Posted on Wednesday 19 May 2010
Three years and two months after we purchased my car, it is finally paid for! Needless to say, I’m starting to save for the next car NOW. Seriously and literally. The plan was to have the car paid off by next month but I received THREE expected sums of money last week (hallelujah) and took ~$200 out of savings to just be done with it. I looked through my records (I track our finances with MS Money) and the total interest over the life of the loan was $2599.xx. So $2600 down the drain as penance for not buying a car for cash. The only bright side is that I have never been upside down on the loan (purchased it used and put $2500 down) and KBB says my car is still worth $16K. Even though it’s six years old, it only has 37K miles and should last for years to come.
Of course, now that the car is paid off, things decided to start breaking around the house. My flat iron died Monday so I need to get a new one. Perhaps this time I’ll invest in a quality iron instead of the $29.99 Target cheapies that break or die every few years. Also, my digital camera is on its last leg. The screen has been glitchy for a while but now it only takes pics when it feels like it. I want to research/buy a new one before this one completely dies.
Not to mention I just realized that both our anniversary and Father’s day are happening in the next month. Ack! Not only have I not planned for these purchases, I don’t have any gift ideas…
However, all that said, life is still good. The next target in my sights is the dreaded Direct Loan. I’m ashamed to admit that 11 whole years since I finished grad school, I’m still paying this. Deferring the loans my first few years out of college was a BAD idea but I didn’t realize it at the time. The interest that accrued was added back into the principle! Combine that with attending private universities for both undergrad and grad school and I owe the government A LOT of money. My plan is to have it paid off by May 31, 2014, a little more than 4 years from now and 15 years after graduation. Gulp!