Easy Way To Start Paying Off Your Debt

Summary

• If you have a car lease, turn it in and buy a $5,000 "clunker." This helps save money instead of paying a monthly lease.
• I bought my first few cars with over 100,000 miles on them. You can save a lot by buying a car that's around 10 years old and still has a few good years left.
• Consider paying for the car in cash and focus on negotiation to get a better deal.
• Choose a car with low insurance costs and low repair expenses; check the average repair costs for different vehicles before buying.
• If you own multiple cars, think about downgrading. Considerations might be needed if you have kids, but try to share just one car using foresight and planning.

Video

How To Take Action

I would suggest implementing a few practical changes to help save money and make smarter financial choices. First, if you have a car lease, consider turning it in for a cheaper option. Look for a reliable used car around $5,000, even if it has high mileage. My first cars had over 100,000 miles. They were 10 years old but still ran well, saving me a lot of money upfront.

A good way of doing this is focusing on cash purchases and honing your negotiation skills. It helps you avoid monthly payments and potentially lower the overall cost. Also, do some research on cars with low insurance and repair costs. This will save you money in the long run, as some vehicles are cheaper to maintain.

If you own multiple cars, think about whether you really need all of them. Downgrading to fewer vehicles, especially if you can use one, can significantly cut down expenses. Even with kids, planning and sharing can make it feasible to manage with fewer cars.

These steps are low-cost and can lead to a high-impact boost in your savings and financial freedom. Embrace these strategies to stretch your budget further while still meeting your needs.

Full Transcript

if you have a car lease turn it in all right and then buy a $5,000 clucker like EAS as going to pay for your car is pay a check your car to trade in the one that you have I think my first few cars all had uh over 100,000 mil than what I bought them and so you can usually get a huge amount of savings on a car if you buy a car that's like 10 years old and they still have like you know a few years with them and so downgrade I consider buying them in cash negotiate try to have something that has low insurance and low uh repair so a lot of that stuff you could look at average cost to repair by different Vehicles next thing is you have multiple cars downgrade now if you have kids maybe there's considerations there but even then like is there a way that you can just use foresight and say how will we share one a car