January Debt Goal Update: Pay Off Auto Loan

Posted on January 31, 2012 Written by 10 Comments
Auto loan update

In November I started a new goal to put any and all extra funds towards paying off my car loan. To make sure I stay dedicated and on track, I started a Pay Down Debt Faster series.

It outlines six steps I’m implementing to immensely cut my debt repayment down. As the year goes on and time progresses, I should be able to pay off this loan by summer 2012!

 

Previous Balance – $7,148.83

I got an extra boost of accomplishment, when I received an email from the ReadyForZero team. This is the program I’m using to calculate and organize my auto loan progress.

I reached a milestone!

 

 

 

 

 

 

 

 

 

 

 

I reached a milestone on my car loan! I’m a quarter of the way there and rocking it. :)

 

Progress and Payments

This month I pulled in a lot more extra income than I expected to. Once I get myself to really buckle down and be disciplined, I am pretty successful at it.

Extra income total – $340

Total extra payments – $970

Here’s a screenshot of my progress using the ReadyForZero debt payoff software.

ReadyForZero Loan Progress

 

New Loan Balance – $6,197.49

The daily interest rate last month was $0.68 a day and now it’s down to $0.59 a day.

It’s awesome to watch my chart balance keep going down. And if you notice the update, I will be debt free in 10 months instead of 12!

Summary debt loan progress

 

 

If you’re interested in finding out more about the ReadyForZero software click here to see how it all works.

How do you stay motivated when working towards a goal.

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Filed Under: Goals & Updates Tagged: , ,
  • http://makingsenseofcents.com/ Michelle

    Good job! I’m paying off the rest of my car in the next couple of days.

    • http://carefulcents.com Carrie Smith

      Yay! That’s awesome Michelle. Do you have any epic plans once you’re finished with your loan? I can’t wait to get to that point!

  • http://www.earnsavelive.com/ Earn Save Live

    Great job! You will have that car loan paid off before you know it. :)

    We’re paying off credit card debt now, and it’s so rewarding to see that balance drop. We’re snowballing our debt, and I can’t wait until the high-interest card is paid off.

    • http://carefulcents.com Carrie Smith

      It’s very rewarding for sure. Watching the balance change and drop, drop, drop really feels like all the discipline and hard work is paying off. Literally! Lol

  • http://www.thefreefinancialadvisor.com/average-joes-money-blog/ AverageJoe

    Awesome. Isn’t it cool when you can almost see the finish line?

    • http://carefulcents.com Carrie Smith

      Oh yes, I’m getting more inspired to find money to put towards my debt, everyday! Can’t wait :)

  • http://innovatebig.com Rod Ebrahimi

    nice work Carrie…

    • http://carefulcents.com Carrie Smith

      Thanks so much!

  • http://www.modestmoney.com/ Modest Money

    That sounds like some useful software for anyone paying off a debt.  It would act as pretty good motivation when you can see all the numbers like that.  In my case I transferred the balance on my car loan onto a 0% credit card balance transfer.  It saves me on interest, but it does make it easier to avoid paying it off.

    • http://carefulcents.com Carrie Smith

      It’s very useful software, and I’m really enjoying it. Keeping track of my progress is easy and motivating.