Today's payday, which means the rest of my summer school money just came in. I used all my extra money toward my car payment. The plan is to make my regular payment plus $150 every month. I also need to come up with $2500 in extra payments between now and June to be able to meet my goal of paying off my car one year early. I made my extra $150 today plus $1,500 extra! My regular payment doesn't go through until the 15th, so I will update my progress bars again once that goes through. But today I dived into four digit debt on my car, skipping straight into the $8,000 range. YES! I'm so excited!
It's funny, normally I would look forward to spending the extra money, or would have at least taken a little out do buy myself something, but honestly I think it was more satisfying to make that big of a principle payment on my car. And now that it's over and I saw my check, teaching Summer School was totally worth it!
thats fantastic. Just before each payday you can zero out your account by sending the remaining amount to your car loan. This will chip away at the $2500. It is like saving change on your dresser but electronically.
ReplyDeleteAwesome! I second what Broke by Choice says. I used to do that all time while I was paying off my credit card. If I wanted to go to a movie but changed by mind later, I would transfer $15 to the credit card. It sort of made me feel that I was sacrificing my movie to pay the card.
ReplyDeleteGreat Job! You are definately on the right track with your finances, I have no doubt that you will reach your goal of paying off your car one year early.
ReplyDeleteYay! That's a big jump! I'm sure that felt great!
ReplyDelete