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Paying of the car and musings

October 28th, 2013 at 05:51 am

HI all.

I completed setting up my 6 homes emergency fund and my emergency fund into a Barclays account earning .9 interest.. so feel good.

Now looking to pay off the car FASSST .. was looking into selling excess stuff on Craigs List..and seeing if I can get some extra income. Car loan is now $20k at 3.15%. I currently make double payments $1008 a month which is crazy to have such a high bill in a month. If I can get another $1000 a month I can have it paid off in 10 months.

I did animal communication and behavior work on the side which I really enjoy. I did an event 2 weeks ago and made $440 and it was fun..

Goals thsi week:
1. scan house for things to sell (so far ellipical, tahoe seats, cage banks, other stuff.. do small things sell on Craigs list too (like under $10)???.. too cold for a garage sale

2. finish up draft for website for the above animal behavior/communication work and starting taking clients. I charge $120-150 an hour (but people can do less than an hour) so potentially I could reach $1000 a month on that. I did more than that before. It would be great to feel less burdened with monthly payments. HUGE.

I am also eating IN more and watching my money so feeling good.

and this month will be my first 'sweep' where I sweep available cash/coins into my account or savings? (unclear).. maybe into my account and then deposit into online savings or towards the car

QUestion.

I have a warranty (owed $1650, 0% interest) and the car $20k, 3.x%).. Which should I knock out first? I think Dave Ramsey would say the warranty just to get it out of the way then apply that money to the car?

THoughts?

Thanks guys.

Smile


3 Responses to “Paying of the car and musings”

  1. Wino Says:

    Can you cancel the warranty? Just abandon it without affecting your credit? If so, "give it back." If you haven't used it, it might be possible. I guess you know now to never get a warranty, but that's water under the bridge. I had to force DW NOT to get one as well. She'd used her old warranty one time for like $2K, but had put over $7K into it by extending it over the years.

  2. creditcardfree Says:

    I agree...cancel the warranty if possible. Otherwise, yes pay off the smallest balance first. It give you motivation! Small items don't usually sell on craigslist, but it does vary. I have sold a costume for $5, and some kids toys for about $10. It is free to try!!

  3. MonkeyMama Says:

    Good luck on the car payoff!

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