Hater With No Friends
Join Date: Apr 2007
Location: Super Troll Islands
Mentioned: 23 Post(s)
Tagged: 1 Thread(s)
I was inspired by a few members to make a thread dedicated to managing your money while you mod your car. It is also a method you can use in your daily life expenditures.
Step one: Set a goal for your bank account
If you are modding your car, buying your parts online requires some form of online payment. Most of the time it will be a checking account. So set a goal for your checking account. A bottom line. A set amount of money that you aspire your bank account to never go under, ever (exception: emergency situations).
Step two: Reach that goal and maintain account
Pretty simple, if you set your bank account goal to be $5000 (the example I'll use throughout this write-up), reach that goal before buying unnecessarily. That being said, if you want to purchase anything for leisurely use, make sure you have that cost plus $5000. A new video game, $60. Have at least $5060 in your account.
Step three: Paying for car mods
This is where slightly impatient people will fail. When modding your car, this is my rule of thumb: save up for twice what the mod is worth, just in case of any issues during install. If you are buying a $150 intake, save up $300 MORE THAN YOUR MINIMUM SET GOAL ($5000). If you are buying a $1500 set of coilovers, save up $3000 more than your minimum set goal, etc. This step also allows you to prepare for any emergency repairs (example: if you get springs and use the stock struts and blow the struts out). This does two things: ensures you won't go into debt if there are any issues with install (or if you have someone else install) and if you don't end up using that extra saved money, you can apply it to your next job or continue to save up.
Step four: Don't spend unnecessarily
Fairly broad, but this explanation should clear it up. Again, going with the impatience thing, I've noticed recently that people want to buy something when they have other goals in mind for the car, just to hold them over. For example, if you want coilovers on your car, don't buy springs. It is money and time wasted on installing a part you don't ultimately want. Buying a set of $300 springs will set you back that much more from buying the coilovers you truly aspire to have. My phrase: if you have to do it more than once, you've done it incorrectly to start with. Don't get springs if you want coilovers. If you need to replace your clutch and intend on going aftermarket a few months later, just go aftermarket to begin with (more of an emergency purchase, if it is need-based, but will prevent you from paying for the same thing twice).
I know many of the members here are young and might not have a large income, so, if you set your goal low in the first step ($1000-$2000), consider waiting until you have 2.5 to 3 times as much money saved up as the mod costs. Sometimes emergency funds need to be dipped into for unexpected repairs if the install goes bad.
Mr Köppen is so like the fat woman full of vitality. ! !