So I went from 13k in my savings to just 3k after buying a new car, and now I’m feeling really anxious about it. I’m engaged, and my fiancé has reassured me that if anything happens, he would help me out financially since he makes a really good living. I’ve managed to pay off about 50k in student loans over the last 1-2 years, but I still have 29k left to go. I’m thinking of taking a break from paying down my loans while I rebuild my savings. I’m aiming to save about 400 a month, which should help me get back to over 5k in about 6 months. That makes me feel a bit better. Also, I’m currently putting $500 of my paycheck into my Roth each month, but I just lowered it from $600. Should I cut it down even more? Just a side note: I have no other debt besides my student loans.
I totally get where you’re coming from. I did something similar last year and went from 32k to 8k. Honestly, a year later, I have no regrets at all about it.
What was the reason for buying the car? I mean, if your fiancé is saying he would cover you, why didn’t he just buy it himself?
You’re engaged, so why not just talk about finances openly? It’s good to know he’s supportive.
I think saving 400 a month is a solid plan. But maybe check if you can lower that Roth contribution just a bit more to give yourself some breathing room?
I’m in a similar situation with student loans. Just keep reminding yourself that you have no other debt. You’ll get back to saving in no time.