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ENBD is the crappiest bank in the UAE. Thank you
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“Paycheck to paycheck” with an infant and SAHP. No, I wouldn’t take on another bill for a depreciating asset “marginally outside” my budget.
Well, part of being a stay at home mom is sometimes you don't get the luxury to drive a new car. Tithing 10% is crazy also. She could get a job a couple days/nights a week while you're home. The fact that you are living paycheck to paycheck means you have to make a lot of sacrifices. I never could do that so I always worked.
We are already in hell.
Also very aware that we should prob save up on tuition and schooling. Longer-term a little concerned. Kids are expensive!
I think the question should start at why she is feeling unsafe in the sedan. Is it the age of the vehicle, ease of strollers in and out, weird noises from the engine, etc? That could help determine what the next steps you take.
I have been tracking new-ish SUV and it could easily cost $1000 a month or more. So, I haven’t tried yet. But I am also looking at mini-vans.
I’m also someone who tithes 10%. So, I don’t think it is that high. My parents prioritized that over smaller fun things. It is amazing how faith works sometimes.
Personally, I would start looking at your budget together and walk through the last 6 months of purchases and determine what was absolutely necessary and what was needed and what was fun. I think cutting back first to what really matters to you and then looking at your next 5year wish list.
If momma is ready to kinda work but stay as a sahm, there is teaching English to kids online. My friends have done it part time.
Yes, factoring in insurance. Did not consider repair or health costs if she crashes a new car. Good to keep in mind.
All of the great comments are critical to making the right decision. A new car will put more pressure on an already pressured situation. A side business would help defray some of pressure, but it would need to provide at least $2k to $5k per month.
Your foundation is on the brink of going up or making things tougher. Short term keep the car reconditioned, plan for a not so new replacement that you could have for cash.
Hope this helps!
Would be helpful if you gave a budget breakdown as to what’s keeping you paycheck to paycheck
Rising Star
I try to go with the 50/30/20 rule with 50% going to needs, 30% going to wants and nice to haves and 20% going to savings and additional mortgage payments.
I’m at 35/25/40 currently, but then again, I don’t have children, so that makes a significant difference.
I’m also lucky that I have an HSA plan that pays 100% of therapy visits after I meet my deductible, which helps.
An interesting turn of events - not long ago, my wife floated the idea to her parents about us looking into getting a new car. Shortly after, her grandfather passed and more recently, her parents committed to gifting us a car with whatever they receive from the will. It’s tied up in litigation right now and our immediate needs are to cover her medical expenses so we’re no longer in a rush. But this could be a game changer.