Your New Car Payment Might Delay Your Retirement By Years

News - November 2nd, 2018

It was recently reported that the average car payment in the U.S. is a whopping $523. The average total amount borrowed for a new car comes to $31,453.

But driving a new car isn’t the root of all evil. This example simply highlights the long-term impact of seemingly innocuous purchasing decisions. Having the ‘average’ monthly new car payment doesn’t seem financially disastrous at first glance. Having an ‘average’ sized mortgage probably doesn’t either. You can use my easy retirement calculator to see what you should be saving monthly for your future.

However, having that extra bedroom and half-bathroom might be less appealing if you realize you’ll have to work a few extra years just to make up the difference. Similarly, the side-hustle you have on a review site like Swagbucks or Survey Junkie might be less fun if you realize you could have avoided it.

Read the full article here.

More from the news

10 Credible Ways to Make Money Fast Online

There are all sorts of “get rich quick” scams and gimmicks online. But, the truth is that despi ...

3 Ways to Save on Disney Gift Cards

When you save on Disney gift cards, you save on your entire Disney vacation. You can use them for y ...

Why only about half of Americans are showing Valentine’s Day any love this year

Although Valentine’s Day spending is up, fewer people are actually celebrating the holiday. Th ...