Sometimes it’s as simple as asking yourself a question.
We spend a lot of time stressing, agonizing, daydreaming, and imagining unpleasant scenarios. The future is uncertain and thus scary.
I want to pay off my car loan. It’s the only debt I have- the only debt I’ve ever had (except credit card, which I always pay off monthly).
I hate it.
I hate being the burden. I hate being beholden to my bank (actually, credit union, but bank had alliteration). I hate how I love my car itself, but I know now that it would have been smarter to spend less than I did. I hate how I feel like the loan leeches off my freedom.
But I just accepted the fact that I had to pay the monthly minimum, and keep on chugging in the rest of life.
But yesterday I got fed up, and I asked myself, “When can I be debt free?” I’m about to move into my parent’s house because of timing and leases. It was supposed to only be for a month or two. But what if I stay longer? How quickly could I pay off my car?
If I put an extra $700 towards the loan principle every month (after the loan payment), then I’ll pay off the car in 7 months. And I’ll still have more than enough money for various discretionary spending (car repairs, new shoes, occasional going out to dinner, and etc).
All it took was a few minutes to add up my income, recurring payments, and various required expenses (gas, metro, and groceries). Then a little playing with the numbers to get everything to work out. Bam.
All I did was run the numbers, dispel the uncertainty, and face the facts and future. Now my heart feels light and free as I write these words.