Comments on: How A Silly Little Experiment Helped Me Get Out Of Debt http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: Shona http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/comment-page-1/#comment-183612 Shona Tue, 29 Dec 2009 08:46:57 +0000 http://www.ncnblog.com/?p=2642#comment-183612 I currently use this method to pay down my debt as well. It works like a charm. In fact, I have had my bank call to ask why I am paying back so much more than the minimum payment on my final credit card debt! It's now down to the last $1047, which will be paid down to zero by May 2010 if all goes according to plan - possibly sooner if I can squeeze more savings from my day to day expenses. Every penny counts,although here in South Africa, they are referred to as cents... I currently use this method to pay down my debt as well. It works like a charm. In fact, I have had my bank call to ask why I am paying back so much more than the minimum payment on my final credit card debt! It’s now down to the last $1047, which will be paid down to zero by May 2010 if all goes according to plan – possibly sooner if I can squeeze more savings from my day to day expenses. Every penny counts,although here in South Africa, they are referred to as cents…

]]> By: Sheila Semmens http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/comment-page-1/#comment-180413 Sheila Semmens Thu, 19 Nov 2009 18:14:24 +0000 http://www.ncnblog.com/?p=2642#comment-180413 Another way of "finding" money is to discipline yourself to use coupons but instead of just buying more groceries since you are spending less, put the money the coupons saved you into an account to add to your debt snowflakes! Another way of “finding” money is to discipline yourself to use coupons but instead of just buying more groceries since you are spending less, put the money the coupons saved you into an account to add to your debt snowflakes!

]]> By: Barbara P. http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/comment-page-1/#comment-177548 Barbara P. Mon, 19 Oct 2009 00:45:02 +0000 http://www.ncnblog.com/?p=2642#comment-177548 Yes, I have done the micro-payment thing you talk about here. I have done it with rebates, refunds, and reimbursements (i.e., "found money). This would be money that I had already spent or wasn't depending on having, so it wasn't like I was missing it. I also collect my spare change in a separate little change purse. After about two weeks, I take it to the Coinstar at my grocery store. I has been as little as $3.00 and as much as $20.00, so it can make a huge difference in the credit card bill. Also, I get paid every two weeks and if I look at my checking balance and notice that I still have $300 left and no bills to pay, I will send $50.00 to the credit card. On payday when I usually only have a few bucks left in my checking, I will send it to the credit card along with my regular payment. Yes, I have done the micro-payment thing you talk about here. I have done it with rebates, refunds, and reimbursements (i.e., “found money). This would be money that I had already spent or wasn’t depending on having, so it wasn’t like I was missing it. I also collect my spare change in a separate little change purse. After about two weeks, I take it to the Coinstar at my grocery store. I has been as little as $3.00 and as much as $20.00, so it can make a huge difference in the credit card bill. Also, I get paid every two weeks and if I look at my checking balance and notice that I still have $300 left and no bills to pay, I will send $50.00 to the credit card. On payday when I usually only have a few bucks left in my checking, I will send it to the credit card along with my regular payment.

]]> By: Robert http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/comment-page-1/#comment-177402 Robert Fri, 16 Oct 2009 17:05:55 +0000 http://www.ncnblog.com/?p=2642#comment-177402 $5 a day isn't a bad idea. Imagine how quickly things could get paid off? $5 a day isn’t a bad idea. Imagine how quickly things could get paid off?

]]> By: Amy http://www.ncnblog.com/2009/10/12/how-a-silly-little-experiment-helped-me-get-out-of-debt/comment-page-1/#comment-177165 Amy Tue, 13 Oct 2009 16:18:29 +0000 http://www.ncnblog.com/?p=2642#comment-177165 It's a great way to 'trick' your brain into saving. However, I check my bank account daily (sometimes up to 5 times a day) so I see where this $5 is going each and every time. I use micro payments for both my savings and debt repayment. Every day $5 gets transferred to my savings account, and every Friday $20 of that gets transferred to two credit cards ($10 each), along with the usual minimum monthly payments that the CC's pull. I am on track to pay off both these credit cards (total of $600 at 28.9% interest) by the end of the month AND still have about $100 in savings to boot. This does come with a consequence tho - if I over spend, I usually have to use what I've put in my savings to cover something!!! It’s a great way to ‘trick’ your brain into saving. However, I check my bank account daily (sometimes up to 5 times a day) so I see where this $5 is going each and every time.

I use micro payments for both my savings and debt repayment. Every day $5 gets transferred to my savings account, and every Friday $20 of that gets transferred to two credit cards ($10 each), along with the usual minimum monthly payments that the CC’s pull. I am on track to pay off both these credit cards (total of $600 at 28.9% interest) by the end of the month AND still have about $100 in savings to boot. This does come with a consequence tho – if I over spend, I usually have to use what I’ve put in my savings to cover something!!!

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