Day 4 of NCN’s 33 Days and 33 Ways to Save Money and Reduce Debt is about making extra payments and extra deposits throughout the month. This is a very effective way to build up savings and reduce debt quickly.
What is the best way to make this happen? Be involved with your finances on a daily basis. When I check my bank balance and write down my expenses every day, I know exactly where I stand financially. It’s easier to stop the leaks in my budget and put the extra money toward a credit card payment if I know exactly where my money is going.
Second, take care of deposits and payments immediately. I’m a big fan of snowflaking. This week I have a couple of small rebate checks to deposit at the bank. In order to make sure the money goes toward my debt like it’s supposed to, I need to transfer the money to my credit card as soon as I deposit the money. If I wait a couple of days, there’s a good chance I’ll forget to do it, and the money will be used for frivolous spending.
Finally, automate your savings deposits. Every month I have money transferred out of our checking account and into our savings account right after payday. I never see the money, and I don’t have to do anything to transfer it. I set up the monthly transfers with the bank that holds my savings account once. Now I just sit back and watch my savings grow. I never miss a month of contributing to my savings account.
By paying close attention to my finances on a daily basis, not procrastinating, and making deposits as easy as possible, I am able to grow my savings and make sure that any extra money actually goes toward paying off my debt. I also find that being proactive with my money on a daily basis motivates me to keep on with my goal of becoming debt free.
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