Live Within Your Means

Buying a new car

So you need to purchase a car or truck?  Why not Buy Wise and save before the major purchase.  Vehicle purchases have a major impact on the household budget.  Avoid higher cost option of leasing or Fleecing.  Let’s discuss the future goal and figure out how much should be saved monthly to avoid financing and purchase in cash.

SAVING FOR COLLEGE

College costs are going up an average of 4% annually over the last 10 years (U.S. Department of Education).  Reviewing expected future costs for college for your children and setting a savings plan with defined monthly contributions can make it possible to achieve this goal.

HOME PURCHASE

Purchasing a house is the largest purchase in most people’s lifetime.  This single transaction can have a dramatic impact on your monthly expenses and the financial well-being of the household for many years.  A 20% down payment and limiting Housing expenses (Mortgage, taxes, insurance, and utilities) to 35% of income is a responsible approach to this major purchase.

Useful Links

CPFB What should I know about the differences between leasing and buying a vehicle?
https://www.consumerfinance.gov/differences-between-leasing-and-buying-a-vehicle Lease vs Buy A Car
https://www.bankrate.com/calculators/auto/lease-buy-car.aspx 529B College Savings Plans
Fidelity.com/529-plans/overview CFPB Decision to Rent or Buy
https://www.consumerfinance.gov/making-decision-rent-or-buy