The Jesse Mecham Show Ask Jesse: Save for Cars or Pay Down Mortgage, Debt Consolidation, and How Do You Know When to Spend?
5 snips
Feb 13, 2023 AI Snips
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Episode notes
Car Savings vs. Mortgage Payoff
- Prioritize saving for car replacements over aggressive mortgage payoff to avoid new debt.
- Aim for a reasonably priced car and then shift focus to the mortgage.
YNAB Category Usage
- Jesse creates single-use categories in YNAB for vacations, naming them aspirationally.
- He prefers deleting and recreating categories rather than reusing them.
Debt Consolidation Concerns
- Avoid debt consolidation loans or HELOCs if you struggle to make progress on existing debt.
- Focus on increasing income or cutting expenses to tackle the principal debt.