pay off my car

I only paid $265.00 in April due to my aggressive saving towards vacation with my sister and my nephew in May and June. The current principal balance is now under $5,000. My goal is still to pay off my car by the end of the year, and I’ll go back to applying larger payments once the vacation is over.

My March payments added up to $800.00. Not too bad given I only planned to pay $750.00. My goal for April is to pay only $500. My sister and my nephew are coming for a visit from another country, and I want to show them around…show them what a beautiful country we live in. That’ll require quite a bit of cash, and I’d rather pay less and save more than pay more on a low interest car loan and charge my credit card while they are visiting. Choices, choices…

I’ve made an extra effort and paid $930.00 in February. My principal balance is under $6,000 now and it feels really good. My goal for March is to pay $750.00. It is not as large as my February payment but it is still 3 times more than the usual amount that is taken out by the bank.
Go me! :)

I’ve paid $750 towards my car loan and I feel pretty good about it. Need to continue making payments at the same rate, and this vehicle will be paid off before I even notice it. I am planning on having my car paid off by the end of the year, and I think it is doable.

Now that I no longer owe anything to credit card companies, it is time to tackle my vehicle loan. As of right now, my last payment on this loan is to come out in September 2011. My goal is to pay it off by the end of 2009. I just feel that in this economic conditions, it is best to get rid off of any debt as quick as possible because you never know if you’ll have a job tomorrow. My current automated monthly payments are $244 ($122 every two weeks). I am planning on making payments of at least $500 every month.

The additional funds to make extra payments will come from:
1)I occasionally have an opportunity to make extra money in addition to having my full time job. Half of the extra money I make will go to extra payments on my vehicle loan.

2) I will be applying an extra $100 to my loan every time I get paid (the 15th and the last day of every month).

3) Every Friday I will be making an extra payment of $25 on my loan. Why $25? I just feel that small but consistent payments will come out of my account not as noticeably as large payments. Slow and steady, so to speak.

4) Every time I exercise, I will put away $5, combine all the money for exercise at the end of the month, and make an extra payment on my vehicle loan. This will help me lose weight and pay off my car loan at the same time.

I will be updating this goal at the end of each month with the total for payments made during each month, and the outstanding principal balance.