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post #1 of 185 Old 04-29-2011, 03:49 PM Thread Starter
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Money Tips!

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).

Final note:

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.
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post #2 of 185 Old 04-29-2011, 03:54 PM
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Re: Money Tips!

Good write up xD

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post #3 of 185 Old 04-29-2011, 04:03 PM
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Re: Money Tips!

kudos... .


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post #4 of 185 Old 04-29-2011, 04:06 PM
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Re: Money Tips!

I like what you say. Also if your acct minimum is let's say 1500. you dont have to keep all that in checking throw some of it in savings that way you make money towards future mods.

Any advice on future investiing?


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post #5 of 185 Old 04-29-2011, 04:08 PM Thread Starter
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Re: Money Tips!

Quote:
Originally Posted by brooni23 View Post
I like what you say. Also if your acct minimum is let's say 1500. you dont have to keep all that in checking throw some of it in savings that way you make money towards future mods.

Any advice on future investiing?
Actually, I would disagree. I'm talking strictly on spending money. Don't let your primary spending account fall below your set goal. You should have investments elsewhere which should remain untouched (besides adding to it).

Future investing can be a discussion for another place. This is primarily for new modders to help them maintain their money.

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post #6 of 185 Old 04-29-2011, 04:38 PM
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Re: Money Tips!

Quote:
Originally Posted by Takahashi240 View Post
Actually, I would disagree. I'm talking strictly on spending money. Don't let your primary spending account fall below your set goal. You should have investments elsewhere which should remain untouched (besides adding to it).

Future investing can be a discussion for another place. This is primarily for new modders to help them maintain their money.
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post #7 of 185 Old 04-29-2011, 04:46 PM
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Re: Money Tips!

Haha you wasnt kidding about making this thread. Good Job mate


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post #8 of 185 Old 04-29-2011, 06:27 PM
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Re: Money Tips!

Great write up. This is definately something a married man with children need to follow! lol


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post #9 of 185 Old 04-29-2011, 07:04 PM
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Re: Money Tips!

doing this exactly right now. working my account up 250 past where it needs to be for a 175 dollar intake

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post #10 of 185 Old 04-29-2011, 09:08 PM Thread Starter
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Re: Money Tips!

Quote:
Originally Posted by poundit View Post
Haha you wasnt kidding about making this thread. Good Job mate
This is the internet.... it's srs bsns. lol

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post #11 of 185 Old 04-29-2011, 09:24 PM
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Re: Money Tips!

good job for the money making~~~~~~~~~~~

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post #12 of 185 Old 04-29-2011, 09:28 PM
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Re: Money Tips!

Bravo. Nice job.


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post #13 of 185 Old 04-29-2011, 09:51 PM
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Re: Money Tips!

You mean it's not wise to over-draft checking accounts or to rack up debt on credit cards paying the minimum balance each month so you pay an incredible amount of interest to mod a car one probably won't keep longer than the loan is for and eat all that money in mods to the eventual partout because local buyers won't give you what you want or dealers won't give more than 1/2 the BlueBook Value?

lol Good write up though.


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post #14 of 185 Old 04-29-2011, 09:54 PM Thread Starter
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Re: Money Tips!

Quote:
Originally Posted by ALPiNE_MULiSHA View Post
You mean it's not wise to over-draft checking accounts or to rack up debt on credit cards paying the minimum balance each month so you pay an incredible amount of interest to mod a car one probably won't keep longer than the loan is for and eat all that money in mods to the eventual partout because local buyers won't give you what you want or dealers won't give more than 1/2 the BlueBook Value?

lol Good write up though.
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post #15 of 185 Old 04-29-2011, 09:59 PM
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Re: Money Tips!

Quote:
Originally Posted by Takahashi240 View Post
NO WAI!!!! lol

Thanks, anything to teach these rambunctious kids
Lol You didn't know? They're smarter than we are because they know everything..........

damn kids....... haha


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post #16 of 185 Old 04-29-2011, 10:23 PM
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Re: Money Tips!

You sir are the re-incarnation of my father, one of the men that spent a dollar only when need be and when he had a bit left over, saved it then he would spend....just a little lol. Very good write up +1

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post #17 of 185 Old 04-30-2011, 03:21 AM
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Re: Money Tips!

more + rep for you for actually writing this up i will def be taking all of this into effect to stop myself from messing myself up money wise in the future
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post #18 of 185 Old 04-30-2011, 03:36 AM
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Re: Money Tips!

This should be stickied.


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post #19 of 185 Old 04-30-2011, 03:39 AM Thread Starter
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Re: Money Tips!

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This should be stickied.
It's been stuck since I made the thread. lol

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post #20 of 185 Old 04-30-2011, 04:47 AM
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Re: Money Tips!

I have $3, can I buy a turbo kit?

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post #21 of 185 Old 04-30-2011, 05:14 AM
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Re: Money Tips!

Definitely for the Newbie forum.

Nice write up.

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post #22 of 185 Old 05-02-2011, 01:28 PM
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Re: Money Tips!

Very good advice!
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post #23 of 185 Old 05-13-2011, 03:23 AM
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Re: Money Tips!

My header paint cost $9.11. What should I have in my account if I get in in my eyes and have to go to the ER? That would be a very bad installing emergency! D: haha jk. But this actually taught me about being responsible with my money. Thank you
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post #24 of 185 Old 05-13-2011, 01:16 PM
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Re: Money Tips!

Any tips for getting a job to obtain said money?!
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post #25 of 185 Old 05-15-2011, 09:45 PM
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Re: Money Tips!

I'm changing out the newtiburon main page with this page. Thanks
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