The Hardest Step of any Journey, is the First

Good morning, afternoon, evening fellow reader

So in the last blog post A Rain Drop Creates an Ocean, I gave a couple spreadsheet tools, and briefly talked about how to go about handling debt. But I didn’t exactly give specifics, so here it is.

$10 a day, if $10 is a little too frequent, then $70 a week, or $140 every two weeks, $280 every 4 weeks etc.

If you happen to have a credit card or a payment that is over $280-310 a month, then up it to $15 ($420-465) or $20 ($560-620) a day.

As you can see the little bit broken down daily adds up and makes a big difference over time.

Now some credit cards will not let you schedule that many payments, so you could schedule payments weekly, or every other week. The point is to keep the payments frequent that way it doesn’t feel like that much of a burden to your wallet.

And the nice thing about this, as long as you have the discipline to do so. Should you need to use a card, use the one that you are paying on, just as long as it doesn’t turn into a habit and you effectively work on paying it down.

Before setting something like this up, make sure all your other payments are taken care of (like a car note, or bills that you have setup that might require a check or a ACH payment….in otherwords a payment that has to come out of the main account in full).

Over time by doing these small micro transactions, you will have knocked down your debt without the worry of is this going to spread me out too thin until next payday?

And the best part? You can plug all this data into the daily financial spreadsheet in the previous blog post and you will see exactly how much money you will have in your account before the next payday (this is of course assuming that you are in the habit of keeping it up to date).

Something that I will personally do is I have a credit card that will allow me to schedule as many payments as I want, so this card is like a mule so to speak. If there is a balance on another card, I’ll transfer the balance of that card to this mule, and then focus on paying the one card down rather than moving to the new card that might not allow me to schedule that many payments.

So there you go, a simple effective way to knock out debt, that’s the same method of investing that you can do with M1 Finance – Click here to open an account and get $10

Until next time.

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