If you’re looking for a way to free up some room in your budget, check out what’s parked outside! The average American spends $479 a month on a new auto payment, according to Edmunds.com.
That’s a huge chunk right out of your budget every month—and, with interest, a HUGE chunk of money of over time. That’s money that could build your emergency fund, go into your retirement, or something else for your future.
If your car payment is more than 10-15% of your monthly income, you might want to switch your car for something with a lower monthly payment and free up some funds for something else!
Mandy’s Fabulously Frugal Fact is made thrifty by:
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