My thoughts and positive prayers are with the family and friends of Don Stitt today as we’ve learned of his passing. He served Wisconsin as the GOP Chair for years making tremendous contributions. May he rest in peace.
Treasurer Kurt Schuller
The entire month of September, we are committed to GETTING YOU GAS FOR LESS! This week, it’s all about new technology that helps you save.
This week, we travel to Racine County. Here’s a look at the Top 5 people and businesses there with unclaimed assets. Do you see anyone on this list you know? If so, have check out www.wismissingmoney.com and search their name to make a claim. They can also call 855-375-CASH (2274)
Gail M Lloyd
Buying a car is like jumping into a lake. Without some planning and research into what you might encounter, you could be in too deep before you know it. But if you take the car buying process one step at a time and put some time into researching your purchase and your finances before you stop on the lot, our friends at www.practicalmoneyskills.com explain how the process is likely to go a lot more smoothly.
What Can You Afford?
Before you begin shopping for a car, it’s important to take a look at your budget and figure out how much you can afford to spend on a vehicle, without strapping yourself or cutting into your savings. If you don’t have a budget, click here for information about creating one. Can you afford $200 a month for your new vehicle? What about $300? That number will be the total amount that you can pay for the car itself and operating expenses, like gas and maintenance.
Operating expenses can be about one third to one half of the monthly cost of a new car. So take the amount you’ve decided you can spend on your car each month and multiply it by .66. That is the most you should consider spending on monthly payments for the vehicle to be able to afford operating expenses as well.
The Down Payment
You’re also going to need a big chunk of change for a down payment. How much? The bigger the better. To get a loan for a car, and often for a lease, you’ll probably need to make a down payment of around 10% of the total price of the vehicle. The larger your down payment, the smaller your monthly payment will be and the less you will pay in total for the car in the long run. But make sure you don’t cripple yourself or deplete your savings account with too large a down payment. Find a comfortable balance.
For help anticipating your auto loan payment or determining how much car you can afford, utilize our free financial calculators here.
Some of the Numbers have changed as the Unclaimed Property Program is now being adminstered by the Department of Revenue. The Office of the State Treasurer is still responsible for promoting the program and is happy to answer any questions we can for you. However, at the request of the Department of Revenue, direct lines to claims processors were removed from our website and they asks you to call and general line. That number is: