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$15,500 Lighter

February 28th, 2008 at 06:57 am

I got a brand new Toyota Yaris Sedan sitting in the drive way. The money scale says I'm $15,500 lighter. I put $4500 down and got an $11,000 loan for 3 years at 5.55%. I'm looking to pay it off in 12 months with payments of about $1000 a month. On top of our refinance mortgage at $1700 a month, we'll need to tighten our belt a little bit. The other big hit is the extra $80/mo for insurance. Our take home pay is about $4600, so we still have $1800 for regular expenses, but it will be interesting to see how we'll manage.

BTW the Yaris is a nice little car. 35 mpg, so we'll save some on gas.

2 Responses to “$15,500 Lighter”

  1. mom-sense Says:

    Our take home pay is $4500, we have a $1750 mortgage and run a household of seven plus two dogs and turtles and are tackling debt. We also save for retirement and education. It can be done creatively! Good luck.

  2. noexcusebudget Says:

    You can definately do it. Deciding to do it is the hard part and you've already tackled it! If you can bring in extra money doing odd jobs, and remember to look at everything you spend money on as an opportunity to save... you'll really be doing well! I can't wait to see you pay off the car in 12 months! Great goal!

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