Hello Money Mental readers! Today I’m launching the Money Mental Car Payment Challenge in honour of my new vehicle (whichs is the lovely 4 x 4 you see in the picture above!). From speaking to Money Mental readers I’m hearing that the two biggest expenses that cause sleepless nights are mortgage costs and the costs of running a car.
I always like to help my readership with their challenges so I thought I’d try and help by sharing my experiences with at least one of these financial challenges by running a kind of weekly earnings diary where I work towards a monthly challenge of earning enough extra income to pay for my car payments, car insurance and car tax each month. During the challenge I will set out my monthly target is (spoiler alert it’ll be £430 a month!), what I’ve earnt each week towards that target and most importantly how I’ve made that extra income. I’m hoping this will prove useful to Money Mental readers in showing firstly how easy (or challenging!) it is to earn that kind of money.
At the end of each month I will give a summary of my overall progress towards that target, what my best earners have been and what I’ve learnt that month along the way as well. An important disclaimer here though is that I do expect there to be some months where I fail to meet the target. There will also be some months where I just about scrape by and some months where I exceed it. This means there’ll probably be some highs and lows along the way! When important milestones come along such as renewing my car insurance (or horror of horrors expensive car repairs!) I will also take the opportunity to share my experiences in trying to get the best prices and deals.
The series of updates on the challenge will run as long as there’s a demand for it so do feel free to get involved and share your own experiences as well!
Also another disclaimer (because the law insists I give them) – I am not a financial advisor so please don’t start buying expensive cars or such like on the hope that you can follow my example and pay for it using extra income! My car payments, insurance and car tax are all comfortably covered by my salary for work (so no need to worry Mum if you’re reading this!). I’m simply demonstrating that it is possible to earn extra income so that some or all of the costs or expenses you face can become less of a worry/burden. So this is all about helping pay for what you already have by using a tangible example from my life 🙂 Not about taking on extra or increased payments!
The extra income I earn will be used to go into savings as well as investing in keeping this site running and maintaining my eBay business (a business which you can read more about by clicking here). Once those are all managed I will then use any excess towards paying off my car loan.
My first major payments go out next month on the 1st of November. So I intend to start publishing my first weekly roundup on or about the 4th of November. Hopefully it will give my British readers something good to read in the run-up to Bonfire Night! Prior to that, I’ll share a bit more about some of my planned methods for earning the extra income I need.
So that’s all for today’s post folks. Feel free as always to leave any comments/feedback you have on what I’ve written in the comments below. And if anyone else would like to part in the challenge or a similar one I’d be happy to share your experiences on the website as well 🙂