August 17, 2009

Raided our Savings

My wife is kicking butt in her job and my job is seems to be getting more secure. That being said, we’ve decided to throw caution into the wind and pull a large chuck of our money out of savings to pay down our auto loan.

We’re sick of paying 6.5% interest each month on the auto loan and only making 1% on our savings. My parents have always paid their cars off very quickly, and saved a ton of interest as a result. We paid a whopping $6,250 to our auto loan this month, cutting it in half, from $13,383.86 to $6,789.83. Our goal is to pay the balance of the loan off in the next 6 months or so. That will free up $450/month to save or invest.


J. Money said...

Damn, good for you. It's def a hard one to do, but the facts don't lie - so well done :)

1MansMoney said...


It was hard to pull the trigger, but we feel good about it. It's great to see the balance cut in 1/2.