OMG, it’s finally Friday and I just got paid!!!! I got ALL of my bills paid for the month of May. Plus, I added more money to my savings account in the amount of $176 and added another $50 to my Emergency Fund. Yes, I am saving money.
It’s the 15th day of the month and I now have $.34 in compounded interest in my ING accounts. Again, that passive income since they money is just sitting in savings.
The compounding interest thing also works with paying of debt only the opposite direction. You see, every dollar that you decrease in your debt balance the credit card companies can’t charge compound interest on less debt. And you can keep that savings or do like me…and put that interest savings towards your debt balance. For example, my Cap1 Visa minimum balance 2 or 3 months ago was $118/month. However, now my minimum balance is $106 but I’m still paying that $118 as a minimum balance PLUS I am throwing EXTRA money towards the debt. This month, so far, I’ve paid an extra $91 on my Cap1 Visa. I want to have my Cap1 Visa debt down to $2800 by the end-of-year so I’ve got to be aggressive in my payments.
Yes, it’s all about saving money and Building Up the Benjamins!!!