The Current Chart
Our SUV Loan
Last month I began sharing my debt tracking chart (above) for our SUV loan. As I shared previously, it’s the debt that we’re currently attacking with full force. This chart will be shown on the sidebar until I can pay it off completely.
Just the Minimum?
This month we’ve only been able to make the regular payment and nothing more. The reason for this is because (1) we’d like to save a little more for our short-term savings (considering the current economic downturn), and (2) we’re expecting a hefty tax bill next month
The Plan
Our plan going forward is to make one more minimum payment (April), and then, in May, begin putting half of our normal short-term savings contribution towards this debt every month. That should have us completely free of this debt by August.
Thanks for letting me share this update. I know sometimes these personal stats can be boring. They’re mainly to serve as motivation for me to stay on course with debt reduction.
Do you have a debt target? How do you stay motivated to pay off a certain debt? Share it in the comments below…
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I hate car loans so much, Ive actually been thinking of selling my fairly new car just to have the extra money. In any case good job getting this far!
Another way to do it is starting in May, just round your monthly payment up to the next even hundred (i.e., if it’s 268.50, pay 300.00) As time goes by, your overpayment will be applied to the priciple, while the required monthly goes down…handy if you get in a crunch.
PS…can we trade car loans? The wife had to pick a brand new 2008!