I owe about $10k in revolving accounts. I also got a huge offer for my car at almost $13k over what I currently owe. I LOVE my car, but it's a little worse on gas than expected and SUPER boujee for me. I don't necessarily need it, but it's extremely nice and really something I never thought I could ever see myself owning. Lately, I've been thinking of driving something a little less flashy and little more conservative, minimal, and all round cheaper.
My question is, do I take the $13k and pay off everything and put $2,500 down on a cheaper car, do I use the $13k as a down payment on a cheaper car, get a lower monthly payment, and keep myself in $10k of revolving account debt, or do I split it half and half?
I was planning on taking $1k and putting it into a mutual fund at the very least to collect some interest. I do not have a savings account and I'm really struggling on what to do to start my journey into being debt free, living minimally, and building my savings.
Submitted November 08, 2021 at 08:06AM by KloeLin https://ift.tt/3qi5Q3B
