On Friday, I wrote the last check to officially pay off our Mitsubishi car loan!!! We will be debt free, other than the credit cards we pay off every month, five months earlier than I had planned. Instead of waiting to August to pay off our car loan, I decided to rip off the bandage and pay it off with money in our savings. Especially since March is a three paycheck month for me.
I feel like Emma Stone saying “Oh yeah” to the man. In this case, “the man” is the bank.
My bank account on the other hand felt like Tina Fey or “Lemon” in 30 Rock as she discovered a terrible truth/revelation about her team. $2,300 horrible truths!!! That’s how much I wrote the check for by the way!
Interest sucks. I checked the balance, and from last August to this month, March, $238 of interest had accumulated on a balance of less than $5,000. We had the money all along sitting in the bank, but I didn’t want to write the full amount due to the psychological feeling of seeing our savings account decrease by so much. In the meantime, we paid an additional $238 when the money in our savings account was earning 16 cents. Bahhhh!!! But it was the peace of mind I needed for a couple of months, as we built up our savings. I probably should have written the check for the remaining balance as soon as our savings hit $20,000 back in January. Maybe I would have saved $50?
Fifty bucks is fifty bucks!
Right now, we are completely debt free. Now we hustle and bustle in order to save the house down payment.
Since, we now don’t have a loan check going off every month, I am going to up our monthly savings goal from $2,500 to $3,000. If my projections are correct, we should hit the $50,000 in 6 months not counting any additional money we may come across outside of our regular salaries. April, May, June, July, August, September.
How is your debt payoff? Did you notice I switched to self host? How do you like it?