Be Electronic!

Electronic is the 5th step in B.E.L.I.E.V.E. What do I mean by electronic? I want you to help simplify your money and your life as much as possible. How many times have you got charged an unnecessary late fee just because you simply forgot what day your payment was due? I know I sure have many times. I know that we all work too hard for our money to be giving it away on dumb things. You may have even had to pay that fee because you just didn’t have the money, but that’s ok- we’re going to fix that! Alright, so here’s what we need to do. Set up autopay prior to your due date and set it up for your budgeted amount. Go through all your bills and do this. Set up all your bills this way except the debt with the lowest balance, on this debt I want you to put whatever you budgeted plus any extra to this one debt. (I will show an example down below) Now that that’s done don’t forget to set up automatic savings to help build up your emergency fund too.

Balance Min Payment Payment Date

Kohl’s $250 $25 $80 8/5

Best Buy $950 $30 $30 8/11

Visa $3200 $108 $108 8/14

Mastercard $7500 $220 $220 8/15

Emergency Fund $15 weekly into savings

*Huge money saver – after a few months doing this, start splitting your payments to twice a month- even if you’re only paying the minimum. This will save a lot on interest over the long run.