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Vincenza Vicari-Bentley, AFC Empowering Financial Wellness Program Coordinator  It’s a new year and a great time to make a plan to pay down debt. PowerPay is a free tool that helps to develop a personalized, self-directed debt elimination plan but wait…there’s more! PowerPay has many other great built in tools and here are the highlights of some of our favorites:
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 Join us each week starting January 19th, 2023 as we review each module in the PowerPay Money Master course. We will answer questions and offer guidance, information and further insights on the topics presented in each module. Weekly schedule is below:
Vincenza Vicari-Bentley, AFC Empowering Financial Wellness Program Coordinator In Utah, the average home today sells for about $442,000 and most people finance that amount over 30 years paying around 4% interest. Now, let’s talk about how to pay that off quicker to save you a lot of money in interest, not to mention time.
Let’s say you really get intentional with your budget (or any extra money that may come your way) and decide to put an extra $100 per month towards the principal balance of your mortgage. You would end up saving about $28,000 in interest AND you would pay off your home mortgage loan 8 years sooner! Don’t discount the small amounts you can put towards debt, any amount more than the minimum payment amount can help save you tons of money in the long run! If you would like to calculate the most efficient strategy to pay down all of your debts, use the free calculator tool at www.powerpay.org and see how much time and money you can save! Vincenza Vicari-Bentley, AFC Empowering Financial Wellness Program Coordinator  You want to get out of credit card debt but inflation, unplanned purchases and emergencies keep busting your budget? Let me tell you about the power of paying just a little bit extra on one of your credit cards this month to break that cycle of debt accumulation.
The average Utahn has $4,900 owed on credit cards paying an average interest rate of 18.99%. If you’re only making minimum payments (and not adding to the balance) it would take you over 17 years to pay off and that $4,900 would grow to almost $10,000! By making one extra payment every month of $20.00, you would save over $8,000 in interest and it would only take you a little over 3 years to pay off your debt! Shauna Barfuss, Empowering Financial Wellness Program Coordinator   Have you ever noticed the word GRIT is in the word INTEGRITY? It’s kind of crazy to me, I have written the word integrity countless times, but not until recently when a friend & coach pointed it out, did I realize that integrity contains GRIT! GRIT...mental toughness and courage, as Mirriam-Webster defines it.
Since that moment, I have pondered on and appreciated this thought a lot: my money management integrity takes GRIT! To look even closer... how about we dive into the word GRIT focusing on the letter R! It takes GRIT to: |
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