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Well, I did it! I paid off my very first loan!!!
Before I filed my taxes this year, I thought I would get maybe $500 back. $700, if I was lucky. I really wanted back $1000, but knew the chances of that were slim. So imagine my surprise when I filed my taxes and the accountant said I would be getting back $1250! That’s MORE than I had hoped and prayed for!!!
The best news is, it’s exactly what I needed to pay off my smallest loan, the personal loan. (I saved the other $50 to buy new blue jeans as I desperately need some… my current ones are very worn and very baggy on me!)
I made the payment on Wednesday (I missed 30 minutes of work to go make that payment!) and I was thrilled when the receptionist told me it would be over $300 less than I planned because I wouldn’t have to pay the extra interest. How awesome is that?! I almost cried when I got in my car and looked at the paper that said “PAID.”
Now, I can finally get my debt snowball rolling! With the extra $80 that I had previously spent on the personal loan payment, plus an extra $300 a month (on average) from working at LifeWay, I hope to have my car paid in full by the beginning of 2016!
If you’ve paid off a loan, how did it feel when you made that last payment?
Are you on the journey to financial freedom?