We’re slowly making progress towards killing T’s evil car loan.
As of this month, he brings in anywhere from $160 to $300 a week for now, and anything over about the $200 mark will be snowballed to his car loan (currently about $1000). Paying it back at $31 a week leaves 8 months to go. But if we can add $50 a week to that amount, and if someone buys the last of our Levin parts (useless buyer flaked out and didn’t come through) that could seriously be gone in half the time.
Living Almost Large wrote about balancing retirement and debt payoff the other day. I’m all for starting early, but he really hasn’t started the former, and there’s no point until at least this car loan is paid back.
He was automatically enrolled into Kiwisaver earlier this year – at a job that lasted all of one month – and now at least has an account. He’s also received the $1000 govt. kickstart and a couple of weeks of personal and employer contributions. When he can, I’d like to make extra contributions, since anything up to $20 a week will be matched…but I know which is the priority for now.