New Debt Goal Update: Pay Off Auto Loan

Posted on November 30, 2011 Written by 12 Comments
Auto loan update

Now that I’ve completed my laptop savings goal and paid cash for a new laptop, I’m going to move onto my next goal. Paying off my auto loan and becoming completely debt free!

I’ve been working hard to pay down my car loan in half the time, and now I found some great software to keep me on track. Here’s my review and experience so far.

 

Trying a New Program

I prefer to use online budgeting software to keep track of my goals and progress. Normally I use Mint.com but I’ve decided to try a new online tool, called ReadyForZero. Which is free too.

It’s specifically designed for debt management, like paying off credit cards and consumer loans. I really like it.

The interface is easy to use, and linking my auto loan only took a few minutes. Here are several awesome options I like the best about the program…

  • Progress graphs
  • Daily paydown and interest figures
  • Debt-free timeline
  • Progress on each account/goal
  • Total interest saved with extra pmts

 

Pay Off Debt Goal – $8,359.77

Here’s a screenshot after I input my information and started using the software.

Readyforzero debt pay off

I’ve circled the total amount of interest savings versus just paying minimum payments. That in itself is very motivating!

 

Progress and Payments

I started making double payments every month, and any extra money or get any bonuses I get I will put that towards the loan as well. The total payment is more than my rent…Lol. That’s kinda tragic.

  • Semi-weekly double payment – $630

At this rate, it will take me until the end of 2012 July 2012 to complete this goal.

readyforzero-progress

 

New Loan Balance – $7,757.50

I like the little speed monitor that shows my repayment is Fast! One step closer to becoming debt free. If you’re interested in finding out more about the ReadyForZero software click here to see how it all works.


[This post is not sponsored and I have not received any compensation. The opinions are my own.]
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Filed Under: Goals & Updates Tagged: , , , , ,

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  • http://add-vodka.com Daisy

    Staying motivated toward a goal is so timing related for me. Something in me needs to snap, lol. 

    If I have a specific goal of what I’m going to do after – ie, if I were paying off a bunch of debt so that I could go on a trip, or something – that usually helps. What will you be doing with your loan repayment money after it’s paid off? That may be motivating. 

    • http://carefulcents.com Carrie Smith

      That’s a really good point. Not only having the “what” (paying off the loan) but having the “why” (the goal beyond the loan). I really want to start putting a dent into my retirement/building wealth fund. 

      Once I become completely debt free I’m hoping to max out my Roth IRA contributions and start investing. Plus I love to travel, so I wanna build a massive travel fund and have yearly vacations.

      Thanks for the tip. It’s definitely more motivating when I think about it this way.

    • http://twitter.com/angrymillionair Martilyo

      It’s called getting “angry” :-)

  • Azra

    Appreciate the kind words Carrie. Glad you’re finding our program motivating. If you have any suggestions for us please do let us know. I really like what Daisy said about staying motivated towards a goal…something we’re thinking hard about how to incorporate within our product in a relevant way :)

    Also, great job on being so diligent on paying down your loan. Double payments! That’s amazing!

    • http://carefulcents.com Carrie Smith

      Thanks Azra! I appreciate all your help and for working together with me on this. Double payments is tough, but in then end I think it will be worth it. :)

  • http://twitter.com/angrymillionair Martilyo

    Good luck on your new goal.  I will try out readyforzero and let you know my opinion.  Being debt free will be a wonderful feeling knowing that you do not owe anyone anything anymore.  What a feeling!

    • http://carefulcents.com Carrie Smith

      Thank you! I know I can’t wait till that moment when I don’t owe any other company ANY money. I hope you like ReadyForZero too. It’s really great for specific debt goals and staying on track. I like it a lot.

    • Azra

      Hi Martilyo, I’m Azra from ReadyForZero. Glad you’re giving the program a shot and please don’t hesitate to reach out to us via support or email me personally at azra [at] readyforzero.com if you have any questions!

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  • Zack Jones

    I wonder if you would see an additional decline in interest if you made two payments of $315 per month instead of one payment of $630? Could you project that pay off scenario in ReadyForZero? That site does look very interesting. I’m going to sign up and start tracking our payments through it.

    • http://carefulcents.com Carrie Smith

      That’s a great idea Zack. Splitting the payments would definitely decrease the amount of interest I’m paying!

      I’m going to try that out and see how it looks in the software. I hope you enjoy trying it out as well. Thanks for the comment.