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New Goal: Truck Payoff

October 9th, 2019 at 03:51 pm

The interest rate on my husband’s truck loan is 3%. I think that is low (not as low as mine though – 0%  ) – but we are at a point now where the pay-off amount is something we could really get aggressive on and pay it off within 12 months.

We owe $10,336 on the truck. Currently his monthly payment is $608.44.

If we upped the amount paid each month to $1,000 ($391.56 more than what we currently pay), we could have this truck paid off in 10 months.

We will be keeping this vehicle for a very long time Husband has a 10 minute commute to work and everywhere we go in the truck is within a 15 mile radius – not to mention we usually take my car – he has extremely low mileage. Plus, we want the experience of not having a vehicle payment for a long time again (we kept his last truck until it was approaching 200k miles and had been paid off for 5 years).

I need a tangible goal right now. Something I can really focus on. Tangible goals have been missing in my life for a bit – it happens, right?

So – my goal is to get this truck paid off within 10 months – striving for 8 months.

This will make me actually look at my other expenses and make some cuts to make this a reality.

I already cancelled my ancestry membership. I know that’s only $240 a year – but its $240 I can put towards that truck!

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