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Sometimes, it's hard to say goodbye

June 9th, 2008 at 10:24 am

I was reading Mom-sense’s blog and it struck a chord with me.

So, I owe $929 on my second car. I haven’t been paying it off. I have been putting the money aside to pay off in one lump sum. Well, I currently have over $12,600 saved and ready to go once I save up the rest.

Unfortunately, I have become quite attached to this $12,600. You see, it was brought a sense of security and safety. I know that the $12,600 well take care of almost any emergency including 3-4 months of being laid off. Especially in these uncertain times.

But alas, this money is not meant for the emergency fund. This money is meant to pay off the second car and help get us out of debt.

Now, the emotions start coming back of a little fear, stress, and anxiety. I’ll be back out there with a flimsy safety net. My wife was feeling the same way I was. Maybe we could keep it and just start saving for the car again.

As long as the fear and anxiety doesn’t rule you, it is good. The fear has caused to take a step back to re-evaluate where we are, where we are going, and what are priorities are. It also has helped to focus what are next steps are and general timeframes around those steps. And lastly, it has made us aware of some of the risks to our plans.

Re-evaluate and affirm – YES!!! Rule us – NO!!!

So in the next few weeks, this money plus another $929 will leave our accounts. What we will be left with is the memories of what it will feel like when we have no more debt.

So I thank you dear friend for helping us, but I must bid you ado in the next few weeks.

9 Responses to “Sometimes, it's hard to say goodbye”

  1. managinglife Says:

    That was a great obituary for your 2nd car debt. May it rest in peace.

  2. Aleta Says:

    I admire the way you have attacked your debt. It won't be long and you will be debt free except for the house. Are you thinking about paying that one off as well?

  3. 76Chick Says:

    You can do it!!! Big Grin

  4. merch Says:


    Excellent question. I currently have a 30 year at 5.5% with $344k left. So paying it off seems like an impossible goal, plus I want to invest in real estate. So, what I think I will do is pay it down to a 15 year and then decide whether to continue paying down or what.

    Do I want to invest in real estate or do I think I can knock the remaining mortgage out. That's what I am thinking so far.

  5. mom-sense Says:


    I am glad that my post got you thinking! I have been dwelling on the bigger picture lately and am wondering what to do.

    We have a 30 year at 5.75% with a balance of 287K (house valued at $510K). Seems impossible to even think about paying that sucker off. We own a rental property outright valued at $330K. I would love to purchase a condo (studios are down to $80K) near the college I'd love my kids to go to. DH and I are up and down on that one. Do we refi and do a cashout to pay outright? Do we save and put a down payment and get a mortgage at a higher rate (because it isn't a primary or secndary residece).

    I guess I'll worry about that once all this little stupid debt is gone and my safety net is back.

  6. merch Says:

    Yea, put that on the back burner. Focus on the current goals and then decide.

    A third option might be to sell the rental, buy the condo outright and may off all but $37k on the mortgage.

    But too many ifs right now. Focus and achieve your current goals. But after you got your debt paid off, you should be in a great place.

  7. Petunia Says:

    Just take a deep breath - and pay it off. You can do it. Smile

  8. scfr Says:

    Cool - You will no longer be paying interest on ANY debt (except the mortgage)!

  9. HELPmeFriend Says:

    If you want to pay off the car sooner and save your little egg you have, split it in half. Pay $600 toward the car, leaving $3something. You still have over $600 for your emergancy fund, which you add to. It may save you more in the long run, figuring interest on credit and interest on savings.

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