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?
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.