My wife and I's income will be in the 40-50,000 range this year after taxes. Self-employed, and business continues to grow each year.
We are both 26, and are in major need to start saving. We are finally going down to 1 car now, which is about a $400 a month savings with insurance! But my wife currently has a 2013 CRV lease with is over $400 a month. The lease ends at the beginning of 2016.
My question is, if we can set aside 10 to 15,000 dollars a year right now, what should we do with the money? Should I start a regular savings account to start putting money into buying a car outright after her lease is over?
Its hard when you've spoiled your wife for so long! She wants a new or close to new car. And living in New England, we need a car that is good in the bad weather. Especially if we are down to 1 car.
Any tips?