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Jeff Beale's Articles in Auto

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Keep Your Auto Expenses Under 10% of Your Income If I could pick the number one thing that I see among young adults in their 20s and 30s that keeps them in the financial hole, it is spending way too much money on car expenses. My advice to you is to be sure that your car expenses, which includes a car payment, insurance, gas, maintenance, and anything else that it costs you to own your car, under 10% of your gross income. So if you make $3000 per month, your car expenses need to be $300 per month or less. Yikes! But for many young people the car insurance alone is $150 per month. Gas is another $100 per month. That is $250 already! We haven't even talked about a car payment yet. This is why I talked earlier about paying cash for everything you want so that you can be sure that you can afford it.