I have always heard leasing a car and buying a timeshare are about tied for the worst financial decisions one can make.

See whether there are YouTube videos with tips on what to look for when buying an old used car.

You will also need to learn to do things like change your own brake pads, oil changes, and stuff like that, anyway.

You’ll become a car guy, by necessity.

Maybe also talk to mechanics about what they would recommend if they were in your shoes.

Hey! I bet there is some sort of car subReddit that might have just that sort of answer for you.

Also, join r/PovertyFinance for more advice.

Me, I guess as I was saving up money to buy a property for cash. I will also need to wire some money to pay for an EV - if the damn thing ever gets built.

Where I live, checks tend to disappear if they are mailed and there are dollar limits to Venmo and Zelle.

The reason I say $3000 and not $3500 is because you need money for taxes, tags, and registration — incidental repairs, AAA.

ETFs are better than mutual funds in a taxable account. It gets complicated for why, but its just slightly more tax efficient. Mostly splitting hairs.

Also, FZROX can only be owned through Fidelity, so if you ever wanted to leave Fidelity, you'd have to sell your FZROX and incur a large tax penalty. With a retirement account, this isn't an issue.

ETFs though are portable and can go to any brokerage.

They're mostly all fine. Just avoid Citibank - they like to freeze accounts and withhold your money.

I figured if I sold my car and liquidated my 401k, that’s more than half my debts gone right then and there. Doesn’t seem Bankruptcy worthy at just 15k of debt

I appreciate that advice. I’ll do that tomorrow. There’s a library near me.

Seems to me that a reliable car like a Corolla would be great to hold onto after 3 years. I'd buy it versus leasing it, and drive it for the next 5+ years.

My dad dying and me being the primary care taker is how I got into this mess. Over the years it’s just snowballed. I don’t spend anything unless it’s for gas or groceries so I’ve already cut everything out. I just don’t make enough money. My partner works for a big company and works in an office. We send our son to day care.

Definitely trying to find new positions, just been applying to everything and hoping for a fall back.

One tip I suggest is to put the word out with everyone you know. Tell them about your car situation, and that you need a car for $3000. If they’re going to trade one in or something, that amount might be what the dealership would give them, so why not let you buy it for that instead.

Also, here’s how I choose vehicles: go to the library and look at Consumer Reports’ repair records as far back as they have issues.

Make a list of all the makes and models where the repair records are all red circles or semicircles, and not black dots or black semicircles.

Go through those repair records from book to book, and see which vehicles from your list have repair records that are getting better, vs. those who never seem to correct the problems, or they’re getting worse.

Then, narrow your options down to the good ones that stay good or get better over the years. That’s half the battle right there.

Yeah. No bad record, just living in the state with highest auto premiums. Haven’t had an accident since I got my license 11 years ago. I drove 50 miles a day to and from work so I wasn’t on low miles but I’m trying to find something closer to me. She is working, but we split payments based on how much we make. She will be helping me with taking over more payments but I cannot ask her to give me additional money for those debts

Sell the car. Buy a beater with the surplus. Put the $439 a month you were paying for it towards debt.

Since you won't have a car payment, you won't need full coverage insurance. Re-evaluate your insurance needs to drop that payment.

Does your partner work? Can they? I get it if any job would earn the same as you would pay in child care. But can they babysit another kid in your home or something? Take in laundry? Get a job working at a child care center where they can take your son with them?

And you know this, but find a new and better job. Retail experience translates to a lot of different things. Customer service jobs, for example, can pay really well and tend to like people with retail backgrounds. Not saying it's going to be your dream job, but it could pay the bills. Once you get on your feet, then look into learning some skills to get a better job.

I would also not rule out bankruptcy. But if you go this route, you need to really address the reasons why you got into this situation in the first place.

First thing get rid of that car. Apply for work from home positions. Then list debts smallest to largest, snow ball method pay them off. Listen to Dave Ramsey for motivation, 100% recommend him, I listened to him every day on YouTube and the radio while I was paying off debt. You will be debt free

[removed]

I would do that if I had savings. I’ll be lucky to make $1000 this next month so I’ll just be hemorrhaging even more money

It’s a private loan, sorry. Not from a friend or family, but from Upstart. Gonna be tough to find a car for $3,500, I’ve looked and a ton of junkers even are asking $5-6k. I’m not a car guy either so it’s tough to tell what cars are in good condition and what ones aren’t but I’ll do my best for sure

My philosophy on cars is that I would never lease. If I can't afford to buy it, I'd rather purchase an older/used vehicle, versus dealing with the lease end issue (mileage, damage, etc.).

[removed]

What’s the monthly payment? Also 999 dealer fee? Try to get that removed

[removed]

Don't worry too much about the choice, just open one! As long as it's FDIC insured, you're fine. I have one with Marcus and have had a good experience.

Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions

This is asked daily multiple times a day.

https://www.google.com/search?q=best+high+yield+savings+account+reddit+2023

Im assuming your insurance is for car insurance? If so that’s quite a lot. Do you have a bad record? If not, then get that checked out. My car is $40K and i pay only $100. Make sure they’re putting you on low mileage usage if your not using the vehicle a lot. That’s what i did. My car insurance was also at $200 a month before i changed that. Also is your partner working? If they arent then why are you paying for child care. If they are then both of you need to do this together.