Question

I am new to budgeting so I could really use some advice. My husband and I are currently using one car and we both work. We also have to drop my son off every morning right now with family to take him to school and drop our 9 month old with my grandmother to watch him while I’m at work so a 2nd car is much needed. My question is: we found a car that is able to fit all our kids (we have 5 total but only 2 are with us full time - 3 are with their mom on the weekdays). Would it be a better financial move to put as much down as possible with our income tax or stick to saving a percentage? My thought was it was smarter to use whatever we can do we don’t pay for it in interest later.  

Answer 1

I would see what your monthly payment is with putting all of it down and see what it is with putting half down. If you're comfortable in your budget for the first rate, do it. But you're not yet, put half down and save the rest in a separate account as back up I case you ever cant make a payment.  

Answer 2

I would put half down, save half for tag tax and title