Budgeting

Pay Now to Save Later

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

Pay Now to Save Later
 

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.1

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.2

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 $21,500.3

Sources:

1 True Cost of Not Maintaining Your Car, Bankrate.com

2 Paying a Little Now Will Save You A Lot Later Student Financial Services, Columbia College Chicago

3 Roofing: Repair or Replace Sept. 2009, HouseLogic.com

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