- December 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Analysis and Advice
Currently, I am managing a $28K car loan with a 5% interest rate. My monthly payments are set at $520, but I have been making an increased payment of $720 every month. Based on my current trajectory, it looks like I will be able to completely pay off the loan in approximately 38 months.
In terms of savings, I have diligently stored away $10K in my emergency fund and continue to make monthly contributions of $225. Additionally, I put away $325 per month into mutual funds while also making maximum contributions to both my wife’s and my Roth IRAs.
Given this financial situation, I am pondering whether it would be advisable to halt my contributions to the emergency fund and mutual funds, reducing my Roth IRA contributions to $100 per month each. By doing so, I could increase my car payment to around $2.1K, and potentially pay off the loan in just 14 months.
AI Legalese Decoder can assist in this situation by analyzing your income, expenses, and financial goals to help you make an informed decision. By using advanced algorithms, the AI Legalese Decoder can provide personalized financial advice and guidance that takes into account various factors such as interest rates, loan terms, and savings goals. This tool can also simulate different scenarios to help visualize the potential impact of adjusting your contributions and loan payments, allowing you to make a well-informed decision about your financial strategy. With the assistance of AI Legalese Decoder, you can confidently navigate your financial decisions and achieve your goals more effectively.
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I wouldn’t sacrifice you and your wife’s Roth IRA contributions if that prevented you from maxing the $13K this year, $14K next year. If that’s the only way, my answer would be no. If you can find other room in the budget in addition to the mutual funds (assuming this is in a non-tax advantaged brokerage), maybe…
How much is your car worth?
How old is the car?
What are your monthly expenses?
What’s your combined monthly income?
How much is your emergency fund money earning?
It’s hard to tell based off of your financial situation because there are no pertinent details about your age, finacial situation, and goals.
1. Do you have credit card debt?
2. What is your target for emergency fund?
3. Do you pay into TSP?
4. What is your age?
I assume you don’t have credit card debt, if you do pay it off first. If you’re young, I would not pay extra on the vehicle. Once you hit your Emergency Fund Target, I would shift those dollars to investing. Additionally, I would minimize after tax investments until you max your retirement accounts unless you have a specific goal.
Cash is paying over 5% and cars depreciate so you dollars would serve you better growing.
Assuming you donÔÇÖt own a home and your emergency fund is sufficient, then I would max out IRA and just put the remainder to the car
5% is right on the margin of what IÔÇÖd rush to pay off. Cash returns right at 5%right now.
YouÔÇÖre doing great on saving. IÔÇÖd probably just knock it out the loan and start saving towards my next car.
If inflation is higher than your interest rate, the optimal move is investing that $200, but paying off your car note earlier is still a good option.
$720 a month for a car payment. Please look into Dave Ramsey and his program to get out of debt and how to live within your means.
As an AD soldier $10K is a good e-fund. So stop adding to that. Set TSP at the max match -5% – and then fund your and your wifeÔÇÖs Roth IRAs. After that, pay off the car.
You don’t say anything about TSP. Or is that the Roth’s you are talking about? If not, if you are under BRS, put at least 5% into TSP for the government match. Also, if your Roth isn’t TSP, you can put so much more into a TSP account that an individual IRA to maximize your saving investment for retirement. Talk to a financial advisor familiar with TSP accounts for guidance.
If you are maximizing TSP, then an individual IRA would possibly be something to look at. Again, seek out a qualified financial advisor.
Rushing to pay off a car loan does have a potential negative effect on your credit, depending on history and other factors.