Wednesday, April 2, 2014

Debt Update

Our only non-mortgage debt is my car at 0%. The balance was $5000 at the beginning of the year and now stands at $4200. It is my goal to pay it off in full this year but I've had a very slow start financially. I did not make a car payment in March due to having decreased income coming off of maternity leave. We are paid up for several months in advance but I feel like we're going backwards by not paying at all.

We do have a new car fund which stands at just over $3300. I don't want to drain it to pay off my car but Y and I decided that we would not have more than one car payment. This means that if he had to get a new vehicle, we would have to pay off my car then. Basically, I want to pay off my car and keep the money in savings for a new vehicle. I guess you can't have your cake and eat it, too.

5 comments:

  1. I wish there WAS a way to have your cake and eat it too as I face those sorts of decisions all of the time too. If your car loan wasn't at 0% I might suggest you do things differently but it's not costing you anything really. What kind of shape is Y's car in?

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    Replies
    1. He has a 2001 Ford F150. He seems to think that it might be on its last leg but it keeps on going. I just hate putting money into vehicles. Its such a waste overall.

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