Extra Money – What should i do with this extra money? ?
Extra Money
Question by : What should i do with this extra money? ?
I have some extra money available after i pay all of my bills, deposit into my 401k, and put into my emergency fund. The opinion I would like to receive from everyone is this:
1. Should I pay more 74.00 more on my car payment a month to pay it off in 4 yrs instead of 5
Or
2. Should I put the extra 74.00 a month to the side for a future down-payment for a house?
Or
3. Put the 74.00 in my emergency fund?
More info: im 23 and just graduated. Trying to look ahead to my future but be smart at the same time.
Best answer:
Answer by Joe
just save it. keep it cuz it could always come in handy. and if you want to treat yourself to something at one point, you can dip into that stash
What do you think? Answer below!
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I vote for option 1! That’s what I would do…
buy a brain
I’d put it Towards whatever Debt you had that has the HIGHEST Interest Rate. Because THAT’s the Place you’re losing the MOST $ $ $ ! 🙁
keep it towards the house 🙂 congrats on graduating btw 🙂
Neither of those are bad options and are all a good idea. Car payments are important but not as important as some other things. Why not split the money up and put some into all of these funds. It may not be much money but every little helps and will all add up.
I don’t know what is your exact situation but I think in current economic climate better to save just in case..so for emergency fund would be more credible.If you want to borrow something for bigger than finish off your car credit and reapply for new it can open up new credit perspectives..
i would split the cost between all of them as they are all for your future and you would have emergency money To fall back on and knowing your car insurance is payed quicker and knowing you are a little closer for you down payment of your house 😉
Option 1 – is great because you can save money over the interest rate you would have spent if you paid over 5 years, here’s the kicker depending if your interest rate is low, you will probably only save $ 900-$ 1500.
So you would have to consider how much you are saving for Option 2 and Option 3.
Everyone has their own considerations, how many bills they have, how much income they make. Although at the minimum a good emergency fund is: $ 1000 – $ 2000 or a higher one at $ 5000 – $ 7000 if they have a house payment, or car payment to make. This would be in consideration if you lost your job, or you went on disability for an extended amount of time. And, it is always nice to put away some money toward that dream home.
I have some extra money available after i pay all of my bills, deposit into my 401k, and put into my emergency fund.
Until your emergency fund is FULLY funded, the money is NOT extra. It should go towards funding your emergency fund.
Until your car is payid off, you should limit your emergency fund to $ 1000 and PILE the rest onto the car loan. If you can’t pay it off in TWO years, sell the car and buy something you can actually afford.
AFTER you are debt free and have a 3 to 6 month emergency fund, you can start saving for a down payment on a home. In the interim, suspend further contributions to the 401(k) and get out of debt.
Edit: Rebecca makes money by convincing people to sign up with whatever website she listed.
ok
I’m glad he finally got a car!
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