On having a “rainy day” fund

We started a rainy day fund in Jan 2012 for auto repairs. Our Buick is getting up there mileage wise and it always seemed that we were surprised by a repair emergency. We put $ 45 per week in an account for this. Reduces stress. We hope to keep it to 200,000 m

A number of years ago, my wife and I committed to eliminating car payments in the following manner:

1) Purchase a late model, reliable used car for which we needed a loan.

2) Pay off the loan but keep the car as long as possible.

3) Keep making car payments to ourselves into a saving account.

4) When care needed to be replaced, use car value (sale) plus savings to purchase a newer used car.

6) Repeat.

7) After a number of years, we have been able to buy some pretty nice cars cash on the barrel.

Time to buy a new one

Image source: http://www.prewarbuick.com/features/jed_clampetts_buick

Where it is now: http://www.rfostermuseum.com/