Week 25 - No Debt New Car Savings
It is week 25 in this mission to save enough money to pay for a car in CASH. This week I kind of realized that I can’t side hustle as much as I did in prior months because my job moved me to nights and that is prime time for side hustling. Also, the preparation work that goes into my work is extensive so I just don’t have time in the day. But, I was still able to just chip away at the No Debt New Car savings.
To understand the basics, check out my first week’s blog where I talk a lot about this entire breakdown by clicking here.
In week twenty-five, I was able to add the following:
Mileage Reimbursement: $58.58
New Car Savings: $54.62
Total Addition to the New Car Fund: $113.20
After twenty-five weeks, I should be able to save $25,000 in 24.4 months or 2 years. That is an increase from last week at 24.1, but much of this is due to higher amounts I was earning in my side hustle prior to the start of summer.
Here is what the account stands at as of 06/17/2019:
Mileage Reimbursement: $3,042.50
New Car Savings: $1,740.77
Total in the New Car Fund: $4,783.27
Amount to Goal: $20,216.73
I would say in about two weeks, I should have $5,000 in the bank. I know my goal is $25,000, but I did see some used cars as I passed a Hyundai Dealership priced at $15,000. I’m not saying that that is where I am going, but it is tempting to buy a used one for $15,000 and run that used car to the ground while saving another $25,000 for a new car after that (which is crazy because why buy a new car when it depreciates as much as it does in the first year).
Remember, all of the money that goes into the NDNC savings is from side hustle jobs. See my posts about side hustle income here.
In Week 26, I believe it is going to be a repeat of Week 25. I have about 2 more solid weeks of summer school and then I get about 3 weeks off. I am assuming I can like side hustle like CRAZY, but who knows.
That’s it, see you next week.