Comments on: My Car Has Been Repaired

By: Jerry

Jerry — Fri, 06 Mar 2009 14:13:53 +0000

You’re very smart to deal with your accidents in such a way. That’s pretty high deductible you have for your insurance policy. I imagine the premium is pretty low. We have savings but our deductible for our policy is quite a bit lower. It’s good that you had that chunk of change, though. You never know what a turn around the corner might lead to…
Jerry
http://www.leads4insurance.com

By: NCN

NCN — Thu, 12 Feb 2009 19:38:24 +0000

@Jace
A lot of people do it your way. For me, on paper at least, I like to have things allocated. Of course, even if I didn’t have the $1000 allocated, on paper, but I had it in the bank, I’d still use the money. I guess it’s more an accounting / bookkeeping preference.

By: Jace

Jace — Thu, 12 Feb 2009 18:03:06 +0000

I don’t feel it necessary to “allocate” expenses for automobile repair. In my opinion this is why I have an emergency fund. If I had a repair I could not fit into my normal monthly budget it then becomes an emergency. (I must have transit to work, I need to work to make money) I would then dip into the funds that are being set aside for emergencies.

By: SingleGuyMoney

SingleGuyMoney — Thu, 12 Feb 2009 17:02:32 +0000

There’s nothing better than having an Emergency Fund. You never know what unknown expense is lurking out there to destroy your financial position.

By: Debt Free Hispanic

Debt Free Hispanic — Thu, 12 Feb 2009 16:41:59 +0000

It’s great to read about another person who is out of debt and living the way we were intended to live, debt free. I see how you freed up your greatest wealth building tool, your income and fixing your car didn’t dent your life. Keep pushing forward.

By: Travis @ CMM

Travis @ CMM — Thu, 12 Feb 2009 14:47:00 +0000

I also checked on increasing my deductible to save on car insurance because of so many people mentioning it as a good way to save money. After checking I found out by raising it from $500 to $1000, I would only save around $13 a month. Not worth it in my opinion.

By: Ken

Ken — Thu, 12 Feb 2009 10:50:35 +0000

Kudos to you for being prepared. Emergency fund is a “must” for someone serious about getting out of the debt cycle.

By: FREDBLOGGS

FREDBLOGGS — Thu, 12 Feb 2009 10:03:14 +0000

I had a similar thing happen to me but didnt budget for automobile repair. I had to get a payday loan to help me get my vehicle back on the road! Was not ideal!

By: NCN

NCN — Thu, 12 Feb 2009 06:04:43 +0000

@thomas I like to keep $3000 in the auto repair column at all times… so, I’ll work through March and April to build it back to the $3k minimum… after that, I’ll use the $250 per month for some other purpose…

By: thomas

thomas — Thu, 12 Feb 2009 05:11:12 +0000

I have lower deductibles and recently looked into raising them to save on my premium. After looking at the results, I don’t have much monetary incentive to raise the premium. It would take a few years to recoup the cost IF something were to happen.
Very impressed with the auto expense money. What do you do with the remaining funds from 2008? Do they get rolled into another category, used for savings, or do you maybe give yourself a kickback for not having to use that money all the time? Taking 10% out to treat yourself would be a pretty good reward.