Saving for retirement is so hard! I often find myself jealous of all of the FIRE (Financial Independence Retire Early) people younger than me that already have close to half a million dollars saved. I can't help but think that I went wrong somewhere! Anyways, in January of this year I checked in on my retirement accounts and found that I had finally reached a total of over $50,000!!
My 2020 Retirement contributions so far are as follows:
1/3/20 $100
1/4/20 $100
1/15/20 $1,000
1/31/20 $100
Only $4,700 more to go to max out my Roth for the year.
On to the car savings fund. So far I have $28,996 saved for my new car (this includes the value of my trade in too). I have so much anxiety about purchasing a car. I would like a car that will last 14 years, just like this one has. The car I am hoping to buy will be around $40,000, out the door. The vehicle I currently drive was ~$38,000 when I bought it 14 years ago.
I've thought and thought about this. I've changed my mind multiple times. I really want to have all of the cash saved up before I buy. However, I'm not sure that my current vehicle will cooperate. I really just can't stomach the thought of making car payments. What if another recession hits? What if I get fired? Then I am left with a car payment and no income. I'd rather pay for the vehicle in cash and them go right back to saving money. Keep your fingers crossed for me. I hope this car makes it.
Buying a car is always gut-wrenching to me.
ReplyDeleteI had the same anxieties you had with plunking down that amount of money...except I totaled my car, so wasn't quite expecting to buy a car quite yet! At least you are able to plan! Anyways, I had the cash to buy the car, but was anxious about the economy and my job. So, I took out a car loan. It was just about 1% interest (I'm still pissed I didn't qualify for those 0% loans I hear about....my credit score is/was in the 800s!), but that 1% was just about what my savings account was making, so it was about a wash and I could keep my cash, yet pay the car off if I needed to (or even just be able to make the payments, and keep the cash cushion - if things tanked, I'd want that cash anyways). It really did help with my anxiety, and then when it was down to about $7k, I got tired of the loan, so paid it off totally. Just a thought :)
ReplyDeleteThere is a relatively easy answer - one you may not want to hear - but you could always buy used with whatever money you have at the time the car dies. That way someone else is taking all the depreciation and many used cars still come with warranties if that is your concern. I've never owned a brand new car - we have 2 beautiful paid off vehicles that we bought at 2/3 cost of new - each just a couple years old. Just a consideration as you have saved a really good hunk of money for one.
ReplyDeleteI feel the same way about cars & loans. I buy second hand, not very expensive &drive them for years and years and then save for a replacement. like you I worry about having a car payment if we lost our jobs again.
ReplyDeleteI hear you on car anxiety. My winter car died with no warning ($5K to fix) so right now I have a rental until Hubs gets home. We most likely will buy a car that is 1-2 years old AND has a warranty!
ReplyDeleteGreat post!
ReplyDeleteGreat job! Congratulations! Living within your means and saving for retirement is not an easy task. I'm pretty sure that successful retirement is created through careful planning and wise choices.
ReplyDeleteI agree. Your best value is buying a car that has just been returned on a lease. "Certified Pre-Owned" - you really can't go wrong. Usually still under warranty. If you go with a Honda/Toyota/Mazda they will last forever if maintained regularly.
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