My grandpa always said to put $50 a week into a savings account, no matter what, and after 5 years it saved my car.

I thought it was pointless when I was 20, but when my transmission went in my old Civic last month, that $13,000 fund was just sitting there, untouched. Anyone else have an old piece of advice that actually paid off way later?

3 comments

3 Comments

parker_price2mo ago

Yeah, the "inflation kills it" take is a mood. I tried that same plan but with way less discipline, so my version was more like "forget about the account for three years, then panic when you need tires." Still worked, just with way more stress sweat.

brown.spencer2mo ago

Nah, inflation kills that plan now.

taylor_park752mo ago

Forget the old savings account method. You have to pick assets that can keep up, even on a small scale. I put my "car repair cash" into a short term bond fund last year. It doesn't make a ton, but it beat my old savings rate by a mile and the money is still there when I need it. It's about finding a place for your cash that isn't just sitting still and losing value.