Monday, August 4, 2008

Debt free!

Just a few minutes ago, my husband sent in our final car payment electronically. We may have to send in an extra dollar or two, depending on when they manage to credit the payment, but we are essentially debt-free as of today: no car loan, no student loan, no revolving credit card debt. To do it, we used the surplus from my DC trip and my husband's zoo trip, our large Christmas savings, our small savings for car and home maintenance and a chunk of my August fun money.

I'm very pleased. Next on our to-do list is to create a larger emergency fund and restore the Christmas, travel, home maintenance and car maintenance savings funds. Then we start saving for our house downpayment. I no longer have a burning case of house fever, but given the uncertainty of our current rental situation, we need to be ready for the unexpected. The housing listings I look at are so stale that it's hard to work up much of a sense of urgency about buying. Also, prices have been edging down slowly but very consistently, and I really don't want to overpay. Next spring is probably going to be too early for us to think about buying, both from the point of view of price and not having a big enough downpayment yet, but two years seems an awfully long time to wait. On the other hand, we're going to be getting closer and closer all the time.

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