Today I made a final payment of $2,102 (actual payoff figure) to the car loan. Even though I was paying at least $70 towards the principal each month, it didn't seem like I would get it paid off much earlier than February 2010 (end of contract)anyway.
So basically I've been thinking about doing this for a few weeks/months. Creditcardfree made a comment on one of my posts in regards to having enough money in my extra income fund to pay off the car loan. I believe I was swayed by that too 
Since my extra income fund has been growing at a nice pace, I decided that I could use $ from that account for the car loan and still be able to attain my goal of $8,000 by the end of 2009. That is if I can manage to hang on to my Saturday job in the upcoming months. Since this extra income is the main reason my account grows so rapidly.
As of May I quit my one Saturday job to be able to work *every* Saturday at the better paying position. It seems like I have been ranging from $700-800/month since the change now, so hopefully this goal is still within my reach. We shall see how it goes...
I've updated the sidebar, so the new balance in the extra income account is $3,087.49.
Thanks creditcardfree for your advice!
Car Loan Is Paid Off !!
June 5th, 2009 at 06:59 pm
June 5th, 2009 at 07:04 pm
June 5th, 2009 at 07:20 pm
June 5th, 2009 at 07:26 pm
L Saver-Mmmm...I guess I could do that. I might put it in a separate account to save for another car though. I did think of still saving that money, but didn't think of it as extra income...but you are absolutely right!!
June 5th, 2009 at 08:19 pm
June 6th, 2009 at 01:42 am
June 6th, 2009 at 02:28 am
June 6th, 2009 at 09:12 am
June 6th, 2009 at 12:32 pm
June 6th, 2009 at 05:58 pm