Trim the Fat Tuesday: The Loan Payoff

Big, exciting news! Throughout the Trim the Fat Tuesday project, I've been applying all the savings to making extra-large payments on our car loan. Well, the August payment is the very last one we'll make.

It's paid off!

And that means that we can

Save the monthly car payment and put it in the bank instead!

This is huge. First, it's proof positive that all of these little budget cuts have been worth the effort. No one can tell me that a few dollars here and there doesn't add up — it definitely does! We paid off this loan three years early, and that's saving us a ton of money.

$346 per month, to be exact. With this big bump to our monthly savings, we'll be tackling the next big loan payoff: the mortgage. We won't be paying that off in three years or anything, but I'm hoping to keep adding lots of little budget cuts to it and eventually get it done in the next 10 years. 

Because when that's paid, I can stop working.

Let's do this!

Savings per month: $346


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