well its official

[NoBoundaries]

I now own my 2007 ford ranger fx4 lvl2, my last payment was yesterday 12/13/11, 5 years of payments done now I can save money again and maybe do some mods to the truck lol only thing Im paying for now is rent, cell phone, insurance and registration

 

[doorgunner]

Don't it make you just wanta go

Good going....think about all the good stuff you can do with the extra $$$



I kept my van 18 years (it helped pay my house off & had a lot of good road-trips with the extra $$$)

 

[Ronv]

Boy what a great feeling!!! I remember when I got mine paid off and then the House!

RonV

 

[snake]

Debt is often a (necessary) self-imposed slavery... congrats for paying her off! I have a car fund, I put 300 a month in- when I need a new one I just write the check and pay cash. Bought an '11 f-150 ecoboost for cash this summer. Gets easier when you don't pay all that interest. My bills are food utilities taxes- everything else is paid for.

 

[Ranger Sport Honduras]

Congrats!

 

[straycat]

Cool!!! We have not had a car payment in years and I know it is a good feeling!!! When we can, we pay cash for everything. If we use a credit card it gets paid off the next statement. Enjoy that rent free truck, Bro!!!

 

[CHKNFKR]

Congrats! Now that you're debt free, use some of that car payment you've been paying for 5 years to build an emergency fund, then you can start investing and working towards buying a house.

When i payed off my final debt, i was temped to view the lack of bills as "extra money," and at first i did. But after a few weeks i thought, "i've been living the last X years of my life without that "extra money" why do i need it now?" after that i continued to make the same "payment" every month into a savings account. Once i had about 8 months worth of expenses in that emergency fund i stopped paying into it, but continued making that monthly "payment" into mutual funds, retirement, a college fund for children should i ever have any, gold, etc...

The only time i increase spending is when my income goes up, and when that happens, i increase my "payment" into various savings/investments. If you do this remember to adjust your emergency fund as your income and your expenses increase. 8 months of expenses 6 years ago might not last 3 months now....

 

[doorgunner]

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ohhhh yeah.....i forgot to mention the above......oooooops.