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.
1 year ago