“Can we afford a new car on one income?” (Hint: No.)

This week, a couple wrote to me and asked if they can afford a new car in 2024. [Podcast Newsletter Header](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3mDW13WRFs2Tgq1mW4CXFKX5PsHs8W21SPvb7LztP0W24SNrL8G-CTQW1Crx345Y1VkkW4Fv4N727xsStW3dRsWp3Wpg5TW4vpLpG2SLVh4V3xmcv1MZkSZN7FBz-SbRZMyW3KcDKm8T3BYgW150F_W91s3mjN1rQ0y9dlyY6W31lf8w62pQW_W7jSftm4k9mVsW8Zr3PV8nZF-kW2PBnb88VB8VlW6Zd_t-81bTrMV6hRWN5qYFtdW7VZ0Dr8M7WhCW1JQjZ98-02VBN29Ky-MdG1T3W4FXhhl5HpcZKW6jWVm06JpPbDf5YMcrv04) {NAME}, This week, a couple wrote to me and asked if they can afford a new car in 2024. They live on one income for a family of 3 in Toronto — a very high cost of living area. Can they afford the car? Let’s look at their Conscious Spending Plan below and see… Wake up in a better mood There’s nothing worse than being jolted awake by a blaring alarm each morning. Who wants to be in a bad mood the second they wake up? 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Now let’s get into this week’s [Conscious Spending Plan](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKq3qn9gW6N1vHY6lZ3nyW1kxz8h1lf0VSW6v8WMh25xmBjW3dR5-v8rjqcPW76H-Tx1Pg8pzW1-PJPG8pP4h1W6bVS9q8Q4Yb9W2HpBdj174q37W2gj9r499M9vyW6Kmh9L6Mdpm9W14B8S69kGvp8W5CJyFG7YWV7QW45RWHC92DFczW50BTP66js1cWW45txBt4nypcpW51kCXd4g2vK_W55j5Yn45jsBSW4X_Rtx1gwYLTW7w-98f8V3GxFW874N-K3h5thWW8nckyZ2bCCTjW2mTjJz7yH504W8Tgjgp4_CYNKf5XZPP404). Here are some details about this week’s couple: - We are a single-income family with an 11-year-old child - I am 36 years old, my partner is 40 years old and we live in Toronto - We are looking to buy a car in 2024 - Due to high fixed costs from our mortgage we are not able to save much for the car purchase - We want to reach a target of $2.5 Million for retirement, any tips or suggestions? NET WORTH $ Assets (current value of car, home, property, business) $590,000 Investments (include 401K, non retirement — all investments) $117,000 Savings $15,000 Debt (student loans, credit card debt, mortgage) $450,000 TOTAL NET WORTH $272,000 INCOME COMBINED CURRENT MONTHLY $ Gross monthly income (all income before taxes added up) $10,916 Net monthly income (how much you take home after taxes) $7,000 FIXED COSTS 73% Rent / Mortgage $2,654 Utilities (gas, water, electric, internet, cable, etc.) $950 Insurance (medical, auto, home / renters, etc.) $150 Car Payment / Transportation $400 Groceries $500 Classes/Learning $250 Phone $90 Miscellaneous $100 FIXED COSTS TOTAL $5,094 INVESTMENTS 12% Post-Tax Retirement Savings $600 Child Education $250 INVESTMENTS TOTAL $850 SAVINGS GOALS 2% Vacations $50 Long Term Emergency Fund $100 SAVINGS TOTAL $150 EVERYTHING ELSE 15% EVERYTHING ELSE (Dining out, movies, anything you want) $1,050 Net worth - Assets $590,000, which is their house - Investments $117,000. At 36 and 40 that could be pretty good, depending on their income. - Savings are at $15,000 and debt is $450,000 for their house. - Their total net worth is $272,000. Let's move on to income… Income - Their income, which is one income, is $10,916 per month — or $131,000 per year. - That’s $131,000 per year for a family of three living in Toronto, which is an expensive city to live in. Well, you can see exactly what happens with a single income of $130,000. Right away, we can see their fixed cost number is 73%. That’s high. I usually recommend between 50-60%, but I often see that number a little bit above 60% in very high cost of living cities. - The problem is when you have a high fixed cost number, it's like a hose that has become constricted. When the hose constricts, it's very hard for water to flow through to the other end. That’s why people who have really high fixed costs feel super stressed out about money. And they usually misattribute their stress to eating out or buying snacks at a gas station, but it's usually not those things. It's usually their fixed costs, and within those fixed costs, it's usually one of two things: their housing or their cars. As we can see, it's their housing. - Their total housing costs are 33% of gross income. I recommend this doesn’t go above 28%, maybe you can push it a little higher in a HCOL area. Because they own their house, I suspect they're not properly factoring in phantom costs, like maintenance and occasional one-off repairs that happen. Most people do not know how to properly amortize those costs across months or years. So they will see a one-time repair of $7,000 and they won't properly classify that in their housing costs. So I suspect their housing costs are much more than 33%. If I had to guess, it would be 40% or higher. - That’s what's going on here. That's all. That's the diagnosis. This couple is most likely house poor based on their income. - Now, if they made a lot more money, this would work fine. If they made $200,000 for example, you’d see their fixed costs naturally come down because they would have a bigger denominator. You would see their total housing costs naturally go down too. A higher income would give them much more breathing room. But we are where we are, so let's continue looking down. - They have a car payment of $400. If that's just an old car that they're paying a little bit for gas on and things like that, I would keep it as long as I possibly could. One of the key ways that people save money is to buy well and hold it for many, many years. Why do you think that I talk about having a car for so long? Why do you think when I buy a nice sweater, I keep it for many years? I like to buy well and keep it for as long as possible. Specifically with cars and housing, you really start to realize savings once your payments finish. - For example your first five to seven years of a car, you're paying a lot for those payments. But then you have no payments! You have just gas and insurance and some incidental costs. That's where you can really capture those savings. - So, if they have the option to not buy a car, I would highly encourage them to keep the car and save money. Because once you buy a car, you're going to have a lot more payments. And frankly, at 73% fixed costs it's going to negatively impact your finances because you're already overspending. - Let's continue looking. Groceries, phone, no comment. - At 73% fixed costs, candidly, you probably can't afford to do $250 a month on classes and learning. I would take that out. That would drive you to 69%. It's not a huge change, but it’ll give you a lot more breathing room. Investments - You’re doing a nice job with your retirement accounts. - You’re also putting $250 a month aside for your 11-year-old. We’ll come back to this in a minute. Savings - Your savings, you're saving $150 a month, and you currently have $15,000 in savings, which is approximately 3 months of savings. - With an 11-year-old, I find that pretty risky. If it were me, I would be taking the 11-year-old's education fund and I'll be putting that towards savings. Sure, you want to provide for them, but you also have to think about the next 6 or 7 years. What if your sole earner loses their job? You only have 3 months of savings. That is not a good situation to be in. And the dark reality is that when people lose their job, it's often an industry-wide or country-wide recession, so you don't want to put yourself at that risk. I would be saving. Guilt-free Spending - Guilt-free spending at 15%? I don't think so. Not if you're spending 73% on fixed costs. I think it’s time to buckle down on guilt-free spending. - Take $250 of that, put that towards investments. Or depending on your interest rate, you could take it and put it towards your mortgage and potentially pay that off faster. Overall - You asked about retiring with $2.5 million. Well you are currently not on track to retire with $2.5 million if we look at your investments. - Just to give you an example, if you currently keep up your exact amount of investments, in 30 years you would retire with $1.9 million. That would give you about $75,000-$76,000 of income per year using the 4% rule. Notably, you would own your house. So, those payments would go way down. - That's actually not bad! $75,000 a year in retirement and owning a house. However, if you want $2.5 million, you need to make some changes. Let's take a look… - Option 1: To get the $2.5 million, instead of 30 years, you could work for 33 years. But one of you is 40, so you probably don't want to work that long, but that's an option. - Option 2: Another option is working for 30 years and investing more. So instead of $10,800 a year, which is what you're currently investing in, you could do $15,000, so roughly $400 more per month. You can see why I'm not super excited about you putting $250 a month away for your kid's education when you yourself would benefit more from it, if you want $2.5 million. You just have to figure out what is most important to you. - So how can we invest more? You could cut some costs, for example, take that $250 a month that you're putting for your 11-year-old, put it towards yourself, and cut some guilt-free spending. You could also increase your income. - Overall, if you got a new car, it would be very difficult for you to be able to hit those numbers on one income. If this is your current income, you need to tighten up your expenses and redirect where the money's going. - By the way, when it comes to buying your car, let's get specific. I know most people would look at the monthly payment and they go, “oh, uh, that sounds good to me, $400.” But the monthly payment is just the start of your expenses. There's a way to calculate how much you can afford for a car, and that way is to back out your expenses, meaning total cost of ownership, including gas, insurance, etc. You can watch my [video on how to properly decide how much you can afford for a car](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3p5W27jB-M6-C401W26S_fF7p5gkGW9f-M9z3fHbW0N6qMgDcWZrl-W6NSM0f6z7CRxW1ZSyFW2MpKjgN7lcBnNXQTHxW7CkzSn5vCFH_V9kB283X3tLmW439Y352zX_SkW48p9Rb3pC1KSW1zNGZy2pY9NPW2wz0tx58k52-N5MzN0yRpQbBW7g2gmw25lcYSW69v65j7sFZPvW37Pd7T6YQSs7N21SLKdQL95kW3r6Z-Y8QWdK1W6L4vvk1PGWL5W5W3M1k1xVXgFW83wxwq2TkH4sW15xBN_6jhVs8W24s46C119YbfW47sX1Z5Tvq7jW6tNkMP3DFz70f2mDhmv04). Good luck. Thanks for sending your CSP! [Ramit Sethi Signature] P.S. This week on the podcast: "We have 2 kids, 3 cars...but only 1 month of savings" (Part 2) In Part 2 with Paul and Morgan, we discover in their CSP that they are spending almost everything they make each month. Are they ready to make big changes to get those costs down? [Check it out here](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3pWW7s0GVn6wz9NLVS1Wjt5wZFXBW7SLyby16HQ_wVXc3yl7RFqgdW6G5Yt61D7FftW6JLtXd51Tx8HW3zzQ1R685PzlW1_NzDV567QyHW9fwqQs2Jr3pfW1xzh-R8NztFZW5vPZjf9g9GRHW4km5BM5y2MxWN1nLHdBZBYfyVQNDVZ26Ns1cVszfQ99jtSHLN46ZFy8knDWBV645G37pj12GW3kshBc6Tv1-fW4Lj-zG3b9F4fW5d1lV34V6SR6W41vYmW8xLCPjW50M4tX5dvGrJW2lMn1Z1n0FCrW8QwPTX5DSbLnVqFp9h4sXGm8W15PLLZ2Zc39Mf2QWgYd04). [Podcast_We have 2 kids, 3 cars...but only 1 month of savings](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3myVFRxbY7RsB_jW7s8Zyc5nNH30W98x3N-87C1fvW2P0GPm6q0NhcW4mmKHS8m663KW2pB6Lg7Jh5HYW5LNgzL8MZyWlW6JZBwK1P1M4MW7CwjYR10VjjvVWyPPh1jRKzfN87z1VpKCd86W8_Smgf8yyXCFW5mmvtj6K2zgbW2jvD2W3ZptdMN4trMR0w-R1ZW30w-GX7WKKKpW7PkPRR6WH92GW1sv8Gv4R1k3FN1TcQnBFSyVvW5Bq2yR4TYDVnW8MSxty10zWYWVl4hQM948k5PW2W6w3F4GfRwDN598nl22DC5PW73QLmT2FJNmpW4kVZK946v45rdWz2LT04) [Programs →](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3q0W8N9Wgt1x8M78W243jlR8HBTrFW7xbLhy3769C-N747B2Tjwxf1VXD_fG8s_351VQVQgC3hKcSkVQG4NJ9cd28vW6jyvVW44MbXPVfHlPc5SVwPcW4Lj5kl25NJ8LW2JrG002LFKt9W5btGjG78bkM5VLyL8G1-0CtFN7l3pL2QD7VBW5z9FGN5HX3TyW8YxxNH55s2TMW7XQVvK2V1DLqW4NKv153rC1KFW3WnW8W1jqNH8W40YRvQ9lwwYlW787pKX587Ry7W7X-2vl8hc1xsW3T7jFG2zrhL4W88bbBj8VhBWxVydTGk4-493bW7BSSmh44MLWlf1QtS-d04) [Podcast →](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3p8W2tJdxc8QbB6fW3zRtJc7wXg2lW8rBgtY3_SwLGW7w2Rc_4XFdLkW5rSTmF3csLjhW6m568l8Vqxn7W950Ckd41dWs2W4PCv_W99P-vFW2Wd8l-8KMRXHW312Tbk4hvvQMW5-6KGM1Ghcc-W3ql6yx25wxM4W3bkvF99cywf4W4QhwT_88sYMwN3jBDsbQlS5PW1tRVx986yLddN6gLF4bzpD56W2VHvN42bBJ8HW4LF4454n16ZxN5Wj3XXq2Wm5VNwTvs87ln7jW20xc_n4W58_NW1Yvl4B3QLmzjW4LNq2l9bfp1mW3zYJpG1NTSPGW3YptWR1LvTRvdZBq1v04) [Netflix Show →](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3kQW6m9MjX5GSXH0W1wzryj4LwmnDW5tB3-D2fC2NfV1CfpG82BcchN8kVCBmGN_zsW4ZL3tj23tjVYW7drK391nv-3wW4KwztJ8--0xlW8S-wLK4CLLvpW3-vZP12-ckFwN8dG2K8brTgYW8B0Xqz5q5KyrW6pY0_L19h-g5W321P1783fsK-W96jlYT47w14mW1ZlJld79BQJhW7G4Mcy5xC7cbW8pNLT76g-gbyW5-45Ks16F_q0W5wHppl7jD_ThW7CMQc055kg2BV6yxtW2B-SwqW4T6NHp5bnf1MW5R-S6M248Ln1N8bNZBRv-5YqMssts69kCl3f7FKd0004) [Books →](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrL03qn9gW7Y8-PT6lZ3lNW7LPzJ53GGk4hW8Syg-164JVd3W7LJz1r1Nshj0W3qd1Jt8l_s4CW865P6v1Mg6mpW1yx7lF2sPf7sW8Pgw1x4g1KbzN3wSfmjHG96QW3lSnGc4nWPP0W34rMRR6mPDVWW6Z1H5Q6G657sW3FqXHx6HTbslVSkB_l4dbGpwN2YMX__V0zJxW39P9qc6z-NqHW4GpQjp4Tfm00W7F-3ym2xW2PnN5-xnvWTJvcHW5SypWY1cjTSwW6PmR_86pJqf2W1p9_JP5lBMfsW92ZXF48yw39nV3DNsh18SxNHW69XLy187B6ZyW1fDmwS3sSHrsVH2sPH7kZ6CQf8PTqpb04) [Website →](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3pkN5l-_KWhZSSGW5rM6-J5xxN3rW5ShnzF7gvnKfW4b2N5y60lwbnW5KSJ_h4-mjQvW26CpY21D0ymWW1JMQSr6PwkwBW7GWssh4Q8Gf2W7kBgJ6437cLzW7SgLqP8W4qF1W2s690C51d2DdW6XHxh55vKgp-W54Nhfj6Q4NgmW64fbjV3TzgMnW3_VXFz4QMp77N78V1KGBM3cVVN1C2_3zDMxdW8dLQB85sKmR4W5dQp322Qk_sNW5_4VCL47yhK4V28PBg8HXcHzW480GZk8Wq4k-N2-zW3m-1cqZVNJYcJ821FTwd9m3pg04) [Instagram](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3q4N5_xKZrfQcn5VHS5zc56X4Y-W1kB7mf2hyt2FN5F6fQqgVTsHW3LgF7z2NphtjMJK2ddjL-FvW8495SF4g8wRHW7kp4315PH4wlW4HQnjj1WY_VkW35slGM5j2H56W6mVH9L5vvYskW5jPPCS51z6PqW40FcV777rgY4W1czFSH7W5TdnW6JSmcH8QnzwdW5F_-cZ73HYN9W2vv-MG3X2zSlVgLbJ88QPH3MW8_g31V3gHzxPVzfVfJ8zsF-8W3ls_zP4gSxSqVXZkmc3mTBMYW1j_cjR8chrzWW5znDP25Qzbysf1PyQv004) [LinkedIn](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3nGW4347b810tlnkW7Y39C88j4vFdW1Y3GxW4HYQQ0VWCqvg8-LFZyW2GQNKc6hJBl6W3bsqHH7hncDqN4V8fPG5B6VwM-cgq8WNy2ZW1xXj6L58nhvYW3bbmwZ3Wxfx4MdFtp8hkwLbN48Kk5-ycnlKW7YTmJR7k8DD8W1VDtN07Y4_zfVfq1NT83XDs8W3bb8ZY5vPkYJW1n0f2l8CRhz6W65lB5f636l2vW2cTGZJ82WGrRW2RqDM71dc70pW3zPCTF6xdTFxW2dcd5y83P1hSV5B10x5lLk49W5SXKF_49lD3pf5ZNp8-04) [Twitter](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3kDW5JqMQx1wYZ4kW6bFcN55MKH3xW92c9QK1Chxj9V4K77n395mllW2qbJJz1Vhx7HW4y_zhD48JFNrW6C1hpm6lwTHpW8CZLzw1QmQbYW10GFL85Ctk-wVdtLNL7RpKDhW2-j4l-60PZ7CW78Fb6M5bWJ-WN4Yp0RLDzfksW3ZF2kb2B-BfBW502tXF8L7NStN5s8XMmb41DjW3zyDYC7Sbg_kVbBDKQ6mwLjSW51z5SW6Cnd9GVbfS7g86PNV9W44Q3r67jCDn_W1ThB515X6TXsW6F0fNz5zzJckW6ht5rd6JPprgf71m9K004) [YouTube](113/d586LZ04/VW6tDQ46S5hpW4VF2Tq7HhQYLW7Pgndt5fdBfDN4lQrKK3qn9gW7lCdLW6lZ3nmW7j6N-N2D1jFzW1_LS5Y4H-lmKW1b-Wz23q4zgQW7X_4g22cfBwNW6dgDJs7WF_yJW58sSf85khssGW181wr25hHVyFVxB_h37GVTK3W5BbgWN56RgH3W8X4NR_1SV1W8N36rSy-pbDLXW3TqQ_M7HPVpzN9g3wnBFxpWLW3lcWLY43fQ7yW4w3_SR3gxK7KV4_2-v8JmbPCW2Xwb4N1bRsSXW2vwYqb8Gr-BYW7D0_ym1FWWNYW5slNx48PgGLrW8VR9bR1tHl57W6HdpvM7QrdKcW8b-XVr6k1Rj6W2lPVtm84j480f8BczR804) Was this forwarded to you? 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