Most of us don't have a never-ending supply of money. So it doesn't make sense to send substantial amounts of it to big banks in the form of interest. Add up how much you owe, then use this debt calculator to figure out how long it will take you to pay it off. I like this one because it allows to to calculate the payoff time based on making minimum monthly payments, or standard higher-than-minimum payments. Also, you can find out how much you have to pay each month to be debt free by a certain date.
I believe in saving money not to hoard it, but so I can 1) be prepared for emergencies and 2) do the things I want to do (like support worthy causes, travel, and the like). Learn more about life and debt here and here. Stay tuned for more interesting and helpful ways to use your saved money. Good luck!
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1 comment:
How fitting that this comes after the shopping post! :)
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