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Finally done it!

April 5th, 2006 at 06:56 am

As of this past month we've paid off everything except the house, the truck (that one we're hitting next), and my student loan. It's amazing how much interest one saves by paying more to the principle each month. On my truck ('03 Hyundai Santa Fe) each month we paid the due payment, then sent the same amount towards the principle. Doing this we were able to pay it off after only 2 1/2 years instead of the 6 years we had on the loan. Plus it ended up saving us $5000 in interest alone!
As for the credit cards.. those are all paid off and in the process of being cancelled. YEAH!! I do plan on keeping one card (no annual fee) just for emergency situations. We've also been listening to Dave Ramsey alot, and have completed most of his steps to financial freedom.

We're on a roll... a snowball roll that is!

Next we're going to put what was my truck payment towards the principle on hubbys truck. As for what to do with all those credit card payments that we don't have anymore... most will go to the INGdirect or Emigrant high yield savings account, and some will go towards my student loan.

Currently I have about eight months until graduation and hopefully back into full-time employment after being a student since 2001. (prior to quitting work I worked for 14 years in the IS field). There are employers in our area that offer tuition reimbursement and/or help in paying off your student loans, in return for working X number of years with them. I'm really looking into this situation..and have a friend who just completed his term, and stayed with the firm. Who knows...maybe I'll luck out and hit that jackpot too.

2 Responses to “Finally done it!”

  1. Ima saver Says:

    You are doing really great!!

  2. veronak Says:

    Hi Pam,
    First of all I would like to say Congrats!!!!!!!!!! However, I am currently trying to get out of debt I too listen to D. Ramsey as well as S. Orman. Did you find it much easier to stop contributing to IRA /401K and establish an EF or did you continue to contribute. Only reason why I am asking is because I am contributing and right now my EF is at 873.00 my misc account for emergency’s is at 134.00 and I have 80.00 in my savings now I am able to send extra on my high interest cc every month
    What do you think, should I follow Dave's plan completely...did you?

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