NT: Official Personal Finances Thread

I've pretty much made up my mind on what I'm going to but I'm curious as to what you guys think about this "dilemma"

I'm moving to a new apartment in January and it will be substantially more expensive than the one I live in now since I will no longer have roommates. Did some rebudgeting and I can 100% handle it now, but I did also consider completely paying off my car now by taking money out of savings to do so. I feel no pressure to pay it off, but I don't like carrying debt in general, and the extra "Free cash flow" would give me one less thing to worry about month by month. Its a five year loan but I'm paying more than the min and will done in less than three years. 5.22% interest if that matters.

What would you guys do?
 
antidope said:
I've pretty much made up my mind on what I'm going to but I'm curious as to what you guys think about this "dilemma"

I'm moving to a new apartment in January and it will be substantially more expensive than the one I live in now since I will no longer have roommates. Did some rebudgeting and I can 100% handle it now, but I did also consider completely paying off my car now by taking money out of savings to do so. I feel no pressure to pay it off, but I don't like carrying debt in general, and the extra "Free cash flow" would give me one less thing to worry about month by month. Its a five year loan but I'm paying more than the min and will done in less than three years. 5.22% interest if that matters.

What would you guys do?
Click to expand...

if i were you calculate on how much interest are you paying. 5.22% x debt remaining (i think) if you think you can stomach that then just let it ride, if not, then pay it off. We did the same thing we bought a car over the weekend and our rate was 2% for 2 years with half down, we were gonna just pay it off, but rather pay it off in 3 months just incase. we were going to save 500+ if we finish the loan term 2 years.

Also see if theres a fee for early loan repayment, us is 75$ dollars if we pay it off before the loan is up.
 
ricerocket1 said:
if i were you calculate on how much interest are you paying. 5.22% x debt remaining (i think) if you think you can stomach that then just let it ride, if not, then pay it off. We did the same thing we bought a car over the weekend and our rate was 2% for 2 years with half down, we were gonna just pay it off, but rather pay it off in 3 months just incase. we were going to save 500+ if we finish the loan term 2 years.

Also see if theres a fee for early loan repayment, us is 75$ dollars if we pay it off before the loan is up.
Click to expand...
There isnt one. I can handle it just fine at present, I'm already six months ahead on the payments. I really just dont like carrying debt. The incremental savings I'd capture by paying it off is like $300 last I check which is truly why I haven't bothered.
 
For people who keep all their savings in an online bank how much cash do you keep in checking? I keep about two months of rent plus expenses at all times but my brother thinks thats too much. I am just fearful of something crazy happening then I have to pull cash out and not have enough for rent if I'm only keeping a month on hand.
 
antidope said:
For people who keep all their savings in an online bank how much cash do you keep in checking? I keep about two months of rent plus expenses at all times but my brother thinks thats too much. I am just fearful of something crazy happening then I have to pull cash out and not have enough for rent if I'm only keeping a month on hand.
Click to expand...

I keep a month's worth of bills in my checking at all times.
 
I have a substantial emergency fund but now I would like to operate under the assumption that I will never touch it until it's house down payment time which is why I say two months
 
Paid my car off the other day

Got it in April, put down half and financed the rest. Decided to save up and pay it off ASAP. Don’t want those mother****ers making $$ off me :lol:

Paid it off before 50k miles too. Feels good

Then I had to drop 700 on brakes the same week :smh:
 
Zainjal26 said:
Curious guys

I have good credit and 0% utilization across all of my credit cards
Can a credit card company lower my credit line if I don’t use the card a lot?

For example I have a chase sapphire with a 12k cl limit but I don’t use it much ( a few small purchases every few weeks)
Can a cc company lower my credit line because I don’t use the card much?
Click to expand...

They can do whatever they want. They can lower it based on other usage on other cards. They can lower it due to “business needs”. They can lower it if the suddenly don’t like your name. They can lower it based on risk and thinking you might run up your card.
 
cs02132 said:
Paid my car off the other day

Got it in April, put down half and financed the rest. Decided to save up and pay it off ASAP. Don’t want those **********ers making $$ off me :lol:

Paid it off before 50k miles too. Feels good

Then I had to drop 700 on brakes the same week :smh:
Click to expand...
I've been debating just pulling money out of my savings and doing this. At my current rate I'd be done two years from now
 
antidope said:
I've been debating just pulling money out of my savings and doing this. At my current rate I'd be done two years from now
Click to expand...

Nothing to debate. Just do it. You'll build that savings up quickly again with no car payments and interest.
 
yaytonyo said:
Nothing to debate. Just do it. You'll build that savings up quickly again with no car payments and interest.
Click to expand...
The yield on my savings is double the amount of interest on the loan at this point but I feel you. Every month I take the interest from my savings and throw it on top of whatever I pay
 
antidope said:
I've pretty much made up my mind on what I'm going to but I'm curious as to what you guys think about this "dilemma"

I'm moving to a new apartment in January and it will be substantially more expensive than the one I live in now since I will no longer have roommates. Did some rebudgeting and I can 100% handle it now, but I did also consider completely paying off my car now by taking money out of savings to do so. I feel no pressure to pay it off, but I don't like carrying debt in general, and the extra "Free cash flow" would give me one less thing to worry about month by month. Its a five year loan but I'm paying more than the min and will done in less than three years. 5.22% interest if that matters.

What would you guys do?
Click to expand...

We are not a business and it’s as important to mentally feel good as it is to make super perfect financial decisions.

I’m like you - I hate carrying debt. I also for a profession understand the nuances of finance and the great benefit leveraging debt can have. In my personal life if I can pay something off (eg a car, etc) I always do it.

The way I look at it is would I rather my life be about small positive steps or am I okay with going down 2 steps to go back up 4. I personally prefer a smooth stepping experience and having that debt not there more than makes up for any small advantage I gain down the road.
 
moderndarwin said:
We are not a business and it’s as important to mentally feel good as it is to make super perfect financial decisions.

I’m like you - I hate carrying debt. I also for a profession understand the nuances of finance and the great benefit leveraging debt can have. In my personal life if I can pay something off (eg a car, etc) I always do it.

The way I look at it is would I rather my life be about small positive steps or am I okay with going down 2 steps to go back up 4. I personally prefer a smooth stepping experience and having that debt not there more than makes up for any small advantage I gain down the road.
Click to expand...
I've pretty much decided to wait and see how things look once I get my tax return and then go from there.
 
cs02132 said:
Paid my car off the other day

Got it in April, put down half and financed the rest. Decided to save up and pay it off ASAP. Don’t want those **********ers making $$ off me :lol:

Paid it off before 50k miles too. Feels good

Then I had to drop 700 on brakes the same week :smh:
Click to expand...

If you financed it, they just got their money quicker. They still made money off of you.
 
antidope said:
For people who keep all their savings in an online bank how much cash do you keep in checking? I keep about two months of rent plus expenses at all times but my brother thinks thats too much. I am just fearful of something crazy happening then I have to pull cash out and not have enough for rent if I'm only keeping a month on hand.
Click to expand...
the only time i have money in my checking is when i have to pay off my credit card bills at the end of the month which i use to pay for my daily expenses
 
fastersons said:
the only time i have money in my checking is when i have to pay off my credit card bills at the end of the month which i use to pay for my daily expenses
Click to expand...
Pretty much do the same thing. Just trying to avoid any potential over draft
 
You must log in or register to reply here.

Thread Gallery

View Full Gallery

The ultimate sneaker enthusiast community.

NikeTalk was created as a way of giving back to both the sneaker enthusiast community and to the greater global community of which we are all a part.

NikeTalk is NOT affiliated with Nike Inc. in any way, shape, or form. All opinions expressed herein do not necessarily reflect those of Nike, Inc.

© 1999-2024 NikeTalk.com

Share this page

Back
Top Bottom