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The Mazda

September 13th, 2015 at 11:00 pm

In 2011, my brother was in Iraq (Army) and was dealing with an emergency at home. I stepped in and helped. I flew to North Carolina and collected his 16 year old daughter and his second car (really his ex-girlfriend's car in HIS name). My niece stayed with us for about a year, the Mazda hasn't left. I took over the payments in February of 2012.

For all intents and purposes, the car is ours. We drive it, care for it, and continue to make the payments. Once the car is paid for, my brother will transfer the title into our name. There were a few reasons why we did this.

1) To help my brother out
2) We wouldn't be able to get a new car at the rate he had (we had teens starting to drive)
3) The car was only 11 months old and in perfect condition

The light is finally near the end of the tunnel... Just under $6000 left. And I want to get it paid off as quickly as possible. So I spent the day figuring stuff out. Bottom line... the amount he pays to interest is SOOOO low, because a) we are near the end and b) his rate with USAA is phenomenal.

In doing the math, I realized that if we throw an additional $200 a month MINIMUM to the Mazda's principle, we could pay the car off 8 months early. We don't save a whole lot of interest (see a and b up there), but we would be saving the $320 payment each month (which of course we would start to throw at the Dodge - more on that later).

We have a weekly pizza night each Wednesday. We pay $50 for 2 XL pizzas and wings. That gives us dinner for 5 (or 6 if the DS's girlfriend is over) PLUS left overs for lunch for the DH and I on Thursdays, so two meals. But, if we eliminate that each month for the next 8 months, then we are in business. I can make homemade pizza and wings much cheaper... More work, but I will suck it up.

BONUS: If the DH goes in for OT for 2 days per pay period, once a month (or once or twice during the next 8 months), we could knock that out even faster (he generally brings in $1000 extra for two extra days of work, during holiday weeks it's even more).

So, we've got our eyes on the prize... getting the Mazda paid off by August 2016 (instead of February 2017).

7 Responses to “The Mazda”

  1. FrugalTexan75 Says:

    It sounds like you have a good plan!

  2. creditcardfree Says:

    I use a recipe from my Kitchenaid Stand Mixer for pizza dough. Very easy. I usually can get by letting it rise for 30 minutes, unless it is cold in the house. Two batches would easily make two very large pizzas. I also just used canned tomato sauce and add some seasonings with oregano and basil. Top with any kind of meat and then cheese.

    I have no clue how to make wings, but I like that you are willing to do the work to save some cash for your goals!

  3. creditcardfree Says:

    Dough recipe here.

  4. Thrifty Ray Says:

    Something I found helpful when making our pizzas at home was a little cornmeal on the pizza pan. It just gave it that yummy extra- and was pretty cheap to add. Smile Good luck with the plan!

  5. VS_ozgirl Says:

    Good luck!

  6. Elle [is for Lemon] Says:

    Thank you all!! Big Grin I generally use french bread as my crust/dough... but I will have to try the dough recipe. How hard can it be? Big Grin Big Grin

  7. LivingAlmostLarge Says:

    I use naan bread to make mini naan pizzas with my kids. As a short cut now. Or sometimes if I'm lazy we just buy the dough. That could also save money. Ditch pizza night and make it and save $50/week for every other week.

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