After the birth of our newborn, I convinced my husband that we needed a safer vehicle. We bought a brand new SUV that we absolutely couldn’t afford, in fact the payments were more than our mortgage payment. We manged to get by for about 18 months with this new payment but eventually fell behind on them. The car was repossessed and sold at auction, leaving us with a debt of $18,000 that we still had to pay.
Submitted by: Stacey
Wanting your baby to grow up in safe environment should also include a safe and stable financial situation. There are plenty of used vehicles you can get that are appropriately safe for a newborn, or any children, and at a fraction of the cost. We want to raise our children to grow up and make sound financial decisions, which includes not buying something big and new that we know we can’t afford, just because we feel like we need it.
Amount Flushed Down the Money Drain: $18,000+