I’ve mentioned many times that in our family’s budget, I have budgeted an “auto fund” which is where we automatically transfer $75 a week to a savings account designated for all things car-related. So, if one of our cars was to break down and we needed to repair it, the money would come from this account. I would simply just transfer the money from our auto fund savings account to our checking account.
This account has saved our tails more times than I can count. It not only holds us accountable for keeping auto stuff in our budget by having it automatically withdrawn every week but it also allows us to not have to stress over major car stuff. Both of our cars are over 10 years old and have high mileage on them and as such they usually end up needing a few repairs every year. They also need things like tires, oil changes (**bonus tip, if you have an older vehicle make sure you up the weight of the oil you use. The thicker consistency will help lubricate your engine better and help it preform better with higher mileage.), brakes, and the list goes on.
If you need more convincing on building up your family’s auto fund account, here’s the story behind our $5,000 truck repair that really should have only costs us pennies….(you can read the full post here on Thrifty Little Mom or the spinet below)
Way back in 2009, my husband and I were newlyweds. We were still trying to figure out this whole managing money together thing. It was not easy and by the end of 2009, we had learned a very valuable lesson in managing money, to the tune of $5,000.
My husband was in his first year of owning his own business and using his truck as a workhorse. His truck was almost paid for and ran like a champion. Then one day, she did not run like a champion. It was a hot summer day when she started acting up.
My husband is a total handy man and will try and try to diagnose and fix a problem himself before paying someone else to do it for him. Therefore, my husband and his best friend sacrificed precious working hours to try to fix his truck.
Only, they could not figure out the problem. My husband had no choice but to bring her in to the shop to determine why she was running was bad. The shop told him it was the radiator. Once again, my husband was not about to pay to have them replace the radiator since it was going to be double what he could do it for. So he replaced it, only that did not solve the problem.
Back to the shop she went and another diagnosis telling my husband that it was the water pump. Once again, my husband replaced what they told him was wrong. This continued for a week until I finally looked at my husband and said, “We have paid $5,000 chasing a fire, which is the current value of your truck. If you spend one more dime fixing your truck and it does not fix it, we will have to sell it and get another truck. We cannot keep spending money like this because we do not have it.”
Read the full post here on Thrifty Little Mom
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