Sunday, June 20, 2021

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What’s your plan? (12/12/2018)

I didn’t start the month out very positive. We had touched on credit cards. My wish is that all of us would develop a disdain for the credit card mentality. The lie is that we have to money. The reality is once you swipe you are no longer the master but a slave to the card and the payments. Hopefully sooner than later, you will ‘cut the cord’ and plan to start paying ourselves for your hard work. You should be planning to get to a point where your money is writing you a paycheck and work is an option. At some point, you will no longer physically be able to work and are unfortunately unemployable. My rants would probably become less frequent if credit card debt was eliminated and we were all ‘Set for Life.’ I would be out of my foul mood and probably put more smiles on a lot of people’s faces!

Here’s a tip. When you are ready to eliminate your credit card debt, use this trick to pay them off. Create a chart or spreadsheet and label the top of the column with the name of each credit card that you’d like to pay off. Start your first column with the card that has the lowest balance. Create additional columns (increasing balances) for each card ending with the card having the highest balance. Next, make rows for each payment month and the amount of your payment. Your 1st goal is to pay off the card occupying the 1st column. Once that 1st column is paid off, you will now apply the money used to pay off the 1st card to increase the payment in the 2nd column (next credit card) and pay it off. Once the 2nd column is zeroed (2nd goal), tackle the 3rd column. Continue this process until you have paid off all credit card balances and completed your goal.

It’s the Christmas Season and I know that your mind is not on paying down your cards. To financially get your house in order, you will need to live within your means. If you are running up your credit card debt this month, remember that it will come knocking for payment next month. I challenge you to get all your cards to zero balances (New Year’s resolution maybe?). I said that I wanted to salvage my thoughts last week, this payment trick should be a step in the right direction. I hope that you might be thinking of the money that just paid the credit cards off. You should be left with a good chunk of change. The column that you didn’t have in this exercise should have been investment in yourself and retirement. There are good ways to build a retirement fund without unnecessary risk. Invest in yourself; the best Christmas present ever! I’m still hoping that December won’t make you go broke! Please leave your comments at Scott@arenscp.com.. ■

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