Paid off a personal loan to my wife's parents last night and it feels great! The loans were for a car down payment and grad school from before we were married. It's so good to get those off the books. Now all that's left is a credit card ($4,700) and a car payment (approx $6,500).
While it feels great, it has also left me a little anxious because our once comfy savings account is feeling a little "thread bare" but that's just a matter of perception. I left enough in there to cover most emergencies.
Now, my next step is a little unorthodox but our objective is to replenish our savings and save $10K as fast as we can (generous estimate: one year, conservative: 1.5 years) before we resume attacking the other CC and car payment.
I've always kept a little "trophy" of every debt I paid off (paid in full letters) but since this is a personal loan I don't think I'll get one.
While it feels great, it has also left me a little anxious because our once comfy savings account is feeling a little "thread bare" but that's just a matter of perception. I left enough in there to cover most emergencies.
Now, my next step is a little unorthodox but our objective is to replenish our savings and save $10K as fast as we can (generous estimate: one year, conservative: 1.5 years) before we resume attacking the other CC and car payment.
I've always kept a little "trophy" of every debt I paid off (paid in full letters) but since this is a personal loan I don't think I'll get one.
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