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What's the best way to save for a car? (kbin.earth)

submitted 4 days ago by strawberry@kbin.earth to c/personalfinance@lemmy.ml

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I'm putting away $300 a month, my question is where to put it. savings account has basically 0 interest, there are HYSA (high yield savings account) that would give me 3-5% apy, or I already have some money in stocks that have grown consistently 25% over the last year (index funds only)

what would you guys recommend? I'm looking to buy it probably 3 years from now. that way either I've got a fat down payment or I can just buy it cash

thanks

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[–] root@lemmy.world 4 points 4 days ago (1 children)

I’d follow the rule of thumb for anything less than 5 years, use a HYSA. Mines around 4%, which isn’t beating the market but at least the value will only go up. Something you want for a short term goal like this.

[–] strawberry@kbin.earth 1 points 3 days ago (1 children)

may I ask who you have your account with? really appreciate that chart

[–] root@lemmy.world 2 points 3 days ago

No problem at all. Yoinked from r/personalfinance a while ago.

I’m using Wealthfront :)