I found that paying off the lowest balance credit card was much more motivating than the one with a higher interest rate, which also had a higher larger balance. Then I was able to double-down on the higher/larger card and pay that off.
It's understandable that this method is more motivating. But in the end, targeting high interest rate debts first will save more money, especially if this debt is a large amount in the thousands. Interest is the cost of borrowing money, and borrowing large amounts will accrue even more. Add on a higher rate and you will pay hundreds, if not thousands, in interest that could have gone to the smaller debts.
Tips for financial success: 1. Pay off debts first 2. Live below your means especially when you get a raise or start earning more 3. Save close to half of your paychecks and live on the other half 4. Invest those halves of your paychecks 5. Contribute 10%+ to a 401k If you follow these 5 steps you will never miss a dollar and you’ll never live paycheck to paycheck. My steps work especially for younger people who don’t have many expenses. Also practice good money habits and make sure you don’t spend more than you earn. Don’t spend everything before you get it either. There’s two ways to play the financial game in life you either play catch up or you play getting ahead. Which will you be? The person always having to catch up or the one who sets themselves up early and gets ahead?
I found that paying off the lowest balance credit card was much more motivating than the one with a higher interest rate, which also had a higher larger balance. Then I was able to double-down on the higher/larger card and pay that off.
It's understandable that this method is more motivating. But in the end, targeting high interest rate debts first will save more money, especially if this debt is a large amount in the thousands.
Interest is the cost of borrowing money, and borrowing large amounts will accrue even more. Add on a higher rate and you will pay hundreds, if not thousands, in interest that could have gone to the smaller debts.
Tips for financial success:
1. Pay off debts first
2. Live below your means especially when you get a raise or start earning more
3. Save close to half of your paychecks and live on the other half
4. Invest those halves of your paychecks
5. Contribute 10%+ to a 401k
If you follow these 5 steps you will never miss a dollar and you’ll never live paycheck to paycheck. My steps work especially for younger people who don’t have many expenses. Also practice good money habits and make sure you don’t spend more than you earn. Don’t spend everything before you get it either. There’s two ways to play the financial game in life you either play catch up or you play getting ahead. Which will you be? The person always having to catch up or the one who sets themselves up early and gets ahead?
Thank you for the idea of increasing retirement, even if just 1% a qtr! It adds up forreal !
This lady is so helpful
Looking forward to the results of applying these Smart Money Moves to kick-off 2024!
Great starter information
You would think the interviewer's microphone was sound checked prior to the interview.
I’ve learned how to sacrifice and put a significant amount of cash away and no not under the mattress, for if there was a fire 🔥 it is safe!!!
Live below your means but within your needs.
Shinobu looks like she has a ski mask tan line, lol. Great discussion. Thanks!
I been saving the same way under the mattress i been saving alot more than ever
People actually HAVE discretionary expenses in this economy?!😮 Please let me know where you work so that I can apply.
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