Thursday, September 2, 2010

Oh how I love paying off debt!

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!

4 comments:

  1. 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.

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  2. Awesome! 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.

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  3. Great 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.

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  4. Yay! That's a big jump! I'm sure that felt great!

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