Tuesday, December 20, 2011

I did it!

I've been hemming and hawing over what to do with our savings/personal loan. We had the money to pay the loan off in full, but I've been uncertain over what to do. I love seeing that money in the savings account, but I know that whatever little bit of interest I get from it is not enough to make up the interest on the loan (as low as that is).

Well finally today, I gave myself an early Christmas present and I put a big chunk of money on the personal loan! The balance previously was $3100 and I put $2685 on it. That means the next payment, which comes out on December 29th, will be it! Only $415 to go. Now that it's done, I feel sooooo good about it! That frees up $850 a month, so now we can start 2012 debt-free (other than the car loan) and we can begin to put money aside for a down payment. We will put that loan payment towards savings, increase the car loan payment to get it paid down faster, and just relax a bit and enjoy ourselves more. Leading up to the wedding, we weren't spending much on ourselves at all, so this will be a nice change.

I can't believe that in just over a week that loan will be gone! That means no more debt from school and stupid spending!

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