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.
2 comments:
Damn, good for you. It's def a hard one to do, but the facts don't lie - so well done :)
J.Money-
It was hard to pull the trigger, but we feel good about it. It's great to see the balance cut in 1/2.
-1MansMoney
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