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26 Dec 2019

12.26.19 Compelling electric vehicles; Save $1000 challenge for 2020

Post by MoneyRadio Staff

Coming next year: the electric Ford Mustang SUV – faster than any Mustang muscle car before. Electric vehicles will get steadily cheaper with longer range. The baseline Mustang SUV will cost what any average SUV costs in the U.S. – around $36K. In the next few years, hundreds of electric vehicles will be introduced. They cost almost nothing to operate and maintain, They typical electric vehicle will get the equivalent of 120 miles per gallon. In TN, VW will be introducing a large variety of electric vehicles. The cost of owning and operating a vehicle will collapse with electric cars. Warning: Electric vehicles are much faster than what we’re used to driving. Tesla has developed tech to allow parents to suppress horsepower to protect young drivers. Hopefully other car makers will do the same. A decade out it will be routine to buy electric vehicles because they’ll be so much cheaper.

Most people could come up with an extra grand a year by taking the time to go through their expenses and make cuts, capturing the money we burn without intending to. This is easier today because we have so many tech and subscription services. Start thinking about the $1000 challenge. Many could save hundreds a year just by changing their cell phone plan. There’s virtually no one who can’t generate hundreds in savings by reviewing how they watch video content. Look a what you’re subscribed to. Are you using it? Gyms, video streaming services – go over expenses. Grocery shopping is an area where you can save. Think through what you spend, how you spend, where you bank. Go through checking and credit card statements and look where your money is going. Create a checklist of what you can do to save $1k in 2020. You CAN do it!

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