Debt Target Update: April 2008
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Our Current Chart
Our SUV Loan
Two months ago 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 just paid a hefty tax bill.
The Plan
This was our last minimum payment. In May, we will begin putting at least 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…
3 Responses to “Debt Target Update: April 2008”
By Mrs. Micah on Apr 16, 2008 | Reply
We’re also attacking the car. We pay the minimum plus $10-20 right up front and then we tack on as we can. I’m really really excited to see it take a drastic drop after the tax refund arrives and gets applied!
By Christine on Apr 16, 2008 | Reply
Well good luck on becoming debt free in August. You must be really excited about that! As for me…. I started the Total Money Makeover about a month ago and I plan to be debt free in 2011. I don’t have a whole lot of debt but with me being single and my not-so-great income, it is kinda hard to knock it all out by myself… but I am very determined. I am living as frugally as possible and sticking to my budget like super glue.
By PT on Apr 16, 2008 | Reply
@Mrs.Micah - Don’t you hate auto debt. It’s the only “bad” debt that even the most skilled consumer has a hard time avoiding.
@Christine - We won’t be completely debt free. We’ll begin working on our other car loan at that point. On top of those we have a mortgage and student loans. However, the student loans have really low % interest. We’re not going to pre-pay those at all (in the near future)…same for our house.