by Hope
It’s an exciting day in my world. A debt update with some real progress!
(06/10/2020) | |||
|---|---|---|---|
| Student Loan #1 | $11,674.48 | 2.88% | $0 |
| Student Loan #2 | $19,561.92 | 2.88% | $0 |
| Honda HRV | $17,631.11 | 3% | $250 |
| Total | $48,867.51 | $250 |
As I mentioned in a previous post regarding my student loans, I have finally taken a good hard look at my Student Loans and decided to break them down into the two different loans. I am focused on paying off the smaller of the two loans.
Since that last post, I have paid off $2,455 of the smaller loan. And I paid $197 toward the larger of the two. (My goal was to pay the accrued interest.)
I’ve continued to pay on the car loan but at a much slower rate. I am now paying $250 per month.
Work continues to go well and I am very dedicated to paying off this debt as quickly as possible.
Per my previous post, my goal is to pay off the smaller of the two by May, 2021. I also plan to keep paying a little bit each month toward the larger loan in order to prevent it from growing. And of course, until a decision is made about the car, I will keep paying for it. (Princess’ dad continues to say he is going to get her a car…but no timeline.)
More updates to come…Sea Cadet has moved onto his own auto insurance policy, History Buff has plans to and I’ve been able to cut our phone costs. *Doing a happy dance over here*
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
how do you only have a $250 payment on an $18,000 auto loan?
She got a loan from a family member. 6 years until paid off is way too long for a car loan IMHO.
It won’t take that long. It’s just what I’m paying right now as I focus on the student loan.
Good job Hope, you’ll be under $30,000 for the first time ever in no time. Just keep plugging along and remind yourself marathon, not a sprint. Are you going to be posting your budget revisions now that Sea Cadet and History Buff are working on paying bills on their own? How are they doing with their new adult responsibilities?
I will update my budget sometime this month.
Since all three have about the same interest rate and the car was a loan from a family member, wouldn’t you want to pay his loan off as soon as possible? You’ve had the other loans for years.
I’ve written about the car before and why I am not focusing on it.
In a nutshell, if her father comes through with a car, there is a chance that I will sell the car and buy a cash car.
But again…up in the air. And my relative is not in a rush and understands the circumstances.