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

submitted 1 week 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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[-] rando@sh.itjust.works 2 points 1 week ago* (last edited 1 week ago)

SPAXX on fidelity is pretty easy to get into. Just open a Fidelity account and xfer your money there. During high interest it was getting 5% now its about 4% I think. You get paid out every month.

To invest I think it makes more sense if you are holding for 5 years minimum

this post was submitted on 24 Feb 2025

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