Doug from Connecticut called into “The Ramsey Show” to ask if he should use his savings to pay off a 0% interest car loan. He earns $140,000-$160,000 yearly, has $280,000 in retirement savings, $23,000 in an emergency fund, and $26,000 left on his car loan.

Despite the 0% interest, Doug reconsidered after using Dave Ramsey’s budgeting app. Hosts advised him to pay off the car loan to reduce financial risk and then rebuild his emergency fund. Doug admitted he could cut expenses and potentially save an extra $500-$800 monthly.

With his income, hosts encouraged Doug to quickly rebuild his emergency fund by cutting unnecessary expenses. Doug agreed and planned to invest his $600 monthly car allowance. The hosts emphasized the long-term benefits of saving and investing wisely for financial growth.

Read more at Yahoo Finance: Dave Ramsey Caller Debates Paying Off A 0% Interest Car Loan With Savings. He Admits He’d Have More Money, But He Took Two Vacations Last Month