If you've got extra cash, you have to decide what to do with it. One option is repaying loans - not just making the minimum payment, but paying extra each month.
Does it make sense to do this? You'll have to look at your loan and other obligations to decide. You can certainly save on interest costs if you repay more quickly. However, you don't get to use that cash for anything else.
To make a decision, find out how much you can save by paying extra. You'll figure out if it's worth it - and if it is, you may get some inspiration. Then, decide whether or not you can do without the extra cash each month.
Further reading:
- Why Pay off Loans?
- Run the numbers with pre-built Excel loan calculators
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