So I just bought a car and my payments are about $478, plus insurance that’s $249.65. Right now I’m on sub pay, but I’ll be starting a full-time teaching job in January. I had no choice but to get a car since prices were about the same everywhere. Any tips to make sure I don’t miss payments or run out of money?
If you don’t have a budget, start one now! My husband and I use a Google Sheet to track expenses, due dates, how much is owed, and what’s on autopay. Look at your last few months of transactions to find anything to cut, like subscriptions or takeout. Also, check grocery ads for meal ideas to save money. We use grocery pickup to avoid impulse buys, so we know what we’re spending before we go!
I’m assuming you can afford that car with those payments? You really need to know your numbers. $500 a month isn’t outrageous, but depending on your loan terms, the car could cost you a lot. Just saying! You should consider using a free budgeting app like EveryDollar to get a grip on your finances.
You need to gather all your expected incomes and expenses. That’s the only way to see if you’re in a tight spot. I recommend a graphical budget planner; it’ll help you see your cash flow and adjust expenses as needed. Good luck!
Check out these resources for budgeting tips: Personal Finance for Beginners:Simple Steps to Manage Money and Build wealth - The Learning Page and Top Free Personal Finance Software - Unlock Your Financial Potentia - The Learning Page. They have tons of helpful info!
I appreciate all the advice! Just trying to make sure I handle this responsibility well. I feel a bit overwhelmed, but I can do this!