Thursday, February 18, 2010

It's mine...it's really mine!

Today after payment #47, Hubby & I have paid off my car. Woohoo!

I bought my car back in March 2006 and while I only had to take out a small loan, it was the first debt I ever had. I had a fairly low payment and decided from the beginning to pay about $50 extra each month. What a difference that made! We have paid off the car an entire year early. (due to some different circumstances we've also been able to pay extra on our mortgage & it's making a big difference in our equity as well)

Currently the only debt that Hubby & I have is our mortgage and I don't really consider that in the same category since we are earning equity in our home. Our plan is to keep "paying ourselves" the monthly car payment and put it directly into a savings account so we can start building up a downpayment for our next vehicle.

Hubby & I were both incredibly blessed as we came into our marriage with no debt except for car payments...no student loans, no credit card debt...and now those cars are paid in full. It's such a great feeling to know that we don't have to make those monthly payments anymore.

Financial responsibility and discipline can be a lot of work, but it sure does pay off in the end.

10 comments:

Murdock's mama said...

congrats...that is very exciting!

Joelle said...

yea! that is great lauren! making smart money decisions is one the best things you can do for your marriage and your family!

Patience said...

That is awesome. Congrats!

Brittney Galloway said...

Congratulations! That's awesome that you'll be able to save that extra money!

Risley said...

congrats!! good job!

Lindsey said...

Congrats!! Such a great feel huh?;)

Mr. and Mrs. Stoneking said...

what a great accomplishment! I'm doing the same thing with my car right now!

Alissa said...

How exciting to have your car paid off. I remember how excited I was when I paid mine off. Now I could use a new car, but with that comes more payments.

Heather said...

Isn't that the greatest feeling?! Good for you guys, that's awesome!

Kristin said...

That is such an amazing milestone. Congrats lady!