price of cars is at an all time low?
Your first concerns should be what kind of car you plan on buying, how much it costs, and what house hold expenses you can cut in order to set aside some extra money to purchase the car. You are currently saving a certain amount of money each month to build your nest egg for a really rainy day, but you need to increase those savings now.
You are paying more than the minimum for all your current bills in order to keep yourself on track and possibly avoid a payment for a month or two later on. Since your main concern is getting a new car before this one costs you more, pay your minimum bills and put the extra on reserve. You should also look into your line of credit and see what kind of finance rating you are going to get if you decide to get a car loan. This will of course raise your monthly bills, but you will also be able to buy the car sooner than you think.