Meet Our Certified Financial Counselor…and this week’s guest blogger, Eli Martin. My last post, sparked Eli’s interest and so we’d thought it would be a good time for him to take over the reigns this week and post his comments…definitely some food for thought. So without further a do, here’s Eli:

 

 

Hi I am Eli Martin, Certified Financial Counselor for Hopewell Federal Credit Union.  I was reading Ask Al and I got to thinking, “how much does it cost to drive a car?” 

 

According to the 2006 edition of AAA’s Your Driving Costs study, the overall average cost of owning and operating a passenger vehicle that is driven 15,000 miles in one year is $7,823, or 52.2 cents per mile. 

 

With that in mind you can then calculate how much it costs to cover your transportation.  Here is a formula: 

 

Number of miles driven each year X .522 cents per mile -

 Divide it by your hourly wage 

 

Example if you drive 12,000 miles per year and your hourly wage is $20 per hour, you are working 313.2 hours just to pay for your vehicle.  If you work a 40 hour work week, you are working close to two months out of the year just to pay for transportation. 

 

Borrowing to purchase a vehicle increases it’s cost. 

 

Driving is a significant part to a household’s budget. 

 

It is equally important to “keep up with the upkeep.”  Few things can destroy a budget faster than car repairs.  I have personally heard from members, “Everything was fine until my car died.”  For members’ without a spending plan, major car bills can force them to borrow or use credit cards.  Which can start a cycle of debt. 

 

If you are currently in this cycle of debt or want to ensure that you do not end up this cycle of debt, I can help.  Working alongside members’ is like a football game, we will collectively work as a team, to “make plays” or “ways” to make things work and help you get ahead financially.  You can contact me directly at the credit union for an appointment at 740-522-8311 or at info@hopewellfcu.org.