Friday, May 16, 2008

So, I think I have decided what to do about paying

back my parents. Thank you to all of you who weighed in on this, I appreciate your advice greatly!! I am going to pay them $2100 every 3 months through April 2010. That final payment will actually be $4779.05, but it's the best I could do to get it paid off exactly 3 years after I borrowed it. Although I liked the idea of leaving it in my savings and collecting the interest myself, I think the thrill I will get out of paying this down sooner to them will be so much more worth the interest I would be earning. It will be really nice to update my spreadsheet with a 10% reduction in debt every few months. Now, if I could just get them to remember to take the first check I wrote them to the bank. Sheesh! I wrote it 4 weeks ago! At this rate, they will have 2 checks to take in before they know it! Oh well, at least I know I have written it to them. Thanks again to all who left me comments, I really do appreciate it!

Enjoy the weekend!

3 comments:

Canadian Saver said...

Sounds like a good plan... you're lucky you can put so much towards the payoff each month!

SavingDiva said...

I agree with canadian saver! It sounds like you'll be paying your parents back extremely quickly. Great job!

Sharon said...

Good for you! I know you'll be happier :)