If loan payments, gas, insurance and maintenance are stretching your budget thin, consider reducing the number of vehicles in your household.
You or your spouse might be able to work from home, carpool or use public transportation to get to work.
If you have kids with busy schedules, you might need multiple vehicles, or you might be able to work out a carpooling arrangement with other parents or get help from a relative or friend.
Research public transportation options in your area and figure out if they would fit your family’s needs.
Being a one-car household requires a lot of planning. Talk to your spouse about whether you could make things work.
Think about what you would do if the car needed repairs and was unavailable.
If you’re currently spending a lot on vehicle-related expenses, eliminating one car could free up money for other priorities, like retirement.
