Bye Bye Savings...

[Disneychix]

Well our transmission went on our SUV on Friday. We had it replaced for the tune of $1700. Sadly the money had to come straight out of our savings This is the savings that we were going to use for our house downpayment next spring. Our 'other' short term savings-(we have the money taken out of our paychecks and put into a savings account for things like gifts, boat storage, trips, other)- recently took a big hit due to paying our boat storage and starting Christmas shopping.

I'm just sad and frustrated because everyone keeps saying "but you can't buy a new vehicle for $1700!" and the reality is the a/c doesn't work on this car anymore and we can't even get it inspected as the emergency brake is broken too. So it's NOT like having a new car!

I know we can start saving again after Christmas and probably make up for most of the $1700 by Spring, and I know this won't totally make or break us buying a new house. I'm just sad to see all that savings gone!

 

[flea1267]

I am so sorry!!! I had to put a new transmission in my car back in May, it sucks!!! Just wanted to say I know your pain! I opted to go with a new one with a 100K mile warranty on it and it cost us $2800, we had to borrow the money from my mom but it's all paid back now and no car payments (and my a/c in my car does work...so that's a plus). I hope things get better for you!

 

[honeydiane1953]

Well our transmission went on our SUV on Friday. We had it replaced for the tune of $1700. Sadly the money had to come straight out of our savings This is the savings that we were going to use for our house downpayment next spring. Our 'other' short term savings-(we have the money taken out of our paychecks and put into a savings account for things like gifts, boat storage, trips, other)- recently took a big hit due to paying our boat storage and starting Christmas shopping.

I'm just sad and frustrated because everyone keeps saying "but you can't buy a new vehicle for $1700!" and the reality is the a/c doesn't work on this car anymore and we can't even get it inspected as the emergency brake is broken too. So it's NOT like having a new car!

I know we can start saving again after Christmas and probably make up for most of the $1700 by Spring, and I know this won't totally make or break us buying a new house. I'm just sad to see all that savings gone!

My father always said You can put down all your bills and all income on paper. It may look very doable however there will always something to put a monkey wrench in your budget. The older I get the truer this becomes!

 

[Crystal824]

I totally understand how you feel...although we purchased a house 2 years ago. We saved for our downpayment for several years prior to the purchase. It felt like something was always coming up and dipping into that fund. We had several car repairs, taxes, etc. Good Luck.

 

[POOHsie]

Boat and Boat storage are doing more to wreck your budget than anything else. Can't save for house because of boat costs? Can't fix your car because of boat costs? And boat is only used for a few months a year? A boat is a well-known money pit, and it's in your way of coping with real financial necessities in your life. Give it up for awhile or continue to make no progress towards financial advancement.

 

[Marionnette]

That really stinks. It can be so hard to scrape together enough for a proper downpayment. It sounds as if you are really trying hard to be good about your finances. I'm just curious why someone who seems to be so on top of things does not have a dedicated emergency fund?

I'm not trying to kick you when you're down, but I'm just trying to point out that there will always be emergencies like this. Especially when you own a home and have children. Believe me. There is not a month that goes by that we either need to do something for the house, the cars, the kids or the dogs.

There is an "emergency" every month. Last month it was a circuit board that went on our furnace. The month before that it was an unexpected medical expense. The month before that, our daughter was in a minor accident that still cost us the $500 deductible but at least she wasn't hurt. Some months are more expensive than others but there is always something! I could go on and on but the point is that without a dedicated emergency fund, we would be playing catch up all of the time!

I know it sucks to have to take all of that money out of your house fund and put it into a car that isn't even close to new. But the positive side of this is that maybe it will get you to look at your budgeting a little more closely and help you reprioritize where it all goes. Personally, I would be looking at investing in a vehicle that will pass inspection before I put another dime in the house fund. Spending money to repair a car that can't pass inspection is a real waste of money when you won't have a road worthy vehicle in the end,

 

[bumbershoot]

Boat and Boat storage are doing more to wreck your budget than anything else. Can't save for house because of boat costs? Can't fix your car because of boat costs? And boat is only used for a few months a year? A boat is a well-known money pit, and it's in your way of coping with real financial necessities in your life. Give it up for awhile or continue to make no progress towards financial advancement.

But they have a separate savings for boat and gifts. So those things didn't impact the house savings at all. In reading it it seems those were just emotional inconvfeniences, not real problems, since that extra savings was spent on exactly what it should have been spent on.

 

[PaulaSue]

Please dont take this the wrong way but isn't that the whole reason of your savings (your words). I would be Thankful that you had planned ahead for Christmas, boat storage and still had extra in there for your car's issue. Good Planning!