Search My Frugal Miser

Friday, March 26

My Frugal Miser's Next Financial Goal: Paying off the Car Loan

So far 2010 has been a great year for paying debt. Sure, it's been at the sacrifice of any savings. I haven't made a 2010 IRA contribution or set aside funds for capital expenses. For example, I have a tenant moving out at the end of April and will have some costs to rehab the place and get it rented. I'll deal with that when it happens.

The problem is, I am addicted to paying down debt.

Without further ado, let me announce my next financial goal. In addition to reducing credit card debt to $20,000 this year, I would like to pay off my car loan by the end of this year. I took out a loan for $19,314, which included about $7,000 rolled over from the BMW (mistake of my life!). By the end of this month the balance will be down to $17,500.


  1. Wow, too bad everyone doesn't have this addiction!

  2. Each time I visit your blog and read about your goals all that crosses my mind is: Woww :)
    You´re right to repay debt as a top priority. Although my debt is nothing compared to yours, repaying it is also my top priority.
    Once I´d really love to have a BMW, every day, (specially when I´m driving and see one) I have a devilish thought: "Get one, Get one". To buy a 2nd hand BMW I would need to ask a huge long term loan. It would be a huge financial mistake for me once I don´t know how long my job will last..but I´ll get one someday. Even if it´s the last thing I do in this
    Good week ahead. Mizé.