Many of my clients are often wondering how to pay down their debts fast and save even faster. So, if you are thinking the same, then you are definitely not alone.
Do you want to know the best way to pay down your debt faster and save faster?
Well, my friend, its called automation.
Automation is the easiest way of saving money because as soon as you set it up, you are not thinking about it. It takes no more effort or decision making. It is done. It’s like another bill that automatically is deducted from your checking account so that you don’t even need to think or worry.
The best part is when you check back in (during your Money Date of course) and your savings are rising and your debt is falling. It is going to keep you excited because you are achieving your financial goals, without even trying! You are paying yourself first.
I have many clients that have their det and/or savings contributions withdrawn two times a month a few days after their paycheck clears in their bank account. It’s as though the money never existed, so they never feel a missing.
To learn even more, check out this week’s episode on paying down debt and saving even faster.
Some more tips on reaching your goals more quickly...
Minimize Your Interest Rate
On average, the interest rate of most of the credit card debt is 20% or more. Contact your credit card company and see if they are willing to lower your interest rate or see if there are better offers with lower interest rates if you do a balance transfer. You want to get your interest rate as low as possible. This step is worth every effort as high interest rates are often what keeps you stuck in debt.
Review Your Contribution Every Few Months
A lot can change in just a short amount of time. Review what you are contributing to your debt payoff and/or savings account. Can you increase the amount even just a little bit? Anytime you can increase what you contribute - do it!
Reduce Food Expenses
Most of us eat at least three times a day... reducing food expense can be a fast and effective way to add more money to your savings and/or debt payoff. You may be surprised once you track the amount you spend on food. See where you can decrease spending on food, such as high-end coffees for a yummy french press at home or try eating out to dinner only one time per week.
After you’ve watched the video, I want to know:
Share the money love with your friends by taking a screen shot of this blog and tagging @brittneycastro in one of your stories on the Gram!
Go to here to download your FREE Money Library!
Excited for your new automation adventures.
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