Early in February I laid out my goals for snowballing payments to tackle my debt as quickly as possible. Today, I am one step closer. My exact balance for my Visa card is $5221.82. I have set up an automatic payment for $650 every other Thursday (when I get paid). I need to replenish our emergency fund due to Murphy hitting our household. As soon as my savings is back to where it was, I will roll over the remaining $832.42 towards my debt snowball and automate payments of $2,132.42 towards my Visa card.
I usually have $650 direct deposited into my ING DIrect Savings account and I don’t notice the money in there because I have made it painfully difficult for me to access that account. Meaning – I don’t know the account number, and rarely access the account online. I get paper statements but I’d really have to take the time to get to my account information. I think that this will definitely help me get out of debt faster because it’s automatic. I don’t physically have to transfer the money over to my credit card. Let’s face it, I’m super busy and on top of that I’m pretty lazy! DH is also very prone to spending money that’s sitting in an account so in this case, out of site out of mind.
I will definitely be utilizing this account to snowball all of my payments until my car, student loans are completely paid off.