SUV PIF in 18 months

[mrpaseo]

I just wanted to share my happiness with fellow financial gurus. Today we put our final payment on our 2007 RAV-4. We purchased the vehicle for about $34,000 18 Months ago and saved up vigorously to pay it off. The last four payments totaled over $25,000 between NOV and DEC. Today, we paid it off.

DEBT Remaining:

0% Interest cc $13,500
We will pay this one in FEB 09, we actually have the money in savings ($11,000 in SDP earning 10% APY, and $2000 in bank earning 3.2%, $500 in main bank)

0% Int cc $16,600
This is our revolving cc, we aim to have this PIF by APR. Currently we have $700 cash, $2,400 in Bonds, $6000 loan out, $1,500 bonus, $6,000 monthly payments ($1,500 per month). This will be covered easily.

7% Mortgage %65,000
We have decided to chop off $500 from the principle per month. As time goes on we may change this but as of May 09 we would like to invest $1000 per month into our future so we will invest some and pay some extra on the mortgage. We may refi if we can get below a 2% drop (5%).

Lining them up and knocking them down, one at a time.
Thanks for reading and sharing in my excitement,
Raymond

[cptacek]

I think I speak for all of us when I say:

[Ima saver]

Congratulations!!

[rooskers]

[disneysteve]

Good for you. Now that payment can go toward the other debts. You'll be debt-free before you know it.

[creditcardfree]

WOW!! You are on fire with this debt payoff. I'm impressed.

[Gjowers]

Good for you. It is so rewarding, and so motivating to pay off a debt so early. That is a real financial achievement.

[mrpaseo]

Thank you all, being deployed helps in two ways, there is about 800 extra dollars that I take home on a monthly basis, and I spend less than 200 per month. Of course my wife is still spending away at home but she was a trooper and stuck to the budget and we made things happen.

We will be debt free in APR 09 except for the house. Someday I will be able to say we are debt free to include the house.

Thank you all,
Raymond