I read a money-saving column featuring the Economides in Bottom Line/Personal (www.bottomlineSecrets.com. The article featured great tips, but the car advice really hit home.
Here's the Economides Car strategy:
1. I should estimate our yearly car expenses: gas & maintenance.
2. Divide that expense into per-paycheck allotments. (A monthly figure would work best for me).
3. Set aside that fixed amount for car maintenance with each paycheck. (bi-weekly or monthly).
4. If I don't use the car fund during one month or paycheck period, rollover that amount --untouched!!!--until the next month. This accumulation of car maintenance funds will provide a cushion for inevitable repairs.
"This way it's never a financial strain when the car needs needs new brakes --we have the money saved to cover it." --The Economides as quoted in Bottom Line/Personal.
The Economides publish The HomeEconomiser Newsletter (www.homeeconomiser.com) and have recently publish a new book: America's Cheapest Family Gets You Right on the Money. (Random House)
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