Round Up to End Financial Debt


End Financial DebtAccording to the best financial advisors, one of the most productive ways to end financial debt is to engage in rounding up to pay off. Essentially, this just means rounding off your debt payments to the nearest $10.00, or even, the nearest $100.00! There are two main reasons to engage in this task. First, a round, even number is easier to process when it comes to simple calculations. Second, by rounding up to the next $10.00 or the next $100.00, you are paying more towards the principal, which will reduce the total amount of debt that you owe and at a faster rate because it will reduce the amount of interest that you pay, overall.

If you are ready to end financial debt, there are many positive and productive strategies for accomplishing your goals; however, rounding up remains to be a favorite among most. Rounding up, in the traditional sense, involves rounding up to the next dollar. Unfortunately, if you have a bill for $124.67, rounding up by only a dollar would put you paying $125.00. That means that you only put a total of 33 cents more towards that bill. When it comes to credit card bills, loan payments, and other types of debt, that 33 cents will not amount to much. When you engage in the process of rounding up as a means to restoring your financial health, you will want to opt for the $10.00 or $100.00 mark. For example, if you have a bill for $120.00, you would want to either round up to $130.00 or $200.00. An extra $10.00 to $100.00 on each debt payment that you make towards the principal of that debt could have a significant impact on eliminating that debt quickly.

In order to succeed in rounding up, you will need to create a budget that rounds up all of your expenses

including those debt payments. Examples include your house payment, your utility bills, and even your spending money. This will allow you to determine exactly how much you will be able to round up each bill – whether it will be $10.00, $50.00, or $100.00. Once you have created your budget and have determined how much may be successfully rounded up, you must make a commitment to pay that amount each and every single month. If rounding up a house payment, be certain to check the conditions of your loan. In some cases, paying more on a monthly mortgage may end up costing you more.

Now, once you have all the figures established and have made a commitment to yourself to round up all of your debt payments to engage in the task of restoring your financial health, you must then simply do it! Any excess money that you have in the bank account at the end of the month should be transferred to an interest-bearing savings account. Not only will taking these steps assist you if you want to end financial debt, it also has the ability to help you save money and help your money make more money!

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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