When you have finished paying off a "loan" whether it be for a car, a credit card, or anything else continue making these monthly payments to yourself to a savings account.
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I paid my car off a while back and continued making those payments to myself. It only took 2.5 years for me to have enough to buy my next car without a loan. The best part is that it took half as long as a standard car loan because there was no interest. I EARNED interest instead of PAYING it!
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Awesome idea and a great way to get ahead. I usually like to save up for what i want to buy or fix in the house ect. Some times unexpected thing happen and I have to use that money. But being patient to save keep you out of deep debt.
JRBASKIND6/11/2010 12:47:00 AM
Awesome idea. I wish I could do it, but my debt load is too big for that yet.
NORASPAT6/10/2010 2:52:00 PM
It is great that you thought that through and were able to do it. Excellent choice. Pat in Maine.
CHAIRUL6/10/2010 2:02:00 PM
That's a really good idea. My husband and I just finished paying off ALL our credit cards!!!
TERRIEJO536/10/2010 11:26:00 AM
This is one of my favorite ways to save. I have a car note that will be paid off in two months and I'm looking forward to that money going to MY savings account instead of GMC!
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