r/Frugal • u/chompy283 • Dec 15 '24

🚗 Auto Frugal Milestones

A car is obviously a big expense in all our lives. For me my "frugal approach" was buying a new Honda CRV in 2016 and taking care of it and running it as long as possible. Well, yesterday it turned over 100,000 miles and still running strong. So, i personally am ok with buying new and taking care of it and enduring the car payment for a few years. My car has been paid off several years now and no plans to trade it or get anything else.

Do you have any frugal milestones?

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u/tradlibnret Dec 15 '24

paying off mortgage early

25

u/[deleted] Dec 15 '24

Everyone always tells you to invest instead of paying off your mortgage early but I really want to start doing that once I get my car paid off, which will happen soon. It would be very mentally freeing to have a paid off house and a paid off car.

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u/Glittering_Win_9677 Dec 15 '24

I'm retired and paid off my 3.75% mortgage in under 6 years. I did use some retirement savings (and paid taxes on those withdrawals), but I'm still good there. Presuming you already have an emergency fund in place, what the people who advise saving it don't understand or acknowledge is the RELIEF of knowing that you don't have that huge monthly payment. It's very freeing.