The day I’ve been anxiously awaiting is getting very near! Sometime next month, I will be paying off the loan on our remaining car loan. Yippeee! Really, it’s only about 3 months or so ahead of schedule, but ahead is ahead. Paying off that loan will eliminate all car payments for us. When the first car loan was paid off, it created a great relief in our budget. That payment was a bit bigger than this one, but this should still help a lot.
One thing that I’ve noticed is that as the payment goes away, the urge to buy another gets stronger. It’s like I’m trained to have that payment. And perhaps I am. Maybe in all the years that I’ve been paying a payment on a car, it’s become ingrained in my psyche. Or, perhaps, it is the urge to get something newer, fancier, and prettier. Something that isn’t the same old car that I’ve been driving for the last 3 years.
But, in my (our) effort to eliminate debt, we can’t do that. Let’s forget that we just can’t afford to take on another payment (even if it would be replacing one that is going away). Our goal is to have a little debt as possible. Buying a new(er) car would be a major set-back to that goal. Not only would it add more debt, but it would also reduce our ability to payoff the debt that we have remaining. And, at the moment, we need every penny we make to just get by. (I’ll be going into more detail on that in a later post)
For now, I’m starting the countdown to car payment freedom. What should I do to celebrate?
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