Currently, my only debt is my car loan which is about $20k. I have been buiding savings which now amounts to about 3x my car loan.  I am getting out of the military in the next 18 months and plan on purchasing a house.  Should I continue my current plan of paying my car loan off as required (~$550/month) and putting what I can away in savings or should I pay off my car in full and eliminate my debt and add that monthly payment back to my savings plan? 

2 REPLIES

Hello @rkpt23, great question! I have forwarded your inquiry to a subject matter expert for assistance. -Colleen

I would do the latter.  I'm a huge Dave Ramsey fan and have bascialy followed his 7 Baby Steps for the past 20 years and I'm here to say that it truly works.  Check him out if you want to learn more.