Hi, I'm Josh, new to MMM and I'm looking to make a strong push to badassity. But first I need help (advice rather) on getting some current things cleared up before I can push on...or do I?
I made a horrible choice to get rid of my very fuel efficient low monthly cost car for a big dumb/gas hog/high insurance truck. The truck was not even comfortable to drive...this all lead to me trading the truck (only owned it for 2 months) for another new car...I even paid the $5000 down payment on my CC...WTF right? One after another, mistakes. The good? The car I chose, was even more fuel efficient than the car from before and certainly more than the truck. As well, I got my insurance and car payment back to pre-truck status and it's like driving in a pillow (comfortable, not fragile). I managed to pay off my CC debt within 2.5 months, still $0 balance for over a year now. My monthly payment is $451 with $24K left. However, I did some research and calculations to understand just how much of my $451 payment is actually going towards the principal. Needless to say, it was sickening. So, I did more calculations and decided that I wanted a minimum of $500 to actually go to the principal. That number come out to about $589 (give or take a few dollars)...so I rounded it up to $600 to make it easier and a little more goes to helping the desired outcome.
I only have normal monthly bills, no other debt (CCs or other loans), and I'd like to get rid of this car payment so I can comfortably start back to 33%, 66% to 75% savings. Basically, the car is all that is left, so is the above plan good enough, too much or is there a better way to get this car payment taken care off? I don't think getting rid of it will help nor could I sale it for what I owe (although I haven't tried but pretty sure I couldn't) nor do I want to get rid of it because of the great fuel mileage and it still has low mileage on it's life. Thanks for reading and I look forward to any advice.
JJ