So glad to have stumbled on to this! I just created a spreadsheet for the next three years... and now I’m excited to add columns and recalculate my debt payoff timeline! Thank you! Subscribed.
I have been on a daily budget for years. After I have paid everything I take what is left and divide that by the days till the next pay day. It's like playing a mini game each day to stay within budget. And what's left at the end of the day I pay towards debt and spoiling the household and some rolls over. So basically my rewards day is the day before payday. Seeing the daily interest come down every day is very motivating
This is a big motivator for me! I have my student loans through Navient, and they offer the calculation through their website. I'm down to just under $4 a day. Down from $20 a day two years ago, so it's been great to see that amount go down!
An option offered by Clark Howard is to pay 1/12th extra into principal a month, so by the end of the year you've made 13 payments. My debt is all credit card debt. It's a lot! I pay them $100 a week. Chipping away.
With the greatest of respects you've not actually explained how to properly calculate daily interest. I know how to do it long hand by guessing, adjusting, checking, guessing, adjusting, checking.... As for paying off debt - I have saved more than 70% of the time on my mortgage by overpaying, overpaying, overpaying and I will be completely and utterly absolutely debt free in no more than 6 months' time from now. As I say, I calculate the daily interest longhand
Video starts at 2:42
thank you.
thank you , Time saver Warrior ! I salute you
Thank you for this. This comes in handy for our new mortgage. Shared it w a few ppl 🙌🏽
So glad to have stumbled on to this! I just created a spreadsheet for the next three years... and now I’m excited to add columns and recalculate my debt payoff timeline! Thank you! Subscribed.
Awesome! I love having a spreadsheet with a plan! Good luck!! :)
I have been on a daily budget for years. After I have paid everything I take what is left and divide that by the days till the next pay day. It's like playing a mini game each day to stay within budget. And what's left at the end of the day I pay towards debt and spoiling the household and some rolls over. So basically my rewards day is the day before payday. Seeing the daily interest come down every day is very motivating
This is a big motivator for me! I have my student loans through Navient, and they offer the calculation through their website. I'm down to just under $4 a day. Down from $20 a day two years ago, so it's been great to see that amount go down!
You're doing great Lisa! You'll be done in no time!
Wow! I needed this! Excellent video
It feels so good to be debt free. What a great video!
Wonderful!!!!Great Job!
So awesome 😎
So I take the loan amount, divide that by 100 and then multiply that by the interest rate and divide that by 365 days to get daily interest
So what’s the best way to pay? Bi-weekly or one big extra payment monthly?
An option offered by Clark Howard is to pay 1/12th extra into principal a month, so by the end of the year you've made 13 payments. My debt is all credit card debt. It's a lot! I pay them $100 a week. Chipping away.
With the greatest of respects you've not actually explained how to properly calculate daily interest. I know how to do it long hand by guessing, adjusting, checking, guessing, adjusting, checking....
As for paying off debt - I have saved more than 70% of the time on my mortgage by overpaying, overpaying, overpaying and I will be completely and utterly absolutely debt free in no more than 6 months' time from now. As I say, I calculate the daily interest longhand
Current Principal Balance: $32,498.44
Daily Interest $14.65
What should I do to lower the daily interest
Pay more than minimum amount.
Get motivated to double or triple your minimum each month if possible
On my car loan I pay $3.13 a day
Knowing how much you pay each day in interest can really put things in perspective.
@@SixFiguresUnderFamily if my car note is 350 and my interest per day is $3.36, will I truly pay the car off in 7 years?
5 dollars on my car. The 10 day pay off is 10000
The crazy thing is I just made my car payment and when they said I pay 5 dollars daily I was confused and your video was so helpful
19.42 a day