Finances

We Paid Off My Engagement Ring!

silver colored ring
Photo by Caleb Oquendo on Pexels.com

It took longer than I thought it would, but A and I paid off my engagement ring!

A and I got my engagement ring in August of 2017. It started off at $11,000 at 9.99% for five years. Obviously that interest rate sucked.  The minimum payment was $235 per month.  Pretty early on we decided to pay a little more than the minimum, so we decided to round up the amount to $250.  We’ve also put more toward it here and there when we had extra money, but paying it off wasn’t a big priority.

At the beginning of the year, I had thought that we would pay off the ring by June. There was about $6,000 left to go and I figured I could pay $1,000 per month toward it. After the beginning of the year was such a mess with things in my house trying to break down, I decided to beef up my savings account instead.  I spent a couple of months putting my extra money into my savings account and had it built up to $4,000 when I realized I was up to $15,000 in debt again.  The ring was $3,500 of it. My stretch goal became to pay it off in September but it didn’t end up working out that way. I figured I could make the budget pretty tight since I was going to be traveling for work all month long anyway. Unfortunately, the budget ended up being too tight and it just didn’t work out to get it paid off.

On the bright side, it left with us only $950 left going into October.  We made the final payment on October 5th! Now we’re up $250 per month and we celebrated our usual way, with a shot of tequila!

Next up on the chopping block is my Freedom card.  There’s a little less than $1,000 on the card and it should be paid off in December! I will keep you posted on the progress!

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