First, I’d like to say thank you to everyone who commented on my quarter-life (financial) crisis post.I read every comment at least twice in order to really internalize the advice I received and I truly, truly appreciate everyone’s insight.
Second, I’ve come to my final decision about what to do with my extra cash: I’ve decided to pay off my car.
The decision really comes down to a combination of cash flow concerns and the age of my car. The bottom line is:
a) I want to have more cash available every month to save so that I don’t have to work such crazy hours forever and
b) my car has 86,000 miles on it right now; I don’t want to be making payments on a car with well over 100,000 miles on it (which is roughly where I would be at if I kept up minimum payments)
While I’m happy to be putting this decision to bed, I’m still not 100% sure I’m doing the right thing. But I realized this afternoon that no matter which of the three options I ended up going with, I would question my choice. I want to be saving, but I want to be saving a lot. So the best thing to do is get my car paid off in a jiffy so that I can move on to bigger and better things.
Now I’m off to make a $1300 payment on my snappy little Scion (tC – I do not drive the box on wheels!)
I’ll post my new totals tomorrow.