FINALLY., a real person in the real world., while being debt free is nice., getting into debt is easy., to deplete an emergency fund at any stage is ludicrous in my eyes., i whole heartedly appreciate the honesty as my journey changes regularly I completely understand as i suffer from anxiety and depression., to not have a backup would just floor me God bless you guys continuously
I think you made the right decision on not depleting your emergency fund. The economy is too unpredictable right now. It’s nice to know that you can weather a future storm if needed 🙂
It really is, I just can't go back to feeling that constant stress and turmoil and with so much unrest in the U.S. right now too it just felt like a bad move...thanks for weighing in!
Is that the right decision? You buy something using debt that you are unwilling to pay for outright and it cost so much and would be so impactful on your net worth it would cause financial stress if debt wasn't involved. That's the definition of buying something you can't afford. It's more like the least impactful version of a bad decision than the right one.
I am 100% behind you and your decision!!! I have guilted myself for so many years about my debt and saying horrible things to myself like “you do not deserve a new coat when you can’t pay this debt off” and similar sentiments about a new appliance or eating out . I won’t do that anymore. I am working hard to save but it seems like debt is unavoidable for a lot of us especially now. I am very happy to see you back and look forward to seeing your journey
Don't let Dave Ramsay make you feel like crap. While a lot of his advice is good and I do appreciate his views on being responsible, he is one of the most judgemental people I have ever seen. Most people finance a car or two in their life and are just fine.
Thanks for your honesty! I think you guys have been making amazing choices and have really seen success from them. Things change, and you should be proud of yourselves.
I honestly appreciate your honesty. Sometimes, thinks just make sense. Whatever works for your family is the best choice. I really like this type of content and have missed your videos. We just recently paid of my car and then financed another one. Because we gave our paid off car to my daughter and then I needed a car. We got a good deal but it just made sense for us.
I totally agree with your decision. Especially the way everything is so unpredictable right now. Don’t think you’re the only one who thinks this way. Congratulations to you and your husband for having great communication and for doing your homework before purchasing 🙏🙏Have a great weekend.
I appreciate the honesty, especially as someone that is currently working out of debt after having been debt free other than our mortgage. My husband was diagnosed with cancer 7yrs ago and we are just now almost out of the hole with medical bills. Our car won’t be paid off until the end of next year though.
I definitely don’t think any can judge you! Every season of life comes with different choices that have to be made according to your situation! I’m sure your previous video helped and motivated people to get out of debt if they were in that same season. I’ve heard many debates on if car loans, student loans, or mortgages are considered “debt”. Some people genuinely are ok with living with that “good debt”. And to each their own 🤷🏻♀️ thanks for sharing!! Excited to have you back on TH-cam!
I’m with your husband on the car. I got awesome interest rates on my new car and drive it stress free knowing it’s new and shouldn’t have any hidden problems from a previous owner. It’s cheaper in the long run because I drive them a very long time.
I paid off $45K 15 years ago and swore never again. But it did happen again, it just sneaks up one grocery store, car repair, and Target run at a time. It is just life. This time the $12K actually was harder to pay off because my mojo was gone. It is a constant battle. Thanks for sharing your story.
Yep. I bought my new Honda in 2013. I had stashed 10,000 away. The dealer offered a 3 1/2 year loan at 1.9 percent. I financed the whole car and put the 10,000 dollars in my mutual fund. My money was earning more than 1.9 percent in my mutual fund. So, everything is fluid. You are working and driving to work, get a nice and reliable car.
Only you and your husband can decide what's right for your situation. On a different note, it might be good to deal with your anxiety and conquer the hold it has on you. Many years ago, I went through therapy to learn what was causing my anxiety and give me tools (no medication) to cope with it. It has really helped me through some tough times to change the way I approach life's challenges and make better decisions. At 64, I think it has also improved my physical health by reducing stress.
Life happens. You do not have to explain or justify. You seem confident this is the best course of action for you at this time and, to be honest, that is your business. You seem to have knowledge and experience now that you did not have before, and it sounds like you have it under control and will figure things out.
FINALLY., a real person in the real world., while being debt free is nice., getting into debt is easy., to deplete an emergency fund at any stage is ludicrous in my eyes., i whole heartedly appreciate the honesty as my journey changes regularly God bless you guys continuously
New Subscriber here. I just ran across your channel and I am excited to be following your new journey. Honesty is the best and this can help others once we become debt free. Kinda what not to do. Great video.
I feel the same way with our emergency fund. It’s what’s keeping me sane right now. We have to make the best decisions in the moment and do what makes the most sense at the time. 💞
Totally feel your situation and we are on the same boat. We actually had savings even 6 times the balance on our car loan right now but we still choose not to pay our car loan because of the two factors you mentioned and that is because we carry a very low interest rate on our car loan which is just at 1% while our savings is currently earning 5%. Also the feeling of having a large emergency fund for us gives us the feeling of security that can’t be compromised. At least for us that’s how we felt as well.
Great video. Makes sense to me. I'm going through the same thing. I also wanted to buy a used car, but I didn't want to settle. I have been saving but I don't have enough, and I need a car now. I'm in my 60s and it may be my last car so I'm going for it and financing what I want and paying it off in a year. But like you I won't touch my emergency fund.
I take car loans, but for used cars that have been taken care of and are known to be reliable. I make sure to inspect it and I used to be a car tech, so I can fix almost anything on my own cars. My last purchase was a 2010 Nissan Versa (the one with the regular automatic transmissions) 1.8 hatchback with 151k miles for $4700 cash. No issues. I only drive 50 miles total to and from work. With that said, some new cars are worse than old cars and some older cars are worse than some new cars. It's a big purchase so you have to do your research so you don't get into a bad situation with new or old vehicles indeed. For me, personally, used reliable Toyotas, Lexus, some Nissans, and a handful of other vehicles is what works for me. I wish you luck and happiness with your big financial decisions. 3:34
Hi Kristin.😊Thanks for the video! 👍 I can see that you and your family have tried very hard, and I can see the emotion in your eyes and voice. This is the first video I have seen from your channel. I wish you the best, and I'm sure that things will work out given your efforts. ✨✨As one of the other commenters said, the economy is unpredictable....and I'd add that it can be volatile. All the best to you and us all 😊✨.
Still thinking about this. You made a decision that works for you and your husband. Now move forward and keep working toward your goals. Always progress and you’ll be fine!
I understand completely, I have had😂 two used cars that ended up costing me a fortune in repairs. After shelling out lots of money every few months for years and dealing with being stranded and tow trucks etc. I realized I was spending as much as a car payment it was just in big chunks instead of spread out overtime. New transmissions are crazy expensive. I actually leased two cars, three year leases. And then we decided to buy a used car with low mileage that we plan on keeping for ten years or longer. This has worked out incredibly well, we got all of the features we needed and we are very happy. 16 months of payments left and the car is in great condition and we see no reason to buy a new car for Several years.
That is awesome, good for you! Both our cars were paid off too and we had planned to run them into the ground lol...well, we accomplished that with one of them and I still have a few good years left with my car too!
I drove a 2005 trail blazer for 15 years. Put so much money into it and drove it up to 300k miles, finally the frame cracked. Still drivable but my husband was super uncomfortable with his wife and children in an unreliable car. We ended up buying a 2019 traverse and even though we couldn’t afford to put anything down it was worth the peace of mind having a reliable safe car. Do what’s right for you and your family
I get where you're coming from. I think like that also. I would hate to deplete my whole account because it takes so long to save up and you don't want to start from scratch again. Mentally you know you can pay the car off at any time and at the very least you can double or triple up on payments to knock down balance quicker. Probably not the smartest thing financially but I definitely get where you're coming from.
I made the EXACT same decision as you. I think you did the “right” thing. At the end of the day Cash is King. Don’t put all your cash into a depreciating asset. If you were to total that vehicle you prob wouldn’t get your CASH back.
It happens. We had to finance a new HVAC system in 2023. That was not on my bingo card. We're paying more than the minimum and I plan on putting more on the principal per month after paying off our Subaru in Feb.2025. We just need to continue being good stewards.
Definitely agree - especially with those interest rates. Almost no savings on buying a used car and you wouldn't get anywhere close to that interest rate. What kind of car did you get?!?!
Yeah the rate was more than double for used and the good used models were only a few thousand less than we paid...he got a VW Jetta with no fancy bells or whistles lol
I got my Honda civic 12 years ago, still driving it now, planning to drive it at least five more years, and that’s my only car. Even my income increased from 60K to 120K in the past 12 years, never thought of getting a new car, it just a tool take me from one location to another location, as long as it drivable , I’m ok with it. Just a different thought toward purchasing cars~ (Of course because I’m super frugal, instead of 30 years, I’m able to pay off my home mortgage within 13 years become completely debt free.)
Good for you that's great discipline! We had our Civic for 10+ years and sold it to our oldest a couple of years ago so she had something reliable! Turned around and bought the piece of junk my husband was driving for cash and it didn't last as long as we'd hoped. I've had my car since 2012 and don't plan on getting rid of it anytime soon either!
We have a 2012 CRV, purchased new, a 2005 CRV from my mother in law that passed away, an Element, purchased new the second year that they were released, and a HONDA S2000 purchased used a long time ago. Not even thinking about another car until we are down to the last running car. Hondas are very inexpensive to fix. New set of headlights for the 2012 CRV 210 total, new head lights for the 2005 199 and 150 for a new bumper. I even helped the hubby put them in. The last Civic we had for 22 years! Go Honda!
sounds like there may need to be separate sinking funds beyond just a big "savings/emergency fund" so that im the future you can make big downpayments or full payments from the "car fund" rather than pulling from the one big pot. That separation could reduce the anxiety when you know the "emergency fund" wouldn't be compromised in a future financial decision. Ally Banks buckets lets you have one account with defined funds. makes it easier than having multiple separate accounts. Like mini accounts with a purpose. At least you both have a payoff plan!
Hey...I love Dave Ramsey, too, and his philosophy has helped me considerably. I know it goes against his plan, but the key is you guys were intentional. You weighed the pros and cons and know your risks. The very worst thing that happens is you deplete your emergency fund to pay it off or you sell it. As long as you don't keep going more in debt, you're completely in control of your finances. Lastly, I'm assuming you do the bills? I feel anyone who does the bills, even if your spouse is involved, feels the weight of debt so much more. Not always, but seems that way. Be blessed.❤
You pay the bank or you pay the shop....and if you work on the vehicle yourself you pay with time. We bought a 2010 audi for $5400 with 140K thought it was the right move but ended up being a money pit ...got a 2019 mazda cx-9 and added a warranty which has worked out for us we have payments but they are reasonable. The truth is you can't put a price on peace of mind you can brag about no car payment but with older vehicles the repairs will give you credit card payments
My husband would like a new car. His next one will be an electric car. We may have to buy new as there are very few used electric cars in the NSW, Australian market. As his current car is still in good enough knick to last another couple of years (maybe), we will save as much as we can, already have a good amount saved. If we need to finance some of the car, will put money saved in petrol straight off the loan. I'm a devotee of Dave Ramsey too. You do what you have to do for the season of life you are in. There is no way I would deplete our emergency fund or savings. It wouldn't be wise for us to go into too much debt as we are in our 60's. All the best with it - looking forward to following your journey.
I don't think it was a terrible financial move for you to finance the vehicle vs pay outright in cash. If you are making more in interest on your emergency fund, then it's not a bad idea at all to finance. Yes, you would be paying interest, but it's covered by the money your EF is making. Plus, you were going to get the car anyway, so there are really only two scenarios: 1. You buy in cash and lose out on x amount from interest, and 2. You finance the car and lose x amount in interest. It's pretty much the same either way. And having an emergency fund is a comfort you cannot replace :)))
KS: Vehicles and homes have skyrocketed in the last 2 to 3 years. Small (and large) businesses are struggling. You’re in better shape than many others. I believe you made a pretty sound decision. As a retired person with a pension, SSA (which we know is pretty questionable right now) and a healthy e-fund, I have put money into my car in the last year that I wouldn’t have 5 years ago. Used vehicles are ridiculous right now. I’d have probably done the same thing if forced to do so. Just put extra toward the principle monthly. I’m more concerned about your business. I feel all business owners are robbing Peter to pay Paul at times today to stay afloat. Just keep going. You’ll come out of the crazy eventually. 🌷
If you are having a problem making money. A lot of people I follow Dash. They start out with good intentions but after a while they add to their debt. So be smart remember $30.00 dollars a day can add up to $1,000.00 a month. If you deduct all expenses for your car you will come out ahead. Good Luck what ever you do.
Im the same. Have a little debt. Not alot just under 2g. I have a good chunk in my emergency fund. But im not touching it. I feel better knowing its there.
A little bit of debt is okay! Especially secured debt, where you have a tangible asset on the other side. When I think of bad debt, I think of unsecured consumer credit, where there's nothing to show for the debt. Also, from time to time you (we) run into very compelling auto loan rates (as incentive to buy), and if/when you happen to need a car and (if) you stumble onto zero percent financing, I'd rather take all that free money and keep whatever I have in (high-yield) savings, right where it is.
Girl, we’re going through another debt free journey too. Turns out, you need to keep saving for the priorities in your life even after, or maybe especially after getting debt free. Keep having goals that you strive towards achieving. When you don’t have a goal to focus on, you tend to lose steam and it’ll screw you up & not just financially. Sometimes you learn more about yourself when you have to redo something than you ever did the first go round!!! Here’s to all of us “redoing the debt free journey” to not only get debt free but also to STAY debt free this time!!! 😜😁😘
Why did the car need to be 2 years old? Why did you not look at cars 5 6 or 7 years old? Or you could have bought a beater for 3 to 6 k and upgraded when you had the money.
Kristin, good for you and your husband. This was you and your husband’s decision and your financial journey and I understand. 🙏🏾 I will not think any less of you. I would have probably made the same decision for a peace of mind. I will continue to watch your channel. ❤
There's absolutely no way that you're making more money, by keeping 40-50K in a CD, instead of paying the vehicle off. You're paying hundreds each month in interest in the car. At BEST you're breaking close to even, but id bet anything that you're losing money. But i do understand the anxiety of dropping big money on a car loan......i just went through this. We dropped 37,000 on our car, to own it free and clear, but it hurt our savings quite a bit, which stressed me out. But i believe that I'm the long run...... it's better to not owe anyone.
I'm definitely losing money, I'm paying interest on a car, the only way I wouldn't be losing money is if the loan was 0%. That's why I said it's not the best financial decision lol....Otherwise the money is in a HYSA paying 4%, not a CD. Oh wow, good for you, that's awesome!
I respect your decision. You and your husband are not living beyond your means. You are very reasonable and financially responsible. You will be fine. 😊❤
One has to wonder just how many well meaning individuals have been lured into buying a Brand New car or truck by justifying the repair cost to their existing one. I personally know of a semi-senior couple who re-mortgaged their home to the tune of an extra $32,000 to purchase a nearly new car with the cash from the proceeds. The kicker is that the repairs (more like standard maintenance) to the existing auto was simply an $875 brake job. That car was otherwise in mint condition. So to save that repair cost they justified putting their home at additional risk and in effect amortizing the cost of that replacement auto over an additional 15 to 20 years of interest bearing (front load heavy) mortgage payments. That move probably cost them $60,000+ in the long run. And for what ... to save spending $875 on an otherwise beautiful and reliable piece of transportation. Go figure. Greetings from Ontario, Canada.
Oh wow! That's wild! We had already dumped $2k+ into this, it had 200,000k+ miles on it and we only got $800 for a trade so ours was def on its last leg but would've kept it for sure if it was just brakes! Thanks for sharing!
Wow you must have good savings or interest rate to manage the whole monthly car payment from your savings interest. I don’t think you have anything to worry about.
No, I hope I didn't misspeak...our interest from our savings is greater than the interest we pay on the car loan each month (not the full payment - if we had that much I don't think I would have be so worried!) Sorry for the confusion!
I don’t think you’re an “idiot” at all. My husband and I are in the same circumstance. Have the money to pay off the car but my high yield savings is 3.5% and my car loan is 2.4% so having that extra money liquidated and available if needed provides peace of mind. I also agree that it feels completely different because you DO have the option to be “debt free” at any point in time where as previously that may not have been an option
I also had to buy a car last year. I was tired of dealing with the constant repairs on the car I had. I did finance. I could not justify buying a cheap car that needed quarterly repair bills.
It happens to us all. We are both retired and with pensions. We are not touching our TSA until it hits 300,000. We retired totally debt free- cars, house, etc. We ran up some debt again. Paid it off and had fun doing part time jobs. Now we have some credit card debt again. It is called life. We are a lot older than you. It is ok. I just subscribed to your channel. Yea, for you making money now on You Tube. Your hubby needs a nice car if he is working daily. You have a new car, enjoy it, and use it until it is too expensive to fix.
i don't get it. there are tons of used cars out there. it just takes time and patience to find the right one. income down = debt up, that would give me anxiety. and you know exactly that new cars loose value like crazy.
I just saw your video and I will say don't use your saved money to pay off the car. Pay from your regular income as much as you are able. Keep your money because you never know. I've been there and done that. Blessings
You’re so right, John, I should’ve stressed that more. I’m incredibly grateful that we are able to afford a new car right now in any capacity. Hope you’re doing well!
One of the premises of borrowing money, is having a guaranteed way to repay it. A guaranteed way to repay it is not an income because that can go away. The fact that you have the money set aside in an account, that if you had to pay it back you could, is the guaranteed way to repay it. I don't see an issue with this loan. The only negative thing about buying a new car is that it goes down in value as soon as you drive it off the lot. The value also decreases rapidly the first few years. But as long as you have that money to pay it off, you are fine. Take the amount of money that you would have made in payments, and keep adding it to your emergency fund. When it's time to replace a vehicle, you can do it with cash and still have your emergency fund. 👍
Thanks Sarah, we are ok with it...just felt like I needed to share since I shared so much along the way of us paying off all our debt years ago. Thanks for watching!
We would have made the exact same decision, and are just about to do so. We’ve been totally debt free for years (including the mortgage), but we have a 2016 plug in hybrid with 90,000 miles and a giant, three quarter ton truck. The car is about to require a very expensive service, and I can’t see spending hundreds and possibly thousands on service and new tires on a vehicle that doesn’t have much life left. I’ve been researching 0% financing deals and we’ll probably let that dictate what we end up buying, but it will be new, it will have a dealer service package and warranty, and we will be financing because there’s no way I’m willing to sell thousands and thousands of dollars of investments (never mind the cost of that and the tax implications) just to say I’m debt free, and I’m 100% fine with it.
Did you guys ever consider putting that money in a brokerage account to invest it and let that money grow, so it basically makes the payment on the car? Since you have it in savings and that makes you feel secure, you might not like that idea!
Cars are the modern horses. People 150 years ago needed good horses - and you got what you paid for then, and you get what you pay for now. I don’t trust my wife and babies in an unreliable car just so I can wear a Dave Ramsey badge. Peace of mind - and safety - are huge, and I think you made the right decision.
My car is a 2002 Chevy Trailblazer. This past summer the transmission was SHOT. ugh. I started looking around for a used car. NO WAY JOSE! A used car with a boatload of miles for 10-15 grand. Why would i pay that when i can get my trany rebuilt for 2200.00. I decided to pay the 2200.00. I have not had a car payment since 2008. I never want another car payment again. Of course my situation is different than yours as I am alone and now on disability due to my crumbling spine. Good luck! Yes it is awesome to have a new car but they are the worst investment you can make. You do know you lose thousands when you drive it off the lot. I'm sure Dave told you that. My daddy told me that decades ago. If you want a vehicle that lasts, buy a truck. They are built heavy duty. Best vehicle I ever had was a chevy silverado 4x4. It was hit parked out in front of my house and totaled. BUMMER! good luck to you.
If I’m honest what you have done is a different type of being in debt. Bad debt is if you’re living above your means but if you can pay your loan off in full at anytime that to me is considered ‘conscious’ debt. It’ll be better for you in the long run to have a better car and have the option to pay it in full anytime you want. Also a car loan is better than credit cards anyway. No one should judge you for how you handle your personal finance
No one "needs" a new car. If you want a new car and you can afford to pay for it in cash, then buy it and know that you are spending money for your enjoyment of being in a car that is 3 years newer than something that make more financial sense. There are so many cars in the Jetta class that you can get at 3 years old and save the 3 years of depreciation. A new car is either a luxury or a waste. If you feel like you can afford the luxury, then good for you; you have excess money. For me, I would rather spend the difference on an experience with family.
Zero judgement & honestly buying a car & keeping your savings is totally fine. I don’t think you need to let judge yourself for that. Your doing the best for you. Girls cars are expensive and I feel your husband on a new car. These days used cars are iffy.
I mean buying a brand new car maybe not the best decision but if your assets can pay for the vehicle then youre fine.. What is that saying " wealthy people dont buy luxuries, they but assets that buy luxuries.
I love that you said finance bros. I stumbled across your videos awhile back and from what Caleb Hammer says is that there is good debt and then there's bad debt. You're decision definitely would fall under good debt. Which is why it doesnt feel so heavy on you, you have enough to pay off the vehicle at any time, but don't need to right now and you're doing what works for you and your situation. Don't be so hard on yourself!
The amount of value lost in buying a brand new car immediately after driving off of the lot plus all the interest you'll pay to someone else for the next few years is a very poor financial decision. A better way to do it is to actively put away a "car payment" into a sinking fund each month. Emergency funds are for emergencies only and a brand new car is never one. If you live off of one income and use all other birthday, gift, business or extra income to fill sinking funds for your next car, you will always be able to rest a little better. Debt comes with a different type of stress that can be hard on marriages so hopefully you guys can get on the same page about money and pay it off real fast and keep your fanbase at the same time. Much luck to you both. I know you'll work hard to pay it off so that you can have that feeling of freedom again.
It’s our emergency + our full savings…we just keep them in the same HYSA. If it starts feeling to stressful we will pay it off in full - thanks for watching!!
It’s not the end of the world to have debt if it’s manageable and reasonable, we are debt free, however there are worse things then having a little debt, just chill
I have learned to never say never...and whom am I to judge you? So much has happened in our country since 2018, I know I wouldn't have taken that much out of my savings either. Like you, I finally have an emergency fund and I don't want to touch it! Nice video, and I am looking forward to future ones!
FINALLY., a real person in the real world., while being debt free is nice., getting into debt is easy., to deplete an emergency fund at any stage is ludicrous in my eyes., i whole heartedly appreciate the honesty as my journey changes regularly
I completely understand as i suffer from anxiety and depression., to not have a backup would just floor me
God bless you guys continuously
I think you made the right decision on not depleting your emergency fund. The economy is too unpredictable right now. It’s nice to know that you can weather a future storm if needed 🙂
It really is, I just can't go back to feeling that constant stress and turmoil and with so much unrest in the U.S. right now too it just felt like a bad move...thanks for weighing in!
Is that the right decision? You buy something using debt that you are unwilling to pay for outright and it cost so much and would be so impactful on your net worth it would cause financial stress if debt wasn't involved. That's the definition of buying something you can't afford. It's more like the least impactful version of a bad decision than the right one.
@@winb83 I hear you!
I am 100% behind you and your decision!!! I have guilted myself for so many years about my debt and saying horrible things to myself like “you do not deserve a new coat when you can’t pay this debt off” and similar sentiments about a new appliance or eating out . I won’t do that anymore. I am working hard to save but it seems like debt is unavoidable for a lot of us especially now. I am very happy to see you back and look forward to seeing your journey
Thank you and thanks for sharing ❤️
Don't let Dave Ramsay make you feel like crap. While a lot of his advice is good and I do appreciate his views on being responsible, he is one of the most judgemental people I have ever seen. Most people finance a car or two in their life and are just fine.
Haha thank you! He has no power over me anymore 🤣
I agree! I like Dave Ramsey for soo much of what he talks about, but not everything! You have to do what works for you!
Things change ,life changes, budgets change.
Very true!
Thank you for sharing and giving this update!
Thanks for watching!
Thanks for your honesty! I think you guys have been making amazing choices and have really seen success from them. Things change, and you should be proud of yourselves.
Thanks so much, Joseph!!
I honestly appreciate your honesty. Sometimes, thinks just make sense. Whatever works for your family is the best choice. I really like this type of content and have missed your videos. We just recently paid of my car and then financed another one. Because we gave our paid off car to my daughter and then I needed a car. We got a good deal but it just made sense for us.
Hi Bonny, the things we do for our kids 🤣 Thanks for sharing!
I totally agree with your decision. Especially the way everything is so unpredictable right now. Don’t think you’re the only one who thinks this way. Congratulations to you and your husband for having great communication and for doing your homework before purchasing 🙏🙏Have a great weekend.
Thanks, Ruby, that's so nice to hear - thanks for watching!
I appreciate the honesty, especially as someone that is currently working out of debt after having been debt free other than our mortgage. My husband was diagnosed with cancer 7yrs ago and we are just now almost out of the hole with medical bills. Our car won’t be paid off until the end of next year though.
I'm so sorry to hear that but that's amazing that you're almost out of debt...good for you!
Yay! My favorite TH-camr is back! Thank you for updating us. ❤
Thank you so much for watching!
Yes, I do remember you. You’re being real so, thank you and I know you can get back on track again
Thanks for this!!
I definitely don’t think any can judge you! Every season of life comes with different choices that have to be made according to your situation! I’m sure your previous video helped and motivated people to get out of debt if they were in that same season. I’ve heard many debates on if car loans, student loans, or mortgages are considered “debt”. Some people genuinely are ok with living with that “good debt”. And to each their own 🤷🏻♀️ thanks for sharing!! Excited to have you back on TH-cam!
Thanks so much, Jess...I appreciate that perspective. Thanks for watching!
Sounds like you made the decision that provided the most peace of mind for both you and your husband! Give yourself grace!😍
I think it did - thank you!!
I’m with your husband on the car. I got awesome interest rates on my new car and drive it stress free knowing it’s new and shouldn’t have any hidden problems from a previous owner. It’s cheaper in the long run because I drive them a very long time.
Good for you, that's exactly how he feels too!
I'm in the same situation, you're not alone and this makes you relatable
Thank you and hope you get it paid off soon!
I paid off $45K 15 years ago and swore never again. But it did happen again, it just sneaks up one grocery store, car repair, and Target run at a time. It is just life. This time the $12K actually was harder to pay off because my mojo was gone. It is a constant battle. Thanks for sharing your story.
Oh man, that stinks, what a bummer!
Makes me feel so much better hearing this. I love hearing testimonies that are where we are too
Yep. I bought my new Honda in 2013. I had stashed 10,000 away. The dealer offered a 3 1/2 year loan at 1.9 percent. I financed the whole car and put the 10,000 dollars in my mutual fund. My money was earning more than 1.9 percent in my mutual fund. So, everything is fluid. You are working and driving to work, get a nice and reliable car.
Ahh that’s not a bad deal!!
Thanks for your honesty and living in reality! So good to hear and I get it completely! Hang in there.. hopefully our economy will recover soon.
Thank you, Karen...yes, let's hope so 🙌🏻
Only you and your husband can decide what's right for your situation. On a different note, it might be good to deal with your anxiety and conquer the hold it has on you. Many years ago, I went through therapy to learn what was causing my anxiety and give me tools (no medication) to cope with it. It has really helped me through some tough times to change the way I approach life's challenges and make better decisions. At 64, I think it has also improved my physical health by reducing stress.
Thank you! I appreciate the advice, I have been trying and glad you've been able to help yours :)
just found your channel, thank you for sharing 😊
Thanks for being here!
Nice to see you again. I wondered where you had gone. But I subscribe to so many channels.
Looking forward to your upcoming videos.
Thanks for being here, Cynthia!
Kristen I’ve done the very same thing so can empathise. But hey we learn and whilst debt free is lovely we cannot always be wise on our decisions ❤
Great point, thanks for sharing!
Ha! I did the same thing, but I didn't have the means to pay it off. I just got a vehicle and I am in car debt. God Bless us!
I hope you are able to get it paid off soon!!
Girl, don't sweat it! It happens, we did the same thing before. Great video
Thank you, glad I’m not the only one 😂
Life happens .... Honesty is rare ! Thank You
Thanks for watching :)
Life happens. You do not have to explain or justify. You seem confident this is the best course of action for you at this time and, to be honest, that is your business. You seem to have knowledge and experience now that you did not have before, and it sounds like you have it under control and will figure things out.
Thank you for watching!!
FINALLY., a real person in the real world., while being debt free is nice., getting into debt is easy., to deplete an emergency fund at any stage is ludicrous in my eyes., i whole heartedly appreciate the honesty as my journey changes regularly
God bless you guys continuously
Thank you so much, I appreciate the kind words and you watching!
The Dave Ramsay think cracked me up😂. Been there, done that too
Hahhaha his teachings really did change my life, just think a bit differently now 😉
New Subscriber here. I just ran across your channel and I am excited to be following your new journey. Honesty is the best and this can help others once we become debt free. Kinda what not to do. Great video.
Thanks so much for being here!
I feel the same way with our emergency fund. It’s what’s keeping me sane right now. We have to make the best decisions in the moment and do what makes the most sense at the time. 💞
This economy is just so crazy now it makes perfect sense to me lol (and apparently you too!) 💗
Totally feel your situation and we are on the same boat. We actually had savings even 6 times the balance on our car loan right now but we still choose not to pay our car loan because of the two factors you mentioned and that is because we carry a very low interest rate on our car loan which is just at 1% while our savings is currently earning 5%. Also the feeling of having a large emergency fund for us gives us the feeling of security that can’t be compromised. At least for us that’s how we felt as well.
Wow 1% is amazing...good for you!
Great video. Makes sense to me. I'm going through the same thing. I also wanted to buy a used car, but I didn't want to settle. I have been saving but I don't have enough, and I need a car now. I'm in my 60s and it may be my last car so I'm going for it and financing what I want and paying it off in a year. But like you I won't touch my emergency fund.
I take car loans, but for used cars that have been taken care of and are known to be reliable. I make sure to inspect it and I used to be a car tech, so I can fix almost anything on my own cars. My last purchase was a 2010 Nissan Versa (the one with the regular automatic transmissions) 1.8 hatchback with 151k miles for $4700 cash. No issues. I only drive 50 miles total to and from work. With that said, some new cars are worse than old cars and some older cars are worse than some new cars. It's a big purchase so you have to do your research so you don't get into a bad situation with new or old vehicles indeed. For me, personally, used reliable Toyotas, Lexus, some Nissans, and a handful of other vehicles is what works for me. I wish you luck and happiness with your big financial decisions. 3:34
That's such a valuable skill to have...thanks for sharing!!
I love that you mentioned the finance bros. They're insufferable. Do what you need to do that's right for you and your family.
Hahaha right?!?! Thanks for watching!
Hi Kristin.😊Thanks for the video! 👍 I can see that you and your family have tried very hard, and I can see the emotion in your eyes and voice. This is the first video I have seen from your channel. I wish you the best, and I'm sure that things will work out given your efforts. ✨✨As one of the other commenters said, the economy is unpredictable....and I'd add that it can be volatile. All the best to you and us all 😊✨.
Thank you so much for watching!
Still thinking about this. You made a decision that works for you and your husband. Now move forward and keep working toward your goals. Always progress and you’ll be fine!
Thank you, will do ☺️
I understand completely, I have had😂 two used cars that ended up costing me a fortune in repairs. After shelling out lots of money every few months for years and dealing with being stranded and tow trucks etc. I realized I was spending as much as a car payment it was just in big chunks instead of spread out overtime. New transmissions are crazy expensive. I actually leased two cars, three year leases. And then we decided to buy a used car with low mileage that we plan on keeping for ten years or longer. This has worked out incredibly well, we got all of the features we needed and we are very happy. 16 months of payments left and the car is in great condition and we see no reason to buy a new car for Several years.
That is awesome, good for you! Both our cars were paid off too and we had planned to run them into the ground lol...well, we accomplished that with one of them and I still have a few good years left with my car too!
I drove a 2005 trail blazer for 15 years. Put so much money into it and drove it up to 300k miles, finally the frame cracked. Still drivable but my husband was super uncomfortable with his wife and children in an unreliable car. We ended up buying a 2019 traverse and even though we couldn’t afford to put anything down it was worth the peace of mind having a reliable safe car. Do what’s right for you and your family
Lol, yeah I'd say you got your money's worth!! Thanks for sharing :)
I get where you're coming from. I think like that also. I would hate to deplete my whole account because it takes so long to save up and you don't want to start from scratch again. Mentally you know you can pay the car off at any time and at the very least you can double or triple up on payments to knock down balance quicker. Probably not the smartest thing financially but I definitely get where you're coming from.
Thank you! I always tell my kids it takes forever to save and spends in minutes!!
I made the EXACT same decision as you. I think you did the “right” thing. At the end of the day Cash is King. Don’t put all your cash into a depreciating asset. If you were to total that vehicle you prob wouldn’t get your CASH back.
Thanks for sharing, Brandi!
It happens. We had to finance a new HVAC system in 2023. That was not on my bingo card. We're paying more than the minimum and I plan on putting more on the principal per month after paying off our Subaru in Feb.2025. We just need to continue being good stewards.
Oh man that stinks but sounds like you have a good plan!
Definitely agree - especially with those interest rates. Almost no savings on buying a used car and you wouldn't get anywhere close to that interest rate. What kind of car did you get?!?!
Yeah the rate was more than double for used and the good used models were only a few thousand less than we paid...he got a VW Jetta with no fancy bells or whistles lol
Glad to see you back!
Thank you so much!
I got my Honda civic 12 years ago, still driving it now, planning to drive it at least five more years, and that’s my only car. Even my income increased from 60K to 120K in the past 12 years, never thought of getting a new car, it just a tool take me from one location to another location, as long as it drivable , I’m ok with it. Just a different thought toward purchasing cars~ (Of course because I’m super frugal, instead of 30 years, I’m able to pay off my home mortgage within 13 years become completely debt free.)
Good for you that's great discipline! We had our Civic for 10+ years and sold it to our oldest a couple of years ago so she had something reliable! Turned around and bought the piece of junk my husband was driving for cash and it didn't last as long as we'd hoped. I've had my car since 2012 and don't plan on getting rid of it anytime soon either!
We have a 2012 CRV, purchased new, a 2005 CRV from my mother in law that passed away, an Element, purchased new the second year that they were released, and a HONDA S2000 purchased used a long time ago. Not even thinking about another car until we are down to the last running car. Hondas are very inexpensive to fix. New set of headlights for the 2012 CRV 210 total, new head lights for the 2005 199 and 150 for a new bumper. I even helped the hubby put them in. The last Civic we had for 22 years! Go Honda!
Wow, that's pretty great!!
sounds like there may need to be separate sinking funds beyond just a big "savings/emergency fund" so that im the future you can make big downpayments or full payments from the "car fund" rather than pulling from the one big pot.
That separation could reduce the anxiety when you know the "emergency fund" wouldn't be compromised in a future financial decision.
Ally Banks buckets lets you have one account with defined funds. makes it easier than having multiple separate accounts. Like mini accounts with a purpose.
At least you both have a payoff plan!
We do use Ally and used to split it into buckets, thanks for the tip!
Hey...I love Dave Ramsey, too, and his philosophy has helped me considerably. I know it goes against his plan, but the key is you guys were intentional. You weighed the pros and cons and know your risks. The very worst thing that happens is you deplete your emergency fund to pay it off or you sell it. As long as you don't keep going more in debt, you're completely in control of your finances. Lastly, I'm assuming you do the bills? I feel anyone who does the bills, even if your spouse is involved, feels the weight of debt so much more. Not always, but seems that way. Be blessed.❤
You're exactly right, I do all the bills...and I completely agree with you! Thanks for watching :)
You pay the bank or you pay the shop....and if you work on the vehicle yourself you pay with time. We bought a 2010 audi for $5400 with 140K thought it was the right move but ended up being a money pit ...got a 2019 mazda cx-9 and added a warranty which has worked out for us we have payments but they are reasonable. The truth is you can't put a price on peace of mind you can brag about no car payment but with older vehicles the repairs will give you credit card payments
That sums up our thought process perfectly, Chuck...Glad your current vehicle is working out for you!
My husband would like a new car. His next one will be an electric car. We may have to buy new as there are very few used electric cars in the NSW, Australian market. As his current car is still in good enough knick to last another couple of years (maybe), we will save as much as we can, already have a good amount saved. If we need to finance some of the car, will put money saved in petrol straight off the loan. I'm a devotee of Dave Ramsey too. You do what you have to do for the season of life you are in. There is no way I would deplete our emergency fund or savings. It wouldn't be wise for us to go into too much debt as we are in our 60's. All the best with it - looking forward to following your journey.
Oh wow, I didn't know that...thanks for sharing!!
So glad you’re back!
Aww thank you 😊
I don't think it was a terrible financial move for you to finance the vehicle vs pay outright in cash. If you are making more in interest on your emergency fund, then it's not a bad idea at all to finance. Yes, you would be paying interest, but it's covered by the money your EF is making. Plus, you were going to get the car anyway, so there are really only two scenarios: 1. You buy in cash and lose out on x amount from interest, and 2. You finance the car and lose x amount in interest. It's pretty much the same either way. And having an emergency fund is a comfort you cannot replace :)))
Thanks for this Alex, I like your way of thinking 😉
KS: Vehicles and homes have skyrocketed in the last 2 to 3 years. Small (and large) businesses are struggling. You’re in better shape than many others. I believe you made a pretty sound decision. As a retired person with a pension, SSA (which we know is pretty questionable right now) and a healthy e-fund, I have put money into my car in the last year that I wouldn’t have 5 years ago. Used vehicles are ridiculous right now. I’d have probably done the same thing if forced to do so. Just put extra toward the principle monthly. I’m more concerned about your business. I feel all business owners are robbing Peter to pay Paul at times today to stay afloat. Just keep going. You’ll come out of the crazy eventually. 🌷
Thank you, I appreciate your input!!
Glad you are back
Thank you 😊
way to be honest and real :)
Thank you!
If you are having a problem making money. A lot of people I follow Dash. They start out with good intentions but after a while they add to their debt. So be smart remember $30.00 dollars a day can add up to $1,000.00 a month. If you deduct all expenses for your car you will come out ahead. Good Luck what ever you do.
Thanks so much for that!
Im the same. Have a little debt. Not alot just under 2g. I have a good chunk in my emergency fund. But im not touching it. I feel better knowing its there.
You just can't beat the feeling of security!
A little bit of debt is okay! Especially secured debt, where you have a tangible asset on the other side. When I think of bad debt, I think of unsecured consumer credit, where there's nothing to show for the debt. Also, from time to time you (we) run into very compelling auto loan rates (as incentive to buy), and if/when you happen to need a car and (if) you stumble onto zero percent financing, I'd rather take all that free money and keep whatever I have in (high-yield) savings, right where it is.
Thank you, I agree with that! I wish we'd be able to get 0% that would've been a no-brainer for us too!
Girl, we’re going through another debt free journey too. Turns out, you need to keep saving for the priorities in your life even after, or maybe especially after getting debt free. Keep having goals that you strive towards achieving. When you don’t have a goal to focus on, you tend to lose steam and it’ll screw you up & not just financially. Sometimes you learn more about yourself when you have to redo something than you ever did the first go round!!! Here’s to all of us “redoing the debt free journey” to not only get debt free but also to STAY debt free this time!!! 😜😁😘
I love this!
Why did the car need to be 2 years old? Why did you not look at cars 5 6 or 7 years old? Or you could have bought a beater for 3 to 6 k and upgraded when you had the money.
Because we didn’t want a car that was 5, 6, or 7 years old.
What car did you guys get?
A VW Jetta :)
@@KristinStonesok I was thinking a Prius with that kinda gas mileage.
Right?! I was shocked when the guy told us too!
Kristin, good for you and your husband. This was you and your husband’s decision and your financial journey and I understand. 🙏🏾
I will not think any less of you. I would have probably made the same decision for a peace of mind. I will continue to watch your channel. ❤
Thank you, Crystal 💕
No judgment ❤...you go girl!
Thank you so much!
There's absolutely no way that you're making more money, by keeping 40-50K in a CD, instead of paying the vehicle off. You're paying hundreds each month in interest in the car. At BEST you're breaking close to even, but id bet anything that you're losing money. But i do understand the anxiety of dropping big money on a car loan......i just went through this. We dropped 37,000 on our car, to own it free and clear, but it hurt our savings quite a bit, which stressed me out. But i believe that I'm the long run...... it's better to not owe anyone.
I'm definitely losing money, I'm paying interest on a car, the only way I wouldn't be losing money is if the loan was 0%. That's why I said it's not the best financial decision lol....Otherwise the money is in a HYSA paying 4%, not a CD. Oh wow, good for you, that's awesome!
I respect your decision. You and your husband are not living beyond your means. You are very reasonable and financially responsible. You will be fine. 😊❤
I appreciate the kind words! 💕
One has to wonder just how many well meaning individuals have been lured into buying a Brand New car or truck by justifying the repair cost to their existing one.
I personally know of a semi-senior couple who re-mortgaged their home to the tune of an extra $32,000 to purchase a nearly new car with the cash from the proceeds. The kicker is that the repairs (more like standard maintenance) to the existing auto was simply an $875 brake job. That car was otherwise in mint condition. So to save that repair cost they justified putting their home at additional risk and in effect amortizing the cost of that replacement auto over an additional 15 to 20 years of interest bearing (front load heavy) mortgage payments. That move probably cost them $60,000+ in the long run. And for what ... to save spending $875 on an otherwise beautiful and reliable piece of transportation. Go figure. Greetings from Ontario, Canada.
Oh wow! That's wild! We had already dumped $2k+ into this, it had 200,000k+ miles on it and we only got $800 for a trade so ours was def on its last leg but would've kept it for sure if it was just brakes! Thanks for sharing!
Wow you must have good savings or interest rate to manage the whole monthly car payment from your savings interest. I don’t think you have anything to worry about.
No, I hope I didn't misspeak...our interest from our savings is greater than the interest we pay on the car loan each month (not the full payment - if we had that much I don't think I would have be so worried!) Sorry for the confusion!
I don’t think you’re an “idiot” at all. My husband and I are in the same circumstance. Have the money to pay off the car but my high yield savings is 3.5% and my car loan is 2.4% so having that extra money liquidated and available if needed provides peace of mind. I also agree that it feels completely different because you DO have the option to be “debt free” at any point in time where as previously that may not have been an option
Well I'm glad I'm not the only person applying this "logic" to our finances 🤣 We are at 4% and 2.9% for the loan. Thanks for sharing!
I also had to buy a car last year. I was tired of dealing with the constant repairs on the car I had. I did finance. I could not justify buying a cheap car that needed quarterly repair bills.
I'm glad you were able to get yourself into a more reliable car!
We are all human ... My husband and I are in the same boat .. digging out again.
Best of luck, hope you get back out soon!
It happens to us all. We are both retired and with pensions. We are not touching our TSA until it hits 300,000. We retired totally debt free- cars, house, etc. We ran up some debt again. Paid it off and had fun doing part time jobs. Now we have some credit card debt again. It is called life. We are a lot older than you. It is ok. I just subscribed to your channel. Yea, for you making money now on You Tube. Your hubby needs a nice car if he is working daily. You have a new car, enjoy it, and use it until it is too expensive to fix.
Thanks for sharing that! Glad to have you and hope you’re enjoying retirement!
Stopped smoking in the 70's
Stopped drinking in the 80's
Got out of debt in the 90s
Still don't smoke , drink of am in debt
That is really amazing…good for you 👏👏👏👏
Life happens. Just glad you’re all OK.
Thanks so much :)
i don't get it. there are tons of used cars out there. it just takes time and patience to find the right one. income down = debt up, that would give me anxiety. and you know exactly that new cars loose value like crazy.
Yeah they definitely do and I completely understand your point, thanks for the comment!
I just saw your video and I will say don't use your saved money to pay off the car. Pay from your regular income as much as you are able. Keep your money because you never know. I've been there and done that. Blessings
Thank you for the advice!
@@KristinStones 🙏😇
You at least have choices,looking after money is important but so is enjoying life. I wish you well
You’re so right, John, I should’ve stressed that more. I’m incredibly grateful that we are able to afford a new car right now in any capacity. Hope you’re doing well!
One of the premises of borrowing money, is having a guaranteed way to repay it. A guaranteed way to repay it is not an income because that can go away. The fact that you have the money set aside in an account, that if you had to pay it back you could, is the guaranteed way to repay it. I don't see an issue with this loan. The only negative thing about buying a new car is that it goes down in value as soon as you drive it off the lot. The value also decreases rapidly the first few years. But as long as you have that money to pay it off, you are fine. Take the amount of money that you would have made in payments, and keep adding it to your emergency fund. When it's time to replace a vehicle, you can do it with cash and still have your emergency fund. 👍
Thanks for sharing your perspective, Debbie!
I would need to know a few things before I responded appropriately. What was the car? How much did you finance? etc.
Thanks for watching - it was a VW Jetta.
It's not the end of the world. You and your family have a plan. It works for you. Plans change and so does life. Enjoy the car
Thanks, appreciate that!
Life happens. Don'y stress about it. I know that it is easier said than done
Thanks Sarah, we are ok with it...just felt like I needed to share since I shared so much along the way of us paying off all our debt years ago. Thanks for watching!
We would have made the exact same decision, and are just about to do so. We’ve been totally debt free for years (including the mortgage), but we have a 2016 plug in hybrid with 90,000 miles and a giant, three quarter ton truck. The car is about to require a very expensive service, and I can’t see spending hundreds and possibly thousands on service and new tires on a vehicle that doesn’t have much life left. I’ve been researching 0% financing deals and we’ll probably let that dictate what we end up buying, but it will be new, it will have a dealer service package and warranty, and we will be financing because there’s no way I’m willing to sell thousands and thousands of dollars of investments (never mind the cost of that and the tax implications) just to say I’m debt free, and I’m 100% fine with it.
I don't blame you one bit!
Did you guys ever consider putting that money in a brokerage account to invest it and let that money grow, so it basically makes the payment on the car? Since you have it in savings and that makes you feel secure, you might not like that idea!
Yes we did but since it’s our emergency/savings we don’t want to run the risk of any big losses right now!
Cars are the modern horses. People 150 years ago needed good horses - and you got what you paid for then, and you get what you pay for now. I don’t trust my wife and babies in an unreliable car just so I can wear a Dave Ramsey badge. Peace of mind - and safety - are huge, and I think you made the right decision.
I think my husband felt a very similar way to how you just described...also, "Dave Ramsey badge" 🤣
Would love to know the car you purchased??
Nothing fancy, a VW Jetta ☺️
@@KristinStonesAre those still diesel? I was sure it was a Camry 😊
@@cali_love5977No, they may sell a diesel version but ours is not :)
My car is a 2002 Chevy Trailblazer. This past summer the transmission was SHOT. ugh. I started looking around for a used car. NO WAY JOSE! A used car with a boatload of miles for 10-15 grand. Why would i pay that when i can get my trany rebuilt for 2200.00. I decided to pay the 2200.00. I have not had a car payment since 2008. I never want another car payment again. Of course my situation is different than yours as I am alone and now on disability due to my crumbling spine. Good luck! Yes it is awesome to have a new car but they are the worst investment you can make. You do know you lose thousands when you drive it off the lot. I'm sure Dave told you that. My daddy told me that decades ago. If you want a vehicle that lasts, buy a truck. They are built heavy duty. Best vehicle I ever had was a chevy silverado 4x4. It was hit parked out in front of my house and totaled. BUMMER! good luck to you.
Oh jeez, that is a bummer 😑 Sorry to hear that…thank you for the wisdom!
If I’m honest what you have done is a different type of being in debt. Bad debt is if you’re living above your means but if you can pay your loan off in full at anytime that to me is considered ‘conscious’ debt. It’ll be better for you in the long run to have a better car and have the option to pay it in full anytime you want. Also a car loan is better than credit cards anyway. No one should judge you for how you handle your personal finance
I love the phrase "concious debt" - thank you :)
I don't like to buy used cars either, I only buy new cars and keep them about 10 years, but I only pay cash. You will have it paid it off very soon.
I don't like not knowing how they were treated/taken care of I guess. Paying cash is for sure the better option!
No one "needs" a new car. If you want a new car and you can afford to pay for it in cash, then buy it and know that you are spending money for your enjoyment of being in a car that is 3 years newer than something that make more financial sense. There are so many cars in the Jetta class that you can get at 3 years old and save the 3 years of depreciation. A new car is either a luxury or a waste. If you feel like you can afford the luxury, then good for you; you have excess money. For me, I would rather spend the difference on an experience with family.
Thanks for the feedback!
If he's not worried about debt, then he's not going to help you stay debt-free.
We are mostly on the same page but not always 100%…but after 21 years of marriage now, I think I’ll keep him around anyway 😉
Zero judgement & honestly buying a car & keeping your savings is totally fine. I don’t think you need to let judge yourself for that. Your doing the best for you. Girls cars are expensive and I feel your husband on a new car. These days used cars are iffy.
Thanks Mya, he will keep this car until it dies 🤣
I mean buying a brand new car maybe not the best decision but if your assets can pay for the vehicle then youre fine.. What is that saying " wealthy people dont buy luxuries, they but assets that buy luxuries.
Yeah, definitely not the best financial decision lol but I've made my peace with it 🤣
I love that you said finance bros. I stumbled across your videos awhile back and from what Caleb Hammer says is that there is good debt and then there's bad debt.
You're decision definitely would fall under good debt. Which is why it doesnt feel so heavy on you, you have enough to pay off the vehicle at any time, but don't need to right now and you're doing what works for you and your situation.
Don't be so hard on yourself!
Thanks Gabe, appreciate your input!
The amount of value lost in buying a brand new car immediately after driving off of the lot plus all the interest you'll pay to someone else for the next few years is a very poor financial decision. A better way to do it is to actively put away a "car payment" into a sinking fund each month. Emergency funds are for emergencies only and a brand new car is never one. If you live off of one income and use all other birthday, gift, business or extra income to fill sinking funds for your next car, you will always be able to rest a little better. Debt comes with a different type of stress that can be hard on marriages so hopefully you guys can get on the same page about money and pay it off real fast and keep your fanbase at the same time. Much luck to you both. I know you'll work hard to pay it off so that you can have that feeling of freedom again.
It’s our emergency + our full savings…we just keep them in the same HYSA. If it starts feeling to stressful we will pay it off in full - thanks for watching!!
It’s not the end of the world to have debt if it’s manageable and reasonable, we are debt free, however there are worse things then having a little debt, just chill
We are okay with it...it feels less stressful than it did worrying about when the last car would break down again!
I have learned to never say never...and whom am I to judge you? So much has happened in our country since 2018, I know I wouldn't have taken that much out of my savings either. Like you, I finally have an emergency fund and I don't want to touch it! Nice video, and I am looking forward to future ones!
Thank you, glad I'm not the only one!
If you have the money to pay it off, you are not in debt!
I like that perspective 😉
Everything is so expensive
To get anywhere in life you need money lots of money
lol you’re not wrong 😑
Same here!!
Back in debt?! Ahh sorry to hear!
Your videos are amazing. I really like it. I am a new subscriber to your channel. Can I talk with you Kristin?
Thank you!
@@KristinStones can i talk with you?
Cars and homes fine for debt.
Thanks for watching!