Ask OKMM

Buying a Car

Should I use all of my savings to purchase a new car with cash, or should I finance some or all of it?

That’s a good question and like most financial situations, there’s no cookie cutter answer. As a general rule, it’s best to remain as debt-free as possible. However, there are pros and cons to using both cash and credit.

If you use cash, you’ll own the car outright and won’t have a monthly payment. You’ll also avoid added expenses in the form of interest fees. However, it’s risky to completely wipe out your savings. In the event of an emergency, you’ll be in a bind and could find yourself having to rely on credit at a higher interest rate.

If you choose to finance, your emergency fund stays intact, but you’ll have the routine expense and hassle of a monthly payment. The car will ultimately cost more due to interest charges and if you’re unable to make your payments down the road, you risk defaulting on the loan and ruining your credit. On the other hand, if you shop for a good interest rate and handle the loan responsibly, timely payments will help boost your credit score.

Thankfully, there are several payment options worth considering. You could:

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OCAP and the State Regents offer information and resources to help you plan, prepare and pay for college.

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OKMM Newsletter

Read the January/February 2012 edition of Your Bottom Line for the latest news about how to make your money matter. This edition offers tips for choosing a tax professional, highlights fun games that teach money management concepts and provides helpful information about protecting yourself online. Sign up today to get Your Bottom Line delivered straight to your inbox.

Invest Ed STARS Workshop Dates

Invest Ed, a financial and investor education program based in Norman, is offering free STARS (Students Tracking and Researching the Stock Market) workshops for high school teachers. Workshops will be held Jan. 23 in Lawton, Jan. 28 in Tulsa, Feb. 2 in Oklahoma City, and Feb. 11 in Woodward. For more information, visit the STARS workshops page on the Invest Ed website.

Smart Phone Apps that Save Money

If your extreme couponing adventure ended after the first round of coupons expired, you may need a little help staying on top of the best deals. Smart phone users can find plenty of apps that help save time and money. Check out our list of top-rated apps.

New YMM Guide for Adults

Building upon our successful series of Your Money Matters guides for high school and college students, and our most recently released low-resourced version, we’ve added another guide to our growing list of resources: our Your Money Matters guide for adults.

This booklet and supplemental CD, developed particularly for distribution and use in workplace education programs, cover financial aspects all adults face. Beyond the basics of budgeting, saving and using credit wisely, this guide covers purchasing avehicle, homebuying, paying for college, saving for retirement and caring for elderly parents, among other topics.

To request copies of the new adult guide and supplemental CD and learn more about our workplace education efforts, call 800.970.OKMM or email OklahomaMoneyMatters@ocap.org.

Are You a Member of OK-CAN?

What are you waiting for? OK-CAN – the Oklahoma College Access Network – is a coalition of college access initiatives across our state that work together to identify service gaps and sustain community-based outreach programs and services to close those gaps for low-income, first generation college going families. OK-CAN provides professional development, technical assistance and networking opportunities for participating organizations, facilitating the exchange of information and best practices.

Membership is free! Join today. Questions? Contact Penny Gandy, Outreach Services Manager for the Oklahoma College Assistance Program, at 405.234.4364 or pgandy@ocap.org.