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Starting to see the light at the end of the tunnel

May 2nd, 2014 at 10:58 pm

Today was an interesting day. I reworked my financial plan so that I'd be able to make a large payment on my car loan. I made sure I paid myself first and had the minimum I need for spending money too.

It is like stepping into the world of the unknown. The real actual end time of the project is fast approaching. However, I have been living like a pauper since February when I decided to aggressively pay off my car loan. I felt sad and deprived at first for cutting out the last of the indulgences I had allowed myself. A cookie here, a coffee there, a little meal out.

But now its become a habit. I make my own iced drinks unless I've earned a free one through rewards programs. I pay cash for all expenses so they don't loom on my credit card. This will serve me well when the assignment ends because not much will change as far as expenses go.

I started saving small amounts for the things I want and I should be able to do so even with the part-time job only.

In a weird way I feel somewhat free. It is crazy to think I just made another payment on my car that is more than my rent payment. But then it also feels liberating to know that if all goes well by the end of May, I will no longer have a car payment.

Even a year ago this wouldn't have been possible. I am worried of course as that is my nature but also excited. I have savings and a plan.

If everything works out that will be great. If not there are very few payments left on my car and I'll dip into my savings to make it work if I have to.

It's comforting to hold on to the thought that everything might be okay after all.

Posted in Budgeting, Car, Fun | 3 Comments »

3 Responses to “Starting to see the light at the end of the tunnel”

  1. bluesfemme Says:
    May 3rd, 2014 at 12:21 pm 1399119667
    1399119667

    Great effort on the car loan. it's so freeing to have as few mandatory payments as possible - I have my FinX you have one less in just four short weeks :-)

  2. snafu Says:
    May 3rd, 2014 at 06:43 pm 1399142596
    1399142596

    I smile every time I get in my car with the thought..mine, no co ownership with bank. Really nice on 'desk day' when there are just a couple of routine bills. I am using a 2 % CC when possible just for the annual discount. I'm mindful of weeks they feature gas & groceries.

    Last year I started a dedicated savings account deemed 'Maintenance' for car and condo since both are getting to a point where I anticipate work will be needed. It's about half the amount that would have gone to interest. I takes care of oil changes and seasonal tire change-out.

  3. CB in the City Says:
    May 4th, 2014 at 02:17 pm 1399213062
    1399213062

    I have driven my car for five years (and counting) after paying it off. It's a wonderful feeling.

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