SunTrust Bank Home SunTrust Bank Home
h2

Pay Now to Save Later

h2

3 times when taking care of relatively minor costs can help you save big over time

Share current LOB: personal-banking
/Static/RC/Images/Featured/pay-now-to-save-later-704x343.jpg

Sometimes, spending a little extra money now can save you more down the road. Even on a tight budget, putting money toward paying down loan interest or maintaining your car can pay off big because it can keep your expenses lower over the long-term.

1. Spring for Routine Car Maintenance

While regular auto maintenance can cost an average of $1,000 per year, it can cost upwards of $8,000 to repair a vehicle that hasn’t been maintained.

2. Tackle Student Loan Interest While in School

Say you have a $5,000 loan at 6.8 percent interest. If you pay off $340 of accumulated interest on that loan while you are still in school, you will save $469.20 over the life of your loan.

3. Make Minor Home Repairs

A small leak in a roof that is in otherwise good condition can cost $1,000 to fix, whereas a roof replacement costs an average of $21,500.

Disclaimers

Sources: “True Cost of Not Maintaining Your Car,” Bankrate.com “Paying a Little Now Will Save You A Lot Later,” Student Financial Services, Columbia College Chicago “Roofing: Repair or Replace?” Sept. 2009, HouseLogic.com

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.


Related Content

  • Living on a budget is easier when you keep discretionary spending in check

    Infographic: Are You a Victim of Lifestyle Creep?

    Does it feel like even when more money is coming in, a big chunk of it is going out? Upping your spending along with your salary is tempting, but keeping lifestyle creep in check is the key to staying on track with your savings goals. Learn what you can do.

  • The Value of a Financial Advisor

    Find out how a financial advisor can help you and your family plan for life’s expenses, including retirement plans, savings and investments.

  • Couple checking phone

    Say Goodbye to Money Emergencies in 5 Steps

    Take these five simple steps today to plan for tomorrow’s unexpected expenses—and breathe easy. Money emergencies don’t have to be so … emergency-like.

  • Image of a woman with a tissue for article “Can’t Stop Sniffling? Financial Stress Could Be to Blame”

    Can’t Stop Sniffling? Financial Stress Could Be to Blame

    Money stress is the top reason we feel like we need a sick day. Finances are the No. 1 stressor for Americans, according to a national survey by the American Psychological Association.

onUp

Take a step toward financial confidence.

onUpdates Newsletter

Navigate your way towards a more financially confident life.