One Step Closer to Financial Freedom – No More Car Payment!
Several years ago, I was very irresponsible with my finances. One example was how I was able to justify getting another truck with a higher monthly payment, even though I knew I was about to take a job making less money. I used my credit cards pretty freely, and when I got married, I brought in $20K in debt and a near-$500/month truck payment. I am so grateful that Gaby was able to see past all that, and still say yes.
We went through Financial Peace University at our church in the Spring of ’08, and later that year we decided to trade in BOTH of our vehicles to get one. We were both taking the bus to our respective jobs at the time, so it wasn’t a problem to go down to on vehicle. There were a handful of times where it was “a problem”, but not many in that one year span – until we bought our first car in CASH for $1,200 that is still running like a champ today. And even though we were a ve thousand upside down my truck, our monthly payment for the Scion was still over $100 less per month.
And yesterday, after paying a little extra here and there and building up our savings… we were able to pay off the remaning balance, in full – 21 months early! This has been a great vehicle for us, and has proven to be very reliable. We’ve made several cross-country trips in it to Tennessee, Kentucky, and down to Laredo, TX and back a couple years ago. And oh yeah – all that credit card debt is long gone too.
We are committed to paying off all our debt (besides the house) by Ellie’s 5th birthday. And now, all that’s left are our student loans. And like Dave Ramsey (FPU) talks about, we’re attacking those with gazelle-like intensity now!
About Shaun Worcester (131 posts)
Web geek by day (and early morning sometimes), husband, father, volunteer and friend by night. I am a self-taught web developer which has flourished into a good career, and today my focus is mostly on online marketing, project management, social media, HTML5, CSS3, and OOP PHP. I'm always reading a variety of things that will continue to feed my passions: online marketing, relationships, church leadership, and my own walk with Christ.
I've found the key to happiness (and survival) for me is to be well organized and structured so that I can do a 'good job' at everything. But one of these days I'm going to be able to withdraw from everything else and just spend my days w/ God, Gaby, family and friends.