Archive for the My Debt Reduction

My Debt Reduction Plan

As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt.  Honestly?  I’m not stressing too much about it.  I know that we are doing our best to get it paid off.  At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan.  That would be that. At the same point, though, $3000. is almost a year’s worth of payments.  I could keep making the $250 car payment.  Life would go on.  I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off. How is your debt reduction progressing? Tweet

[ Read More → ]

My Debt Reduction Update

It feels like it’s been forever since I’ve updated on our debt payoff.  We still owe $6600 on our car loan.  It feels like a ton of money.  With the last payment I sent, we went over the 50% paid off mark!  I guess in all honesty, it’s not even been a year since we bought the car, so having half paid off is pretty darn good. If I pay $550 a month, I can have that car paid off in a year.  That would be awesome!  Of course, right now any extra money is going directly into our emergency fund.  I think we have roughly 8 months of expenses saved right now.  I could take money out of the emergency fund and just pay off the car, but then I’d feel like we need more in savings, so I’m just going to keep doing what we’re doing.  We were paying $250 a month, and I bumped it up to $300 after we paid off our student loans. I could have taken that money and thrown it towards the car, […]

Related Posts Plugin for WordPress, Blogger...[ Read More → ]
  • Archives

  • Links

  • Find Us on Facebook!

  • Categories