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.