Hey loved ones! Here’s my take on the good and not-so-good of autopay. It’s a mellow, talkative one lol! #teachingmoment 😊 Thank you for watching! xoxo
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Disclaimer: I’m no financial expert. These are my personal opinions based on a proven process.
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#autopay #debtsnowball #debtfreejourney
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Omg this is so true!!! Luv auto pay and my planner but you can easily forget how much you are in debt. You're right min monthly payments can take years. I added up what I was paying every month in credit card debt along with the total balances, and immediately put a plan together to start next month with knocking off my debt. Thx for showing us how to use Excel. I set it up and am no longer afraid. So glad I stumbled up on your channel 2 days ago☺️
Thanks for your explanation, that really helped me a lot!!!
have you read the automatic millionaire? it's a good one. I created annual budget on excel and have several accounts with label like (bills $1000, saving $500, spending $400, sinking funds $500 etc) I transfer money to each account automatically and use like electronic envelope sysyem and autopay all my bills. I just look at my bank accounts and know how much is left on each categories (accounts). I don't worry when and what bills due what day I already calculated in and give a little cushions but I still download the bank statement each month and enter in excel to see if there's any changes I need to make.
I used to be against auto pay because you "might" need it for emergencies…now i have a small emergency fund. I still don't like it that much because I need tip see what's happening…each time. I don't want any mishaps, so I'll do it- thank you.
I know you said you weren't interested in doing a balance transfer but that Discover is terrible. Balance transfers usually have a fee anywhere from 3-5% of the transaction so you are taking an immediate hit of a lot added on, but if the transfer will get you to 0% you can get the debt down faster. For example (trying to use your approximate numbers) there is a $4500 balance on Discover. You do a balance transfer to another card at 0% for 12 months but there is a 4% fee. The fee would instantly add on $180 to your debt, but if $75 of your $100 payment is going to new interest charges then you would ultimately be charged over $180 anyway in about 2.5 months, but then $0 would be going to interest afterwards.
Now, as Dave Ramsey says, Balance Transfers are not for people who don't change their behavior about paying debt. You have already proven you are serious about this journey and have done it for close to a year I think. Just a thought. Love your videos!
Great points. The majority of my bills are on autopay. Like you said though, you still need to be paying attention to your finances.
This is a wonderful video! It is SO important to keep up with your debts and they want to make it feel like nothing so you stay in debt as long as possible. You also run the risk of them taking too much out. I've seen this happen to my parents too many times for me to feel comfortable. I have a couple of small regular bills that automatically come out of my bank. As for other, big things, I will either pay them myself, or like for my student loan payments, it comes out automatically but I have a separate account that I use for those withdrawals. And of course, I constantly check my accounts – at least every couple of days!
Another great vid
I am 100% auto pay lol got to love it.
There are tons of people who need this information. Great video!