Burn the car note in 2012

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alohabear
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Burn the car note in 2012

Postby alohabear » Fri Aug 03, 2012 1:43 pm

Since this is my first foray into the world of fiscal fitness journals, I thought I would keep it simple for the remainder of this year and focus on my primary goal: paying off the car note.

A little background...
My hubby and I purchased our car in DEC 2007 with a 72-mo loan at 6% interest. (I know, I know. Well, at least, now I know... :lol: ) Earlier this year, we got serious about getting rid of this loan, and we're on track now to have it paid off a full 11 months early. That being said, I thought if I started a journal tracking my payments, it might inspire me to get rid of it even sooner.

So here's where I'm at now: the full payoff amount is $2016.51. I plan to update my journal each time I make a payment towards the loan. So, thanks for reading and coming on this journey with me. Can't wait to see how fast I can demolish this debt!

Eagle
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Re: Burn the car note in 2012

Postby Eagle » Sat Aug 04, 2012 1:37 pm

alohabear wrote:A little background...
My hubby and I purchased our car in DEC 2007 with a 72-mo loan at 6% interest. (I know, I know. Well, at least, now I know... :lol: ) Earlier this year, we got serious about getting rid of this loan, and we're on track now to have it paid off a full 11 months early.

So here's where I'm at now: the full payoff amount is $2016.51.


Wow 72 months? You can do it! Time to demolish that loan! :rock:
~ Eagle
www.eaglesoaringhigher.com

alohabear
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Re: Burn the car note in 2012

Postby alohabear » Fri Aug 10, 2012 9:47 am

Well, here's my first update. I made the regularly scheduled car payment this payday, plus found an extra $50 in the budget to throw towards the principal.

New total is $1605.49.

alohabear
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Re: Burn the car note in 2012

Postby alohabear » Mon Sep 10, 2012 3:54 pm

Time to provide an update on the status of my car loan...

August and September have been challenging months financially. The hubby's tuition was due in August, so between that, his books and some additional miscellaneous expenses relating to his schooling, we have not been able to throw any extra towards the car payment. That's the bad news.

The good news is that we are still chipping away at the loan with the standard payment, and the remaining balance is $1250.52.

Finally, the excellent news...there are two months every year when I receive 3 paychecks instead of two. Since I work our budget numbers off of only two paychecks per month (it's easier for me to pretend those "extra" two paydays don't exist when I work the numbers), that means the extra paycheck in October will likely go to paying off the remainder of the car loan balance! (I say "likely" because, knock on wood, you never know what might come up...)

alohabear
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Re: Burn the car note in 2012

Postby alohabear » Wed Oct 10, 2012 9:28 am

Made another payment. The new balance is $893.45. We're still on track to pay this off at the end of the month.

Northern light
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Re: Burn the car note in 2012

Postby Northern light » Wed Oct 10, 2012 12:01 pm

You must feel great - and you deserve it! I myself made a hefty $1.500 extra payment this summer, but have since been unemployed (no emergency) and have sort of got stuck with my monthly $50 payment (...) and as of now $ 1.150 loan. Soon that sucker goes up in flames!

fiddlefaddle
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Re: Burn the car note in 2012

Postby fiddlefaddle » Thu Oct 11, 2012 4:40 am

You're doing great! Have you decided what your next goal is? :)

alohabear
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Re: Burn the car note in 2012

Postby alohabear » Thu Oct 11, 2012 7:02 pm

Thanks, Northern Light and Fiddlefaddle! I spent our whole tax return at the beginning of the year on paying this down, and I've been throwing any extra OT and travel money I get from work at it. I'm trying not to get too excited until I see a big, fat $0 on my Honda finance page, but it's getting harder to keep calm the closer I get! Doing the journal makes it even more fun, though, because I can actually go back and see where I was a couple months ago compared to where I am now.

Fiddlefaddle, I'm working on drawing up some savings and debt payment goals for next year. I have about $16k left on my student loans that I'm getting sick of carrying around, so I'll likely start chipping away faster at that. I also want to increase my retirement contributions from the ~$7k I did this year to a full $10k, plus add to the e-fund and personal investments. I'll probably start a new fiscal fitness journal at the beginning of the year to track these goals.

LeRainDrop
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Re: Burn the car note in 2012

Postby LeRainDrop » Wed Oct 17, 2012 10:12 pm

So exciting -- you're almost there!

alohabear
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Re: Burn the car note in 2012

Postby alohabear » Wed Oct 31, 2012 9:36 am

Well, good news. We did it! We scheduled the last payment today, which means we payed the car off a full 14 months ahead of schedule. It won't be official for another couple of days while the payment clears, but I'm stoked.

Kate1
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Re: Burn the car note in 2012

Postby Kate1 » Wed Oct 31, 2012 2:45 pm

Woohoo!!! That is awesome.
Kate

peachy
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Re: Burn the car note in 2012

Postby peachy » Wed Oct 31, 2012 3:42 pm

Congratulations!! Way to set a goal and achieve it. Good for you.

CecilyC
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Re: Burn the car note in 2012

Postby CecilyC » Thu Nov 01, 2012 6:15 am

Congratulations! Enjoy that warm, fuzzy, debt-free driving experience!

We'll all be interested to see what your next target is...

CecilyC

LeRainDrop
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Re: Burn the car note in 2012

Postby LeRainDrop » Thu Nov 01, 2012 7:41 pm

Virtual high five, alohabear! I also paid off my car loan early on October 31st this year! Isn't it great to own your car outright? :rock:

fantasma
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Re: Burn the car note in 2012

Postby fantasma » Fri Nov 02, 2012 10:37 am

Just starting a car balance payoff myself...48 months....
Be what you want to attract.


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