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What do you think?

January 25th, 2012 at 01:14 pm

I am constantly rethinking financial strategies hoping to be totally debt free (house and all) by 1/1/18 (6 years from now). Including the house mortgage and two car loans, we have a total of $237K in debt. We are already on our way to paying off our home by applying a total of $30K or more to the principal of the house. We owe 2.5 years on my husband truck loan and mine is only 6 months into a 5 year car loan. My plan is to pay extra on the car loan and pay it off also in 2.5 years (both car on the month and year). Then, I will apply the car and truck payment amounts to the mortgage to shorten the mortgage even more. What do you think?

3 Responses to “What do you think?”

  1. creditcardfree Says:

    As long as you have an emergency fund and are putting away at least 15% to retirement, it seems like a nice plan!

  2. NJDebbie Says:

    creditcardfree, I do have an emergency fund in place and contribute to a pension and Roth. Smile

  3. momcents Says:

    Looks like a plan to me! Smile
    When we have a clear plan for our future, it will be easier to make concrete decisions. Until then I try to put 10% toward retirement, squirrel away for education, and be better able to handle those big expenses like property taxes, etc.

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