Now that we have an emergency fund and even a separate savings account — both sitting securely in Capital One accounts — it’s time to start worrying about other goals.
Thanks to my yearly bonus, the car is officially paid off. But it’s a 2007 with 95,000 miles on it. We’re going to be diligent about maintenance. Still, we will eventually need a new car.
So we’re going to start making car payments to ourselves. This way, we’ll have a down payment available when we need it. Also, we’ll already have made room in the budget for monthly payments, meaning it won’t be a shock to our financial system.
As I understand it, $300 is kind of low for a monthly car payment (which boggles my mind). But remember that this is only preparation on our part. Preparation that will hopefully mean we don’t have to pay more than $300 a month for whatever car we get in the future.
Hopefully, by the time our car dies we’ll have at least $15,000 saved up.
I also started a vacation account, which will receive $100-200 a month. I can’t bring myself to touch savings for things like that, so this nicely circumvents that issue.
Meanwhile, we’ll still have the car and vacation funds if our regular savings and emergency fund aren’t enough.
But it’s important for us to chunk down money into the main savings account, too. We have some big items on the horizon. Like the double pane windows ($12,000ish) that I’ve mentioned wistfully on multiple occasions.
Also, we’ll need to get Tim dental implants. Those generally run $15,000-25,000. Eventually, they won’t be optional. If you have all of your teeth out, gum bone deteriorates and all sorts of icky things. Point being, it’s not a question of “if” but “when.”
The dentist back in Seattle said we probably had up to about a decade. Still, I’d rather do it when it’s less medically urgent. So that goal probably needs to come before double pane windows.
And, of course, in and among the big goals, I’d really like to get smaller things done around the house. (By the way, anyone know a good toilet for small bathrooms?)
As usual, the byword will have to be moderation. We’ll do the smaller projects as we go. That way, we minimize the damage to savings, but also to my sanity. Such as it is.