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Tax return, monthly interest savings

April 21st, 2019 at 12:23 am

Just a quick update. Received hefty federal and state tax returns due to an error in the withholdings when I switched jobs. I applied the (larger) state refund to my student loans and well as covering an $860 car repair bill. My car is a 2003, but my mechanic felt like it was worth doing this work based on what good shape it is in and the fact these models routinely get to 200,000 miles (it’s at 156,000 now). Have honestly put very little money into this car in the last 7 years, and some of the bill this time was for expected maintenance costs (replace the battery, fix flat tire, replace belts, etc).

I’m expecting a $1000 federal return, which will also go to student loans.

According to my calculations, I’m saving $132 a month in interest based on the principle paid off so far.

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