11 min
FMOOD 0384: The Savings Game Follow Me Out of Debt | Get out of debt and get into prosperity!
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- Business
Here's an alternative to paying down debt that might actually help you to pay things off even faster. I'd like to introduce you to something that I like to call The Savings Game. I would say that it's more of a strategy than a game, but it's more fun to refer to this as a game, right?
Ideally, you'll want to check with your bank or credit union to see if the savings account can be set up to not directly tie in with your checking account. In other words, your savings account has a built-in way to stay protected from taking cash out of this account at the ATM or spending from the account via your debit card.
If you can save money above and beyond your starter emergency fund in your savings account to an amount that you can use to pay off one or more of your credit cards and loans, you can knock them out in one high-octane blow. What's great about this is that you'll also boost your credit score at the same time by making a larger-than-normal payment and quickly reducing the amount borrowed and increasing the amount of credit available to you.
I hope that this alternative method allows for some folks to be able to pay off their debts faster by taking the anxiety and fear out of the equation. God bless!
Here's an alternative to paying down debt that might actually help you to pay things off even faster. I'd like to introduce you to something that I like to call The Savings Game. I would say that it's more of a strategy than a game, but it's more fun to refer to this as a game, right?
Ideally, you'll want to check with your bank or credit union to see if the savings account can be set up to not directly tie in with your checking account. In other words, your savings account has a built-in way to stay protected from taking cash out of this account at the ATM or spending from the account via your debit card.
If you can save money above and beyond your starter emergency fund in your savings account to an amount that you can use to pay off one or more of your credit cards and loans, you can knock them out in one high-octane blow. What's great about this is that you'll also boost your credit score at the same time by making a larger-than-normal payment and quickly reducing the amount borrowed and increasing the amount of credit available to you.
I hope that this alternative method allows for some folks to be able to pay off their debts faster by taking the anxiety and fear out of the equation. God bless!
11 min