Financial awareness

I've made a lot of poor decisions in my life. Poor decisions come with great benefit: the learning experience. But I wish I could rewind my life and change some of those choices. Granted, I wouldn't be who I am today if it weren't for many of the decisions I've made, but I am speaking more along the lines of financial decisions.

To put it bluntly, I've spent plenty of money on stupid shit. The biggest regret is all of the cover charges, drinks, and travel costs to participate in the night life; Missoula, Eugene, Chico, Redding, Spokane, Las Vegas, Salt Lake City, and all over the Portland-metro area. But what sparked my thoughts on this subject was an acquaintance purchasing a new car.

 This is red door fury. I will have her until she falls apart.

I've had a few cars over the last 8+ years and it wasn't until the beginning of 2011 that I finally paid off my most recent car, my civic pictured above. I think about all of the dollars that were given to the car dealership and loan company and I cringe. I think about how many months that extra $250.00+ would've been nice to have and how much I could've saved at this point in my life had I put that into a savings instead of into the hands of the loan company(ies).

Think about this: I know a few people who've financed a new car. The car payment was said to be somewhere around $400.00 (yeah, I know) and the payment plan is 5-6 years or 60-72 months. So, over a twelve month period, you mean to tell me there won't be a month where an extra $400.00 won't be nice? Now imagine how nice $400.00 a month would be over a 6 year period.

My car is finally paid off and the LAST thing that is on my mind is a new car and a new payment with new debt; I don't care if my door is red and the rest of my car isn't. If your car is paid off and it works, wouldn't it make more sense to save that $400.00 a month? Let's say you need to repair it and it costs about $400.00. So, one month you pay to fix the car and you have the other 11 months with an extra $400.00 in your pocket.

I grew up in a low-income household and I've spent many months living paycheck to paycheck. I continue to live paycheck to paycheck. And I am so thankful I've learned this lesson. If it isn't necessary, save the money. Times are tough for everyone, those extra few hundred bucks a month would benefit most everyone; everyone I know, at least.

All I am asking is to really think out the decision to walk away from a car dealership in debt for the next 5-6 years making monthly payments that would be nicer to have in the checking account. I only ask because I care.

Jeromie