September 2008
Dear Diary,
I got my offer letter today. Promotion is calling my name.
I am excited that the doors at BMW are finally waiting for me to buy my dream car. I'm even sitting with the Sales Executive. Yippee- I'm a VIP now- I've made it.
Oh, did I mention that I want all the add on features of the car.
October 2008 Dear Diary,
The debit order just knocked at the door of my account. The shock is giving me chest pains. Is this really how much this car is costing me. I was never ready, but none the less I'm soldiering on. December 2010 Dear Diary My bond has been approved. I'm happy but it's getting financially steep. Let me suck it up. June 2012 Dear Diary Family has just come back from Limpopo with my car. One tyre with a bubble, one tyre torn. This will cost me R 9000. I don't have spare cash. I will have to trade in this car, it’s too costly.
Dear Diary, It is the 20th June, my mind is made up, I'm trading in this X1 for 3 series. I need a car with smaller wheels, but it must be a BMW. Oops I have a shortfall from the X1, I don't have extra cash to put down as a deposit. Oh no! That means the shortfall will be added to the total price of the car. There goes my installment climbing a mountain and a multiplication of chest pains. Will I ever pay this car off?
July 2017 Dear Diary, The 5 yrs has finally arrived. I'm happy. Agh my happiness was temporary; I forgot the clever me had opted for a balloon payment which I still have to deal with. Debit order just knocked at my door, taking an extra 3k. I might as well rob Peter to pay Paul, since my salary has a 5 day lifespan.
I'm not coping, I need a helping hand.
Uncle Wonga just smiled at me, he just said he will be there in my time of need. It's not bad at all he's rescuing me after all. He's not the greatest of uncles after all because I am in even deeper than before. This means that I have to cut off all the treats and luxury including going out. June 2019 Dear Diary
My life has been luxury and treat-free for the past 2 years. But at least my car is paid up now. I have a title deed Hello! My journey has taught me sooo much!
1. when you buy a car, do not only consider the monthly installment, consider the maintenance costs. Have a savings for rainy days
2. do not opt for balloon payment.
3. buy cash, cut off all credit accounts.
4. know how to differentiate between your needs and wants. This will help with prioritising.
5. Save Save, Save.
6. Do not just assume things are fine from the what you are picturing in your head, do a budget to get a true reflection of your finances.
7. Invest in a money coach, you need a neutral person who will be honest with you, to walk the journey with you
Financial stability is a journey and one worth pursuing
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