Twelve years ago, when I was paying off my credit cards, my goal was to be debt free in two years and build a three month emergency fund.
I found a forum of people that was paying off their debt and someone had came up with a spreadsheet to list all your debts, interest rates, amount owed and monthly payment. There was some sort of table on top in which if have like $250, $500, $1,500 or $2,000 spread out amongst all your debt how long it would take you to be debt free. There was a toggle that let you pay weekly, bi-weekly or monthly payments.
Did you know that when you pay on a debt weekly versus monthly that you will pay less interest and pay off the debt more quickly? Interest is based on a daily rate not a monthly rate, therefore, each week when you pay on your debt, you owe less principal and interest.
You have to makes plans to meet your goals or they are nothing more than dreams and wishes.
If you dream has always been to go Hawaii for your 5, 10, 15, 20, 25 year anniversary then do your research and start planning, now. Do a google search of how to plan a trip to hawaii. It’s cost about $267 per day per person excluding airfare. The food in Hawaii is very expensive even at the grocery store.
Don’t say we’ll put the trip on our credit card and pay if off later because you are already acknowledging that you don’t have no money without saying you don’t have no money. Put $50 aside every two weeks for the next 36 months for your trip to Hawaii and be done with it.
Whatever, you savings goals are put in place your plans to get what you.