Ahhh ... we did it!!! We paid cash for a new to us car! Our family is about to expand with baby #3 and my trusty little red car has served me well for the past 8 years but we knew it was time, with soon to be 3 kids and a dog, plus you add in friends, sports, road trips, etc. We were going to be needing the extra space. This decision didn't come lightly and as much as we knew we were going to be expanding our family some day we are a on the whim type of family. That poses a problem when your whim turns into a car purchase. For someone who hates to spend money (aka ME) this decision didn't come lightly or quickly. Let me provide a little back story on our family.
My husband and I have been together 10 years this year and married 8. Before our wedding I somehow convinced my husband that we should follow Dave Ramsey's debt snow ball and pay off any outstanding debts we had before going into our marriage. We were 19 & 21, we were surrounded by friends going out to dinner, bars, geting married, buying new cars, houses, you name it and we were tempted by it. We buckled down for 18 months of hard work. My husband worked any overtime he could and I got a 2nd job. We didn't see each other often but when we did we chatted about how much closer we were to our goals and kept reminding ourselves that on that Friday night as we lay in bed at 10 p.m. that it was all going to be worth it. IT WAS!! We were able to pay of his new car he had bought right when we started dating and student loans BE GONE! It was a LARGE chunk of change. Hard to part with at that age and even the bank teller had to get help when we went to pay of his car because there wasn't an option to close the loan for someone who just simply wanted to pay it off. He congratulated us and we walked out of the bank that day so proud.
Fast forward over the years, we know what hard work can achieve, we have been smart with our savings, we have tithed, and kept our spending to a cash only decision. If we had the cash that didn't effect our emergency or tithing fund and it was something we planned for it was ok. Anything else we had a rule to sleep on it & weigh the pro's and con's before making our decision. We were not as strict however with small purchases and neither of us were working over time or two jobs. Since that experience I have became quite the frugal gal. Saving money any chance I could get. It is work but it has worked well for me.
So here we are, PREGNANT with baby 3 and looking at my trusty red and there is no way 3 car seats are fitting in that car, plus strollers, friends, dog, etc. So we began car shopping for a car with a 3rd row, no mini vans for us. Once we began looking we realized we only agreed on two cars and they were significantly more than I had dreamt of spending. I am a little unrealistic sometimes too, I should note that. I want what I want and not the price tag! Then we quickly realized this car would be the car that I would be driving for years to come. After a couple months of searching I was willing to drive the wheels off of this car before I go car shopping again!! We decided on two cars, we knew what we wanted in our car since we would be keeping it for years to come and we knew we had to be patient. Also one thing I am not good at! I prayed over this decision, a lot. I was specific in what I wanted and I knew I needed help to make this a reality because it was a lot of money and remember we decided we were paying cash. That is a big weight. I decided to put my car on my dream/vision board and put right in my line of sight daily when I worked. I cleary visualized my goals everyday.
I sit here today in complete awe as I type this out. We searched for 7+ months for this car, through the grace of God and my coaching business I was able to work hard and keep focused and one day 2 weeks ago when this car popped up for sale my heart skipped a beat, thinking this is the car!! I started to panick a little thinking about spending money on it but when I was able to research my earnings for the past 6 months it was more than enough!! SAY WHAT? Someone pinch me! Not only did the car have everything on our wishlist, down to the paint color, my home coaching business had earned me MORE than enough to pay cash for it. THANK YOU GOD!
I truly feel blessed to share this story, in no sense to brag, but hopefully to inspire someone. Whether it be to put the work in and make sacrifices to build up your emergency fund, pay off debt, or to pay cash for your next big purchase OR to take that leap of faith on a business venture. I NEVER would have dreamt that this coaching thing that I started for my own personal health reasons would turn into life long friends who are like family, my health restored, freedom of my time and providing a source of financial freedom for my family. Anything is possible when you put your mind to it!!
I am putting together a list of tips and things I learned from our experiences with paying down debt and paying cash, if you would like a copy, be sure you subscribe today!