I haven’t exactly been good about my spending, but I still reached an important financial milestone this month….
I paid off my car!
As you all may remember, I’d been considering paying off my car loan ever since I landed my current job back in April. I went back and forth on it (since either way my savings would take the hit), but when I moved into a lower-rent apartment I decided it was time. (You know how much I love starting things with a clean slate…)
The payoff was about $6,600 and now I have $229.50 less leaving my checking account every month. The best part is I paid my car off in two years instead of the scheduled 5! Hooray!
(And for the record, that leaves me with only one loan: a $27k Student Loan.)
August 28, 2011 at 7:22 pm
CONGRATS!!!! Paying off my car is my next goal – I can’t wait for the day when I can say that debt is gone for good!
I don’t even want to think about my student loans. They’re deferred right now, but that ends in November. I really want to defer them again, but I know that isn’t helping me pay them off.
Anyway, congrats again! What a wonderful accomplishment!!!!
August 29, 2011 at 7:56 am
Good for you! I wish I would have tried to pay off my car a lot faster than I did, but you live and learn! Are you going to apply the car payment money to your student loan? or use it to build up savings? or maybe have it as an added buffer at the end of the month?
August 29, 2011 at 10:00 pm
Sadly, those extra $200 are the only way I could break even with my budget. It leaves me with about $100 at the end of the month….which I plan on saving!
August 31, 2011 at 9:50 am
That’s great news about paying off your car! I’ve had my trusty Corolla paid off for four years now and I can’t tell you how much satisfaction I get out of *not* having a car payment. I bought that car in my early 20s and now that I’m in my 30s, I think maybe I need a nicer car (with no dents and scratches!), but … it’s paid off! And it runs great! And I really would like to have my school loans paid off (16K) and a 20% down payment for a house saved up before I finance anything new.
August 31, 2011 at 12:28 pm
That is amazing!! Way to get that debt out of your monthly obligations. You should be proud
August 31, 2011 at 2:28 pm
Congrats on paying down the loan!! Good luck with the student one. I wanted to start while I was in school (well, I’m still in school), but making that first payment is harder than I expected. Dah well! Congrats again!
January 8, 2012 at 6:17 pm
Hey there — you still kickin’? Happy New Year!