I feel like I am crushing it with my financial goals this year! For example, I have already maxed out my 2021 Roth IRA and I am even saving for next year’s contributions. I am also on track to have my 401K maxed out by the end of August.
This is a financial first for me and I am loving the feeling of progress. Last December I paid off my student loans and now I am working on paying off my car loan.
For a quick overview of my full financial goals that I hope to hit before 30, check out this short video linked below.
CURRENT DEBT TOTALS
- Student Loans = ZERO
- Car Loan = $8,135.25
Total Debt As Of May 2021: $8,135.25
THOUGHTS ON DEBT PAYOFF PROGRESS
I paid the exact dollar needed towards my car loan this month: $404.65. This is pretty much going to be the case for the foreseeable future.
In fact, I am actually thinking about paying less towards this loan. My goal is to get to 100K invested by the end of this year and I would rather put money towards that.
The reason why I am not putting more money towards my car loan is because the interest is really small (1.9%) and I can earn more money elsewhere.
Don’t get me wrong, I would love to be able to say I am debt free. However, for now, I only plan to contribute what I have to and not a penny more.
Additional Finance Articles
- 3 YEARS OF FIRE: WHAT THE FIRE MOVEMENT HAS TAUGHT ME
- HOW TO BEST SAVE FOR AN EMERGENCY
- THE MUST TRY BUDGET METHOD FOR BEGINNERS
What are you currently working to pay off? Let us know down below in the comments.