Yay! What a milestone for me!
When I got my car over 5 years ago I opted for a longer payment term so that my monthly car payment wouldn’t be super high. At the time that I got the loan my credit health wasn’t in the best state, so I settled for some terms that were not as favorable as they would have been if my credit was in better shape. This may be many of you that are reading this blog at this moment I am here to encourage you that you can beat the odds and get your car paid off early.
After about two and a half years into paying my car loan, a financial group was placed in my view. At this point and time, I wanted better for my finances and couldn't seem to get it right by myself and with being self-employed so I decided to join the group. I knew about budgeting and that I should budget and I thought I was doing well with my finances until I kept running into financial roadblocks that left me an emotional wreck. So the group came into my life at a perfect time. It helped keep me accountable and placed me around like-minded people and people who wanted change in their financial life. Not only did I want to join the group to learn to budget, my future goals was to learn to save more and eventually learn to invest.
Once I got sick and tired of being sick and tired, here’s what I did:
First I had to come to terms better with my finances and realize that I needed help.
I joined a group online finance group. This group had live sessions, resources, and more. It taught me how to build a budget and the worksheet taught what to include in your budget plan. Savings and investing was on there. YEAH!
I carry my budget plan with me everyday.
I consult my budget plan almost everyday.
I live by my budget plan 85% of the time. Life happens so don't be too hard on yourself.
Having a budget plan allowed me to organize my bills and split my car payment.
I started paying my car 3x's a month instead of all at once. This is what helps to kill the interest. Oh Yeah!
I pay more attention to what happened to my auto loan after I made a payment. (Monthly payment or Principal only payment). I literally stalked my car loan.
I started making more principal only payments on my car using extra money that I may have earned.
I began to focus on over paying on one debt at a time (which was my car loan) and paying the minimal only on my other debts. This was MAJOR key!
If you need help with getting your finances in order and need a plan. Join our event Budgeting for Self-employed on September 6th. Sign up here.