How to stop your car from robbing you of your future financial freedom

While we often justify why we 'deserve' to own a particular vehicle, we might overlook some long-term consequences.

Beyond the excitement, anticipation and 'new car smell' – there are some realities that go along with this type of purchase, like the debt interfering with saving for your future.

"The car is one of the bigger culprits in terms of not getting to financial freedom down the road, because often we spend too much on it... there are a lot of deals around right now which make it very enticing," says certified financial planner Paul Roelofse.

These include the popular 'Buy Now, Pay Later' models and balloon payments.

Roelofse suggests waiting until you can afford to buy something within your means, as it often becomes more of a liability than an asset.

To listen to Paul Roelofse speaking to 702's John Perlman, click the audio below: