Week 3 - No Debt New Car Savings
It is week 3 in this mission to save enough money to pay for a car in CASH. This is the last week before I head back to work so this is the last week I can side hustle to grow this fund exponentially. I also couldn’t side gig too much because I had to prepare for the start of the new semester.
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 two, I was able to add the following:
Mileage Reimbursement: $165.30
New Car Savings: $119.90
Total Addition to the New Car Fund: $285.20
After three weeks, I should be able to save $25,000 in 19.3 months or 1.6 years. Those statistics means nothing because I can’t keep this up for 1.6 years straight. So it will be interesting what this might look like after I start school.
Here is what the account stands at as of 1/13/2019:
Mileage Reimbursement: $564.39
New Car Savings: $301.21
Total in the New Car Fund: $865.60
Amount to Goal: $24,134.40
I’ll tell you that for now, I am very committed to this savings and new car strategy. I am hoping that over a long period of time I can continue saving for this purpose. My only concern is that the sustainability of the side hustle will continue and my ability based on my free time will continue for the full-time needed to save for a new car.
Week 4 will be interesting for this fund. I look forward to seeing what that looks like.