Yep, we drive one car! Now this won’t work for everyone but if you can swing it you’ll save some money!
Here’s some background on our family dynamic. My fiancé’ has a 9-5 job and I am a REALTOR and we have a 11 month old daughter who isn’t in a formal day care or child care just yet.
So here’s the deal, we noticed that we could save quite a bit of money if we cut down to one care. That means only one car insurance payment and a lower gas expense. It works great for us, in the morning all three of us hop in the car and drop daddy to work and I head off to do whatever is on my schedule for the day as a realtor.
I make sure to tailor my schedule in advance so that I am on time to pick my fiancé’ up from work everyday.
On the weekends it’s even easier, we don’t do much going out because we have cut back on a lot of unnecessary spending so there isn’t any fighting over the car. If I have showings or meetings with clients I share my schedule with him in advance so we are both prepared.
On average I would have to fill my tank up one or two times per week depending on how much driving I did plus his once a week fill up. Two cars on the road means insurance for both and maintenance on each. Since we’ve made the chance we fill on up just one car, pay car insurance on the one car and maintain that ONE car. That’s a few hundred dollars a month that we can throw at debt and savings.
Again, this probably won’t work for everyone but I challenge you to sit down with your partner and discuss the possibilities. If you think you can make it work try parking one car for 30 to 90 days and using the other. Feel it out, if it’s working sell the parked car and keep it moving. You can use the funds to clear that car note, pay other debt or start an emergency fund.
Some things to consider before making the change:
1. Can we both communicate our schedules ahead of time on a weekly basis?
2. Do hour work schedules permit having one car?
3. How much money can we save buy making this change?
4. What will we pay for or save for with the extra cash?
5. What goal can this sacrifice get us closer to?