Buying a new Ford Mustang GT: You must complete three tasks...

In order to purchase my new Ford Mustang GT there are some conditions that have to be met.

1. My wife needs a larger vehicle to accomodate our family.
2. We need to move to a larger house in the school district that our children will be attending.
3. We have to pay off our credit card debt in order to be able to afford the monthly payment.

Of these conditions, the first one has been met. We purchased a 2006 Nissan Pathfinder this weekend. This is an upgrade from my wife's previous car, a 1999 Nissan Maxima. The Maxima technically seats five, but in all practicality it only comfortably seats four. The Pathfinder seats eight and has fold down rear seats that provides plenty of cargo space.

From this purchase we are working on the third condition. I am selling my 2000 Nissan Frontier and using the money to pay off a majority of one credit card. Our plan is to file our tax returns as early as possible and use part of our refund to pay of the rest of that credit card. That will leave us with only one remaining credit card left to pay off.

For condition number two we are finishing up a few remaining details on our house and will be calling a realtor to get it listed by the end of December. Our hope is to have it sold in one to two months and use a small portion of the equity to pay off our remaining credit card debt with the balance going towards a down payment on a new house.

With the new home purchase we will have only a house payment and the loan on the Pathfinder to pay each month. If we don't go overboard on the house we purchase we should have plenty of funds remaining for a monthly payment on a new Ford Mustang GT. I also plan to be saving as much as I possibly can towards the down payment. Any revenue I receive from this blog will go towards the down payment as well. Hopefully I'll be able to earn enough to pay for my Mustang in cash!

I'll keep you posted on how the goals are progressing and how much I've saved towards a down payment.