General Goals 1) to be debt free in 3.5 years 2) save lots of money

Friday, January 6, 2012

Cars and Money and other Money issues

Way back in September of last year when I decided to take Little Lamb's advise to only focus on my Car Fund instead of splitting money up between the Car and the Cat fund, I set my goal at $1,500-2,000 before switching to my Cat fund. Had I not had my accident in November I would have met that goal. At the time that I set it I had January as my date for flipping form Car to Cat. Over the past week I have been crunching numbers on my January budget. And I have decided to reduce the amount of money going into my Cat fund and increase the amount going into OSAP. However Yesterday my engine light came on in my car so I took it to the mechanic to see what it was. He cleared the issue because he didn't think it was bad but advised me to keep an eye on it just incase. As him and I got talking he mentioned that the spark plugs normally go on Waves every 40,000 km. I am 1500 km away form the spark plugs going on my car. So hears the dilemma. Instead of putting this month's money in to the Cat fund should I delay that until after February and put the money into my car fund to off set the cost of the spark plug repair that is just around the corner? WHAT DO YOU THINK??

Another thing that I have been pondering about is my cell phone bill. My phone is now off of contract however it's old to transfer from another provider. Talk about bad luck! I am still about 450$ away from having the full amount to buy the phone out right. As it stands I spend 100$ a month for my phone. Its an old plan over 3 years old and the only way that my current provider will let me reduce the cost is to sign another 3 year contract. NO THANK YOU! So I have been thinking that it would make sense to take what ever extra money I make and put it into my cell phone fund to speed up the process of reducing my cell phone bill. When I switch providers my cell phone bill will drop at least 25$ a month. I can then take that money and switch it into another saving fund. WHAT DO YOU THINK?

Please let me know what you think to both ideas?


  1. Do you foresee a time when you will not have a cell phone? If not, why not be on a contract? You'll secure better pricing for a phone and a plan - and you can play hard ball and negotiate for free charges and cases and what not for you to sign with them.

  2. Can you replace the sparks plugs at home (maybe with dad's or BF's help?) I think the only thing you might need that maybe you could borrow would be a spark plug socket? I'm not sure if this is possible but I bet it would save you and it's not too hard (if you have the right tools). I think you should take care of this issue because if not you might end up with a car that won't start. You already have a bit of a buffer in your vet fund according to your side bar numbers.

    As far as the phone goes I'd make sure you check out thoroughly what the cheapest company is. Try this site as recommended in a recent Canadian Money Saving book I read

    Is there a reason you are so adverse to a contract? I remember you mentioning it before but can't recall. I understand if you are, just curious. Does a friend have a "newer" old cell phone that they no longer use that you can use on a prepay until you save enough for the one you want? Lots of people upgrade from perfectly good phones. That would save you while you are saving up.

    Just a couple of options for you. :)

  3. Having been a car owner for years and years and years I know what a money pit they are so I would definitely advise you to build up your car fund - you're gonna need it!
    Re cell phone - I would check out the site that Little Lamb provided - even $75 per month seems way too high to me! Perhaps a pay as you go?

  4. I took a quick glance forward to see if you changed the spark plugs already. I don't believe spark plugs cost much. I think a set of 4 only cost about $25 in my local currency.

    I'll give my opinion on the cell phone in the next post.