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.