How much "Extra" cash do you have each month?
#1
Pro
Thread Starter
How much "Extra" cash do you have each month?
Hi all,
First off, this is a great forum... One of the most polite and informative forums I've ever lurked on..
My question is pretty simple... It may be a bit personal but if I could get some replies it would help me make my decision this spring.
Currently, after my mortgage, pickup payment(will be paid off June 2012), and other expeneses, I have about $2000 "Extra" money I'm putting in savings.
I've been contemplating buying a 2010 Grand Sport (or maybe a 2009 Coupe) Corvette. Also been looking at the 2010 Camaro 1SS...
If I pulled the trigger this spring on a 2010 Grand sport, my payments(After my downpayment) would be around $600 - $700 monthly, on a 72 month loan.
Sooo I guess my question is...:
How much "Extra" money do you have each month after you've paid all your expenses?
If I was to get a 2010 GS, I'd have about $1200 -$1300 extra. Obviously I wouldn't be pinching pennies, but I'm really contemplating waiting until the C7 (in which I'd have a $35000 to $45000 downpayment.
Any replies are greatly appreciated!!
Edit: Thanks for all of the replies! To be honest, I was more looking for just a straight up "How much spare changed do you have each month", but a lot of the answers went further and brought up some interesting points. I guess I probably could have expanded on my situation but at the time I really wasn't looking for all the info I got. But it was appricated.
One interesting point that was brought up was interest I may be paying on other loans and my thought that I'm "saving" $2000 each month. That's a very intersting point, I think I'm saving $2000 a month, but in actuallity I could be using some of that $2000 spare change to help pay down my mortage faster, as I'm no doubt taking it in the behind on my mortage interest.(Well, both my fiance and I are anyway)
I guess without getting too in-depth, my current break down is as follows:
1. Mortage $1100 (split between me and fiance, $550 a piece)
2. Pickup payment $330 (0% for 72 months GMAC, will be paid off in june '12)
3. Misc.... Food, Cable, Elec, Heat, Ins
4. Healthcare = Covered %100 by my employer
5. 0 credit card debt
We live a pretty conservative life, don't eat out, don't see movies, don't go on vaca's..No kids.
I think what I took most from this thread is that the overwhelming majority say to invest/save/pay down other loans. The truth is, I don't have any loans worth paying, other than my mortgage. The smartest option would be to try and get the mortgage paid off as soon as possible, however my fiance wouldn't be able to keep with my payments so I'd end up paying a lot more on the house then she ever did. I spose it's no longer "my money" i'm using though !!!
Another good idea was buying a used vette...However I don't like the looks of the C6 standard coupe's, mostly the wheels, so I'd have to purchase new wheels and tires.
I work my *** off at my job and to this point I've earned what I make and the position I'm in...But this thread has definetly made me consider waiting until I've got the full purchase priced saved...Even though It may be a few years
Now, if I can get 0% for 72 months next year on a GS and I can find a deal, things might change!!!!!!!!!!!!!!!!!
First off, this is a great forum... One of the most polite and informative forums I've ever lurked on..
My question is pretty simple... It may be a bit personal but if I could get some replies it would help me make my decision this spring.
Currently, after my mortgage, pickup payment(will be paid off June 2012), and other expeneses, I have about $2000 "Extra" money I'm putting in savings.
I've been contemplating buying a 2010 Grand Sport (or maybe a 2009 Coupe) Corvette. Also been looking at the 2010 Camaro 1SS...
If I pulled the trigger this spring on a 2010 Grand sport, my payments(After my downpayment) would be around $600 - $700 monthly, on a 72 month loan.
Sooo I guess my question is...:
How much "Extra" money do you have each month after you've paid all your expenses?
If I was to get a 2010 GS, I'd have about $1200 -$1300 extra. Obviously I wouldn't be pinching pennies, but I'm really contemplating waiting until the C7 (in which I'd have a $35000 to $45000 downpayment.
Any replies are greatly appreciated!!
Edit: Thanks for all of the replies! To be honest, I was more looking for just a straight up "How much spare changed do you have each month", but a lot of the answers went further and brought up some interesting points. I guess I probably could have expanded on my situation but at the time I really wasn't looking for all the info I got. But it was appricated.
One interesting point that was brought up was interest I may be paying on other loans and my thought that I'm "saving" $2000 each month. That's a very intersting point, I think I'm saving $2000 a month, but in actuallity I could be using some of that $2000 spare change to help pay down my mortage faster, as I'm no doubt taking it in the behind on my mortage interest.(Well, both my fiance and I are anyway)
I guess without getting too in-depth, my current break down is as follows:
1. Mortage $1100 (split between me and fiance, $550 a piece)
2. Pickup payment $330 (0% for 72 months GMAC, will be paid off in june '12)
3. Misc.... Food, Cable, Elec, Heat, Ins
4. Healthcare = Covered %100 by my employer
5. 0 credit card debt
We live a pretty conservative life, don't eat out, don't see movies, don't go on vaca's..No kids.
I think what I took most from this thread is that the overwhelming majority say to invest/save/pay down other loans. The truth is, I don't have any loans worth paying, other than my mortgage. The smartest option would be to try and get the mortgage paid off as soon as possible, however my fiance wouldn't be able to keep with my payments so I'd end up paying a lot more on the house then she ever did. I spose it's no longer "my money" i'm using though !!!
Another good idea was buying a used vette...However I don't like the looks of the C6 standard coupe's, mostly the wheels, so I'd have to purchase new wheels and tires.
I work my *** off at my job and to this point I've earned what I make and the position I'm in...But this thread has definetly made me consider waiting until I've got the full purchase priced saved...Even though It may be a few years
Now, if I can get 0% for 72 months next year on a GS and I can find a deal, things might change!!!!!!!!!!!!!!!!!
Last edited by SlasherMcGee; 12-21-2009 at 05:08 PM.
#2
Safety Car
can't help you as being retired, I never use the terms "extra" and "cash" in the same sentence! I can tell you that other then fuel expenses (which are quite reasonable with the C6), the car is extremely easy to maintain on a very limited budget. doing some of the work yourself can cut the cost even more. the only real issue is the mods you will start planning for down the road
#5
Safety Car
after rent vette and tahoe probably... ??? 3-4k? but then i need to like eat and go out and buy stuff too... oh and save!
after all expenses probably only 2k
after all expenses probably only 2k
Last edited by Joe_Planet; 12-20-2009 at 08:55 PM.
#7
I'm very conservative so my advice would be to save your money and pay cash when you have enough. In the meantime you can anticipate and enjoy the wait. But that's me. I like having a debt-free life but I have worked hard for that. Best wishes.
#8
Race Director
Well I'll try to get close because its different each month.. but first I'll deduct the things I MUST pay first..
Mortgage on
Condo in Key West
same on house in Rome Italy
Payment on my small plane (JetStreem) plus upkeep
Boat payment, dock fee in Fla & Bermuda, cost for crew of 5 full time.
House payment in Southern Ca.
Have to pay 3 full time men to upkeep the Lambo, AMG, Ferrari Enzo,
Then the wife want a few $$ for stupid stuff like food, & to pay the household help.. the gardener now demands medical insurance..
So as you can see my extra $$ is kind of limitied...
BTW are you interested in buying my DD a 2003 Caviler cheep...
Mortgage on
Condo in Key West
same on house in Rome Italy
Payment on my small plane (JetStreem) plus upkeep
Boat payment, dock fee in Fla & Bermuda, cost for crew of 5 full time.
House payment in Southern Ca.
Have to pay 3 full time men to upkeep the Lambo, AMG, Ferrari Enzo,
Then the wife want a few $$ for stupid stuff like food, & to pay the household help.. the gardener now demands medical insurance..
So as you can see my extra $$ is kind of limitied...
BTW are you interested in buying my DD a 2003 Caviler cheep...
#9
Le Mans Master
Member Since: Feb 2008
Location: S.F. Bay Area CA.
Posts: 5,188
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Well I'll try to get close because its different each month.. but first I'll deduct the things I MUST pay first..
Mortgage on
Condo in Key West
same on house in Rome Italy
Payment on my small plane (JetStreem) plus upkeep
Boat payment, dock fee in Fla & Bermuda, cost for crew of 5 full time.
House payment in Southern Ca.
Have to pay 3 full time men to upkeep the Lambo, AMG, Ferrari Enzo,
Then the wife want a few $$ for stupid stuff like food, & to pay the household help.. the gardener now demands medical insurance..
So as you can see my extra $$ is kind of limitied...
BTW are you interested in buying my DD a 2003 Caviler cheep...
Mortgage on
Condo in Key West
same on house in Rome Italy
Payment on my small plane (JetStreem) plus upkeep
Boat payment, dock fee in Fla & Bermuda, cost for crew of 5 full time.
House payment in Southern Ca.
Have to pay 3 full time men to upkeep the Lambo, AMG, Ferrari Enzo,
Then the wife want a few $$ for stupid stuff like food, & to pay the household help.. the gardener now demands medical insurance..
So as you can see my extra $$ is kind of limitied...
BTW are you interested in buying my DD a 2003 Caviler cheep...
#11
Safety Car
Like the mythical 'extra cigarette' and 'extra beer', my employer doesn't pay me any "extra", so the answer is none :
But I'm waiting .....
But I'm waiting .....
#12
I bought my vette yesterday. Yes, yesterday. I had to wait years and years to pull it off responsibly. I have two kids, so I dump money in accounts for their college every month. I have to retire one day so my wife and I maxed out our 401K plans and added a mutual fund that we contribute 300 bucks a month to. I would not buy myself a vette until I had two reliable cars for my wife and I to drive that are paid off. I also waited until I had 40K in equity in my house and 25K in savings after my vette down payment and paying taxes on it. I am a conservative dude. Maybe a little too much, but that was my level of comfort. I have no regrets. But then again, I set it up that way. I did not want buyers remorse because of my poor planning.
#13
Safety Car
I'm single and retired I bought my 08 last spring, I financed 5000 and then paid it off a few months later, I hate payments, you wind up paying way too much financeing.
#15
I don't have anything extra. I am not gauranteed an extra day on this earth. With that in mind I have the best time I can everyday. I have no one counting on me. Life chose that for me, now I make the choices.
#16
Instructor
Member Since: Aug 2009
Location: Fairfax VA
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Have you considered getting a home equity loan for the GS? They cost a bit to set up, but the interest rate is very low, and the interest paid is tax deductible, which makes the after-tax interest paid even lower.
I think you have enough income and cushion to get the GS, but it's your call of course. Good luck on your decision.
best, Ken .... 2008 Coupe
I think you have enough income and cushion to get the GS, but it's your call of course. Good luck on your decision.
best, Ken .... 2008 Coupe
#18
Safety Car
#19
#20
Burning Brakes
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if you wern't born rich pay for it a month at a time if you can swing it. your not going to take it with you.
OK, thats my buddies way. I waited until I could afford it and got it for my 50th birthday present.
OK, thats my buddies way. I waited until I could afford it and got it for my 50th birthday present.