I currently don’t own a car. But I would be graduating in two years and most likely going back to Chicago. Should I start investing money towards a car?

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Posted by Jenny Pham (MONEY FORUMS: 4, Answers: 0)
Asked on May 2, 2016 2:36 pm
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Hi! Thanks for writing! It’s hard to know as a sophomore where you will end up for your first job. You may also decide that you want to go to grad school, which would mean another year or more before you enter the workforce and maybe need a car. However, unless you live in NYC, wherever you end up moving for your job will probably necessitate your buying a car. So, yes, if you have some extra money you can set aside each month or some months toward that goal, that would be great. You could maybe open a high yield savings account with an online bank like Ally or Synchrony and send money there as you have it. If you end up moving to a place with excellent public transportation where you don’t need a car, then you can use the money you saved for a trip or an apartment in a better location in whatever city you are in.

Hope your semester at college went well and that your grades turn out to be as good or better than expected! Best wishes and please write back if we can help with something else.

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Posted by Kathryn Hauer (MONEY FORUMS: 0, Answers: 18)
Answered: May 2, 2016 3:17 pm