My 2020 Debt Pay Off Plan | DEBT SNOWBALL METHOD

0 hi people so this is gon na be my financial obligation snowball video I proceeded and wrote in all of the charge card that me and my sweetheart have a balance on our goal is to pay it off by the end of this year but if we can pay it off faster thats excellent so today towards our charge card we are putting 1134 dollars if you enjoy my cash envelope packing videos you know that I do $300 weekly so that would be a thousand 2 hundred however $66 of that goes towards my student loans so towards simply a credit card financial obligation that we have this is the overall amount that goes towards that and I do try to put any extra earnings that I can towards our charge card financial obligation however that varies so for sure each and every single month thats how much goes into there now Im gon na enter and write the balances on each account the interest rate and our minimum payment due and then Im also going to be revealing you people the website that I used to come up with the payment schedule now I am gon na be doing a regular monthly update on my financial obligation snowball considering that I have the ability to put a bit extra each month we are gon na be paying off faster than what the payment schedule that Im gon na obtain from the site is so I do want to have this upgraded on a monthly basis just to also make certain that were not adding back to our cards and due to the fact that I understand we do sometimes end abusing like our Amazon card to purchase things to get the three percent and were expected to be paying that off the very same month and getting that out of like our cash envelopes but I do not wish to you understand return tracked in any case so I did list them from our lowest balance to our greatest balance so this for target it is $85 its like 80 for something but I couldnt into our account so Im rounding that a person up a bit the interest is 24 point 36 percent yearly interest and the minimum payment is $25 for Amazon our balance today is 457 with 36 cents and Chris is 24 with 49 24 point 4 nine percent annual interest and minimum is $25 PayPal is six hundred sixty 8 and seventy cents and that no percent interest and this is a promotional interest up until September 2019 which Im pretty sure we will finish paying that off by then but in any case to make certain that I do finish paying it off already Im putting the minimum payment to be 96 dollars in truth its 38 dollars but if I leave it like that we may not have the ability to pay it off by the promotional fascinating oh Ill inspect on that though so Ill simply put 38 dollars here and Ill figure that out on that site that Ill be revealing you people so the Bank of America one has 1815 dollars and forty-five cents and its APR is 25 point two 4 percent and its 56 dollars discover has 1859 with 18 cents APR is nineteen point two four percent and its 51 dollars the city card has one thousand 9 hundred and three dollars and 29th now for the city card part of this balance is on a promotional APR of 4.9% and another small part is on the APR of twenty 3 point 2 4 yeah twenty three point 2 4 percent so right here Im just going to put four point nine percent through twenty three point 2 four percent but bulk of this is under the 4 point 9 9 percent APR and this one is $38 so this one the promotional deal ends on October twenty nineteen Wells Fargo this one is our greatest well balanced 3804 with eighty-nine cents the APR is twenty point four percent and the minimum is one hundred and thirty-four dollars so Im gon na proceed and accumulate the balances and then the minimum ten thousand five hundred and ninety three with eighty-seven cents so this is the overall debt that we have on our credit cards and its a frightening number you know you do not truly realize just how much you have in debt up until you write it right all of your charge card down in the balances and you type of wonder like how you let it get that bad but it is what it is and you understand were on our journey to pay off all of our financial obligation therefore that we can purchase a house and start a family and its simply kinda sad oops supposed to be seven simply kinda sad that it got that bad but were working towards it so essentially right here I just included up all of our minimums if we allow us to do the $96 and on this side is if I were to do the $38 which is the real minimum so Im gon na go on and switch to my laptop computer so that I can reveal you people the site that I use another essential thing that I do require to take down is the additional so right here were putting a thousand one hundred thirty for mine is the minimum so the additional income that goes towards my credit card debt is 7 hundred and nine dollars or seven hundred and sixty seven dollars if I were to just pay the least expensive the minimum payment now the only thing that I however for the paypal like for the month of March I need to pay fifty 4 dollars in order to avoid paying the interest on a promotional balance thats showing up so I would not be able to do the $38 on the month of March I would need to do the fifty 4 but Ill show you people how I figure all of that out and yeah so this is our total debt up until now starting in the month of March and we are wanting to pay it off by the end of this year like I pointed out so let me reveal you men the site that I use alright guys so this is the site that I utilize to determine my payment schedule with the financial obligation snowball so the website is financial and its the debt snowball calculator so here what you do is you add the charge card that you wish to end up paying off initially which would be the most affordable balance one do not with the most affordable balance so the one with my least expensive balance is targeted the balance owed is $85 rates of interest is twenty 4 point thirty 6 so the what I just revealed you people all of that details is will be put into this calculator so Im simply gon na go through and add all of them and right here its showing you the total interest if you were just to pay the minimum payment this is just how much interest you d pay and after that how lots of payments are left if you were to just pay the minimum payment so thats great to see its gon na be Cyril now for this one I Im gon na do the fifty four dollars that I know if we sure need to pay in the month of March after that I might be able to yeah so Im simply gon na do for the paypal one Im just gon na do the fifty 4 dollars that I for sure need to pay by the month of March and after that I feel like I will be done paying that off prior to September for sure so we should not have an any concern with that so Im just gon na continue to add all my financial obligation in here with the most affordable highest now for this one Im gon na do the 4 point nine percent since I believe like a thousand five hundred of that is on that marketing interest so Im simply gon na put the 4 point 9 9 and did thirty 8 dollars okay now right here Im it states enter the regular monthly dollar amount you can include to your financial obligation benefit plan so let me build up all of the minimum payments 25 plus 25 plus 54 plus 56 5138 134 all right so the minimum total minimum payment overall is three hundred and eighty 3 dollars I put one thousand one hundred and thirty-four dollars towards my debt so its an extra seven hundred and fifty one dollars a month that I include towards my debt so then you just go to calculate financial obligation snowball and it provides you your existing overalls so this is how much that I owe presently the payment quantity all the minimum payments the minimum payment overall thats that a person if I were to only pay the minimum I would end up paying 4 thousand dollars in interest and I would be done settling my debt in 57 months so right now way to the extra seven hundred and fifty one dollars that I put towards my debt I will I will pay eight hundred and sixty two dollars in interest and I must be done paying off in eleven months so that is before the end of this year which is terrific of course any little extra earnings that I can add towards that will pay it off quicker and down here they have the payment schedule so for instance every one of these this is the variety of payments so this would be March April May June July etc and then these are the credit cards so this is how much I have to pay for each charge card so for target its really not going to be 86 73 since theres no interest included onto the eighty-five dollars because I was a purchase that we made in this month so theres that a person and after that theres for my amazon and then my paypal so all of this so this provides me the quantity that i will be paying towards each card in the month of march so thats essentially how i find out you understand how im gon na be paying each card and just how much I need to pay towards each card so I do have to tweak it simply a little bit due to the fact that I dont know if you guys saw my cash envelope packing video I was able to put an extra 2 hundred and ninety dollars towards my financial obligation snowball so that one is gon na go towards settling my target and then part of my Amazon payment so in reality this number is gon na be a lot less which implies that I can pay more towards my paypal card etc so I will be upgrading you guys on a regular monthly basis so that you people can see how my financial obligation snowball payments are going and so that you men can commemorate in the mini victories I have I have actually paid off a couple cards by doing this so Im simply truly excited um this is gon na be the year that we ended up paying off all our consumer debt which is fantastic and then this site does have some extra additional details on the debt snowball approach and anything any concerns you guys might have its a terrific resource so Ill have the link to this site down below in the description box if you people have an interest in utilizing this one as well I know theres likewise the debt avalanche method that a person works likewise the only thing is that I need my lots of success in order for me to seem like Im really doing something okay men so Im back so I went on and reworded this with my due dates on here and I checked my funds that I have available today from my debt snowball and I have one thousand 3 hundred and ninety 3 dollars in there right now and it ought to just be three hundred dollars I am actually bad at actually going and paying the money that I do put towards each week or any additional money that I can put towards every week towards the credit card so today I have $1,000 thousand and I require 3 dollars that I can apply towards my cards right now so that indicates that I will be able to settle my target card and Ill have the ability to pay off my Amazon card and Ill be able to provide 5 hundred and fifty dollars and 64 cents towards my PayPal card so I will have just a balance of one hundred and eighteen and 6 cents in fact so I simply you know Im actually grateful that I made this video um and kind of made me realize that I require to remain on top of this a little bit more so its great that Ill be doing the regular monthly updates on my financial obligation snowball so if I wind up having any additional money that I forgot to apply I can do that at the beginning of the month so um Ill simply need to re-implement on the calculator that I revealed you men online and itll provide me just how much I am going to be paying towards each card so if you men enjoyed todays video please offer it a huge thumbs up and subscribe to my youtube channel and if you people havent seen my cache envelope stuffing video for the first part of March I advise that you men do Im doing a little giveaway for some money envelopes on the video um so yeah Ill see you men next time bye [Music] Check out More: The College Student Loan Scam

Originally posted 2020-03-02 16:43:55.