How This EveryDollar User Bought a Car in Cash

How This EveryDollar User Bought a Car in Cash

Lucas paid cash for his very first car, but when it died, he thought he was done driving older cars. Instead of saving up to pay cash or buying something in his price range, he turned to financing. “When that first car died, I decided I wanted something newer,” he explained. “So I took out a loan and bought what I wanted.”

He didn’t love his purchase for long. Even though he bought a used car, he still brought home a used car loan. And it sang to the tune of $390 a month. Ouch!

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How This EveryDollar Couple Paid Cash for a Truck

How This EveryDollar Couple Paid Cash for a Truck

When Joanna made the trip from New Zealand to Colorado, she didn’t expect to make the United States her home. “I came over to stay with a lady on a ranch who needed someone to help train horses,” she explained. It sounded like fun, so she hopped on a plane and came over.

Less than a week after she arrived, she met Mark, the man who would soon become her husband.

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How to Get Rid of Your Car Payment and Pay Cash for Your Next Car

How to Get Rid of Your Car Payment and Pay Cash for Your Next Car

Remember when your car was a symbol of your independence? Having your own set of wheels meant having the freedom to go wherever and do whatever you wanted.

As an adult, your car is essential to everyday life. It gets you to work, your kids to school and your errands accomplished—all day, every day. But you probably don’t see your car as an emblem of your freedom anymore. In fact, your car may sometimes feel like an anchor weighing down your budget and keeping you from reaching important money goals.

We often accept that life with a car payment is an unbreakable cycle: If you want to drive, you have to pay the price, right? But it’s a myth, and you don’t have to accept it!

With smart budgeting, it is possible to get rid of your car payment and save up to pay cash for your next car. How can you do it? Let’s start by taking a look at everything that goes into your transportation budget.

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Lesson 4: How to Save $500 on Transportation

Lesson 4: How to Save $500 on Transportation

A recent report from Experian shows that the average new-car payment has reached its highest level ever: $482 a month! Between that kind of payment, loan interest and insurance prices, there’s lots of room to save money.

Here are three ways to save $500 or more when it comes to getting around.

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