It's almost time to celebrate - the car loan is under $1,000 dollars. We are hoping that maybe next week or the week after we will get rid of it for good! Our goal was to get rid of it by the end of May.
We managed to come up with $2,000 extra to send to the car loan this week. Our No Credit Needed chart is at 41% of our goal. The yard sale really helped us come up with some extra money this week, as well as a few survey checks I got in the mail.
Unfortunately, we need to have some repair work done to our home - get our front steps replaced as they have settled and pulled away from the house. It's dangerous and with our daughter probably less than six month away from walking, we need to repair them. When we get them replaced, they also have to replace the walkway. We know that this major expense of about two to three thousand dollars will slow our debt reduction a bit. We will tap our emergency fund for part of this project. We've been avoiding this project for a long time, but we really have to bite the bullet and spend the money.
We also decided we could part with a few more things this week to help us get some extra money. We listed some DVD box sets we had up on Amazon, and six of them have sold already. When prepping for our yard sale last week - my husband found some old Thunder cats figurines and some Pokemon cards. The auctions are still going on as we speak, but we are hoping to make a little money off of those. Every little bit really helps!
I'll continue to keep you updated about our debt reduction.
Saturday, April 26, 2008
Car Loan is under $1,000 Dollars!
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11 Comments:
Awesome job! It's such a great feeling to have your car paid off. Believe me, you'll become addicted to not having a car payment :)
I've had mine paid off for over 5 years now and hope to pay cash for the next one :)
You go girl (and hubby). I'm really happy for ya achieving all of this!
Could you explain how you out the things on auction and Amazon? I need to sell some things.
Could you explain how you out the things on auction and Amazon? I need to sell some things.
Wow! That's awesome! That $1,000 will disappear in no time. I just discovered your blog (thanks for your comment on mine. . .) and I'll be adding you to my blogroll.
We still have a car debt as well for $13K but we also have some emergency fund savings. In your opinion, is it better to pay off the car first then have some savings or the other way around???
williamnisrine@hotmail.com
Evelyn,
To sell things on amazon - you create a marketplace account. You list the items - you'll see what the going rate is for them. You sell them, they give you a credit for shipping, take a small commission and then they pay you in your bank account. It's very easy.
Ebay is a bit more complicated - they are different fees depending on what you list stuff for and you have to search old auctions to see what the going rate is for certain items.
Nisrine,
It depends on your situation. For us, we follow the Dave Ramsey plan - we have 1,000 emergency fund and then we are trying to reduce debt. When we pay off our debt, we plan to build up a 3 month expense emergency fund.
Thanks for the comments!
S.B.
Awesome! We should be working on our car loan by the end of next week (after the tax incentive check).
Our car loan is one of our last two debts, which is great except that they are our biggest debts and pretty big. They'll both take quite a while to pay off and I'm finding that discouraging. I haven't yet figured out how to make it feel less enormous. A little bit at a time, I guess.
Good for you! Congratulations on being so close to your payoff goal for your car. You should feel very proud!
Just wanted to send you a quick congratulations. I know you can see the light at the end of that tunnel now and I know how exciting that can be! Great job!
Congradulations!! I hope to be there someday with you. Only 7k more to go for me. I went from have a 25k car loan, selling the car, getting a cheap used car, and only have the 7k left. Keep it up!!
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