NT: Official Personal Finances Thread

[s0lefunk]

I’m seriously considering paying off my car loan quickly. I have about 65% of the total cost of loan payoff in my high yield savings.

Should I pause my savings (I dump about $350-$400 weekly into savings) and attack the car loan or should I save enough to where my savings can pay off the car loan then start over saving?

Or maybe even do both? Still save little maybe like $200 weekly and use the difference to add to car note.

This is my only debt btw. No CC, student loans, etc.

After establishing minimum contributions % to cash savings (a solid, but relatively small amount) and retirement, attack the debt. Look into 0% intro promos once the balance could reasonably be paid off within 18 months. Once you have debt, accept that it costs you more the longer you keep it. You can shop for rates to lessen the blow but make a plan to pay it off within x months and stick to it.

 

[Mokorider]

There are people who just bounce around and do all the promos, can do same with credit cards. Those are almost always available to pursue.

High yield savings accounts are at like a 30 year high for rates, which makes this a great time to do this one

Anyone have any good sources on how to get good at churning besides YouTube?

I’m seriously considering paying off my car loan quickly. I have about 65% of the total cost of loan payoff in my high yield savings.

Should I pause my savings (I dump about $350-$400 weekly into savings) and attack the car loan or should I save enough to where my savings can pay off the car loan then start over saving?

Or maybe even do both? Still save little maybe like $200 weekly and use the difference to add to car note.

This is my only debt btw. No CC, student loans, etc.

If it were me, I would pause the savings and go ahead and attack the car loan. Have the savings as liquidity sitting there in case of an emergency, that way if it all works out, you can pick up where you left off and your car will be paid off.

After establishing minimum contributions % to cash savings (a solid, but relatively small amount) and retirement, attack the debt. Look into 0% intro promos once the balance could reasonably be paid off within 18 months. Once you have debt, accept that it costs you more the longer you keep it. You can shop for rates to lessen the blow but make a plan to pay it off within x months and stick to it.

This is great too!

 

[pdino]

Anyone have any good sources on how to get good at churning besides YouTube?

https://www.reddit.com/r/churning/
https://www.reddit.com/r/churning/wiki/index/
https://new.reddit.com/r/churning/wiki/usefullinks/

churning Reddit got 99% of what you need

 

[206to813]

I’m seriously considering paying off my car loan quickly. I have about 65% of the total cost of loan payoff in my high yield savings.

Should I pause my savings (I dump about $350-$400 weekly into savings) and attack the car loan or should I save enough to where my savings can pay off the car loan then start over saving?

Or maybe even do both? Still save little maybe like $200 weekly and use the difference to add to car note.

This is my only debt btw. No CC, student loans, etc.

I’d pay that car off bro. Sounds like u got the bread and good income coming in, just keep that emergency fund on deck and pay that B off

 

[us3less]

I’m seriously considering paying off my car loan quickly. I have about 65% of the total cost of loan payoff in my high yield savings.

Should I pause my savings (I dump about $350-$400 weekly into savings) and attack the car loan or should I save enough to where my savings can pay off the car loan then start over saving?

Or maybe even do both? Still save little maybe like $200 weekly and use the difference to add to car note.

This is my only debt btw. No CC, student loans, etc.

Yeah, I'd recommend paying off the car aggressively. If you can keep a 1-month or so emergency fund and just go at it, it'd expedite the situation quicker, Like the others said, the sooner the debt is gone, the better since there's equity and no more risk. Then just rebuild the emergency fund. If your work offers a match for your 401k, definitely take that match and keep it at that 'til the debt's paid off.

 

[DCAllAfrican]

Praying I get better with money

What's the biggest issue you face?

 

[OrangeBlueGarden]

What's the biggest issue you face?

Buying food. once i stop doing that I’ll Be good. I’m just erratic at times in the brain and I don’t ever wanna cook. I’m doing okay right now a lot of chicken and lunch meat and water and juice. paid all
The bills. I’m saving up too. Crazy thing I messed around and got cable back on top of a $94.99 Wi-Fi bill ( that’s ridiculous)

 

[andretti]

Just paid off the balance of my first and only credit card. Definitely learned its not free money and it took years unnecessarily but i got it done.


























How long would yall wait to get another credit card?

 

[3900stabler]

Those credit cards are like plastic cocaine. I got myself in some credit card trouble when I was 22-23 and needed tiger woods to win the Masters to pay off that debt. I dropped $500 in my bovada account at 4-1 odds. Thank God he came through.

I learned a valuable lesson: it's only stupid if don't learn from your mistakes

 

[andretti]

Me and my lady made a bet to see who would have the the highest credit score by april. I had some money come in so my first idea was to pay it off in heavy installments but i just decided to take out the entire balance.

I got a student loan left i can get paid off by april so that should increase it over time and by then ill be debt free.

I looked around a bit and people say i should wait 4/5 months to apply for another cc

 

[206to813]

Just paid off the balance of my first and only credit card. Definitely learned its not free money and it took years unnecessarily but i got it done.


























How long would yall wait to get another credit card?

Personally I’d get one asap.
You just have to pay off the balance in full every single month. That’s what I do so the thought that it’s “someone else’s” money or something never even crosses my mind. Swiping a card is the exact same as paying cash or debit. You just get the CC rewards/cash back.

 

[shorty doo wop]

Personally I’d get one asap.
You just have to pay off the balance in full every single month. That’s what I do so the thought that it’s “someone else’s” money or something never even crosses my mind. Swiping a card is the exact same as paying cash or debit. You just get the CC rewards/cash back.

I been on the same type of timing since I got my first cc in college. If I don’t have the money sitting in my checking account for it, I’m not buying it. Pay every bill in full every month and my credit is A1

 

[antidope]

Also agree. I used my credit cards as pseudo debit cards.

I also paid off my car early to touch on an earlier topic.

 

[tay1]

Just asking just in case but is there a downside to opening up a bunch of checking accounts just for the welcome bonus?

 

[frankmatthews]

Just asking just in case but is there a downside to opening up a bunch of checking accounts just for the welcome bonus?

Usually there's conditions that you must maintain a certain balance and/or set up direct deposit or automatic bill pay to get the bonus. Read the fine print.
Other than that it wouldn't affect your credit score or anything.

 

[tay1]

Usually there's conditions that you must maintain a certain balance and/or set up direct deposit or automatic bill pay to get the bonus. Read the fine print.
Other than that it wouldn't affect your credit score or anything.

Figured. Just wanted to be sure. I'm about to run it up.

 

[andretti]

Me and my lady made a bet to see who would have the the highest credit score by april. I had some money come in so my first idea was to pay it off in heavy installments but i just decided to take out the entire balance.

I got a student loan left i can get paid off by april so that should increase it over time and by then ill be debt free.

I looked around a bit and people say i should wait 4/5 months to apply for another cc

Guess ill post an update.

I got a credit card with capital one and my score shot up some more because of that as well

 

[アミーゴ]

Guess ill post an update.

I got a credit card with capital one and my score shot up some more because of that as well

Congrats - what’s the score?

Cap One has the best lounges in the game FWIW

 

[andretti]

Congrats - what’s the score?

Cap One has the best lounges in the game FWIW

677, i came a long way from where i was . Im working to be in the 700s by the spring

 

[アミーゴ]

677, i came a long way from where i was . Im working to be in the 700s by the spring

I’m proud of you - congrats.


Now go enjoy the lounges when you can! IAD/DCA are awesome

 

[andretti]

I’m proud of you - congrats.


Now go enjoy the lounges when you can! IAD/DCA are awesome

Much appreciated , ill try to find one when i head back home