Back in July I wrote a post titled “Paying Off Debt And Saving Money Can Be Done At The Same Time“, which talked about how by making weekly or biweekly payments to your credit card can ease the burden of making those minimum payments you may have found yourself with. This is part of what I wrote:
Huh? They don’t send me a bill every week, you idiot, how am I supposed to pay them every week? Now, I don’t know your individual banking habits, but for us, we use online banking. It makes everything so much easier! With online banking, you can schedule a payment to your credit card every week, no problem…you don’t need to get a bill from them to pay them! If you don’t use online banking, you can still pay them every week, but you will need the payment address, your account number, and your checkbook. Just write that check out and mail it in every Friday or whatever day you decide.
Well, it looks like at least one reader took my advice and it is working out great for her! Amy wrote me an email the other day to say:
“Phew! I knew my credit card payments were out of hand when my minimum balance due was an entire paycheck! So, I did exactly what you’ve recommended here. I’m not good at staying on top of payments, so I had $50 a week automatically transferred to my credit card from my checking account every week. Each month I pay $200, and my current past due amount is back down to $0. I also manage to put away $50 a week in my savings account. Though I do have to dip into it every now and then, I’ve found that by bringing lunch to work and limiting the number of times I eat out per week (once or twice, maximum) I can still save money while keeping my social life! Weekly payments add up fast, and they’re relatively painless. Great Advice!”
It’s emails like this that make writing this site every day so very worth it. Thanks for sharing Amy! And if you ever have anything you want to share or let me know about, please feel free to drop me a note!