I am pleased to announce I have my emergency fund set aside. That was my first step. Problem is recently we took out a loan to finalise some things on our house and buy a 2nd car. The loan wasn’t huge, but I don’t like having it. Thankfully we didn’t use all of it and can put more than half straight back onto the loan.
This does mean that I have taken a step backwards, which makes me uncomfortable. Good thing is the debt isn’t mine alone and since we are selling our house this debt will be gone once our house has sold. So it is not a major issue. I have never had a loan through a bank like this other than my mortgage and I HATE it.
I can’t believe people do this regularly and don’t pay it of asap. If we only pay the minimum and let the loan run its course we would pay over $6,000 in interest! Seriously, who wants to pay out that kind of money for no reason?
Obviously through this I will be paying some interest, but we needed another car. Since we separated we have made do with 1 car, but he moved recently and it is just too damn hard with his shifts and stuff. We did get a bargain on the car though, and I LOVE it. It is an older model car, but it has seat warmers (awesome for our freezing winter) and other little things that make it so nice.
I have a plan of attack though and even if our house doesn’t sell this debt will be gone in the next few months, and my savings will be back on track.