What do you do when your car hits the temperature red line?

I poured in a lot of anti-freeze and let it rest for a while. But an hour later it was hitting red again, and I was pulling into my mechanic's.

Without much warning, I was carless. The next day (Good Friday) I found out that my car was very sick. I could either rehab it for thousands of dollars, or I could get another car. I did a quick assessment in my head and opted for the rehab. Buying another car would cost more than the repairs, and it might put me in the same position I was already in. I've never bought a used car that didn't immediately need something fixed. I had to buy a new starter (and tow from the middle of nowhere) for one, and a new tire and jack set for another. Both within days of buying the car.

But the mileage on my 2000 Dodge Stratus is less than anything I could get for a few thousand more than the price of repairs. So fixing the problem was my solution.

I am now without personal transportation for a while. I'm not sure how long, but hopefully no more than a week or so.

And I have enough in my cash reserves to cover the damage.

From time to time I wondered what I would do with my cash reserves. And I even wondered if I needed to keep so much ready at hand. I wonder no more.

Owning your own car means a couple of things. One, it means you're responsible for whatever happens to it. It also means your insurance is low. There's no other company or bank that requires full coverage. Yes, if I had full insurance I would, most likely, get a loaner car and damages would be covered after the deductible. It also means I would have already paid for the damage (and much more, most likely) with the amount of insurance I'd have to pay.

So I have my own insurance of sorts. And I'll have to pay back myself for the damage. But I'm not tapping my savings, which means I still have another parachute to pull if necessary.

I don't run a deficit with my one person administration. I did when I was younger, and found I did not like being in debt. When it came down to it, I was paying companies a lot of extra money so I could spend money I didn't have.

I also, usually, spend less than I make. Obviously the budget is changing for the next six months to a year. But, even after this most recent recession, most people do not live this way.

I have no car payment, no mortgage, no credit card debt (paid in full every month). I provide for myself, pay my own rent, utilities and the nominal (mandatory) insurance.

I really don't budget much at all. I keep my frivolous spending within a certain amount every month, and eat, drink, be merry however I want.

I'm thinking I'll have to buy cheaper wine for a while. And maybe not so much good cheese. I've got to make sacrifices.

Oh yeah, I won't be bidding on that rare red and white vinyl copy of the White Stripes' Elephant either.

After being in a bit of shock on Friday (I was not expecting the car problem to be as big as it is), I realized that I'd already inadvertently planned for this. I was ready. Even though it means I've got to tighten my belt a bit--which isn't such a bad thing.

Soon I will be mobile again. And even though I'll be a little bit sad when I see the state of my cash funds, I'll still have my head above water.

Matt Worley isn't ready to trade his car in for a scooter.