So I'm very indecisive about what to do with my money right now. I make $80,000/year and already own a house, I pay $1181/mo. I have 7,000 in savings. I contribute 3% to 401k.
I owe $24,000 in federal student loan debt, interest rate around 4.25% and private student loan debt of $28,000, interest rate 5.46%. I also have a 2016 Honda Civic that I've had for 4 years now, still have 6500 left to pay on it, I believe the interest rate is close to 4%. I pay $209/mo.
HOWEVER, I just received $52,500 from an estate. I am going to finish my basement with the help of people I know for around $20,000. I want to spend another ~$20,000 on a car. I have always wanted an SUV. I am planning on starting a family in the next 3 years which is another reason I want an SUV. I work mostly from home, however, I still drive every day to the gym, errands, see friends and sometimes to the office.
Is it so stupid to trade in my car and buy one I actually have always wanted in cash?
Another factor is my boyfriend (of 5 years we own the house together) struggles financially even though he makes 70. He cant really afford his $468/mo car payment and $200/mo car insurance. His job is all on the road (sales), he commutes around 1-4 hrs a day. Its a BMW and just not holding up with the commute and is costing so much money to fix every few months when something goes wrong. We've tried to trade his car in but its negative equity, he's going to owe 4-6k. I think im just going to pay the difference for him, give him my car, have him pay my payments, then buy a new one for myself.
I just don't want to make a stupid decision. Please help!
Submitted October 26, 2023 at 09:45PM by No_Entrance_4546 https://ift.tt/kzo7SMW
