Today’s Quick Tip is to track your interest spending! There’s nothing more motivating to fix your budget than to see how much you give away in interest charges!
Once you know what you are giving away each month in interest to lenders, you cannot unknow it. You will want to tackle that debt and put that money to work making you interest, building your nest egg instead.
Oregon Cash Flow Pro Quick Tip
Hey folks, today’s quick tip is track your interest spending. And what I mean by that is, how much money do you spend paying somebody else interest every single month?
Odds are, it’s a lot more than you think it is. We often just get in the habit of paying our bills and going through life without thinking about how we can make our budget more efficient.
One of the quickest ways to make our money go farther is to stop giving it away. It’s that leak that goes away toward interest. It’s really hard to fill up your bucket of savings if you have a leak where you’re paying interest out every single day.
The key is to know what you’re paying in interest and then figure out how to lower it.
Just this last week, I helped a gal get a consolidation loan. She was able to pay off a credit card that was maxed out. She was also able to pay off a couple of other bills, and really lower the amount that she was spending each month in bills. Not only that but because her credit card was close to maxed, it was a really high percentage interest rate, like 24%. We were able to get a consolidation loan for that, through a private lender, at 12% interest. That paid off and made her credit look good, so it jumped up by 100 points. Then, just yesterday, she qualified for a 0% credit card for 12 months, that shes going to be able to now transfer, do a balance transfer, and pay off that 12% loan.
So, within the matter of two weeks, we’re going to take her from 24% interest on a credit card, and a couple of other bills that she was buried under, and transfer all that debt to a 0% credit card for the next 12 months. And all of the interest that she was paying is now suddenly going to be able to go towards principle.
This is what I like to do. I’ve helped a bunch of people do this already, but it’s really helpful. And when credit scores jump up, it really opens up the opportunity of what you can do to make your budget a lot more efficient and hopefully start saving and then hopefully start investing.
Key takeaway: start tracking your interest, and then, let’s figure out how you can start tackling that interest.
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