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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!
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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: Jerevie Canlas, Ph.D., CFLE, Empowering Financial Wellness Program Coordinator   In all fairness, credit cards are very convenient and help individuals build credit - because there are things that are not easy to purchase in cash. However, it’s really tempting to overspend with a credit card. If not used cautiously, excessive credit card use can put you years behind in your financial goals. Imagine this: you are using credit cards to build credit so you can purchase your own home. When you miss a payment or are not able to pay your balance in full, you might not be able to build good credit, so you end up getting a less desirable interest rate on a mortgage loan. What’s worse, since you’re paying off debt, saving for a downpayment for that dream home might take longer. Just with this scenario, the biggest advantage of credit cards is credit building, and the biggest pitfall is overspending and debt - exactly the things that will ruin the credit you’re wanting to build.
 With so much that feels beyond our control, chaotic or hectic right now, it’s nice to revisit personal finance best-practices, which are completely within our control! The PowerPay Money Master Online Course is a video-based course with worksheets and further resources designed to help participants take a deeper dive into the topics they need most. This structure allows people to really tailor their course experience to their individual needs.
Come join the fun and strengthen your path to financial freedom with real-life money smarts and expert financial management tips designed to help you take control of your financial future. Can't wait to see you there! -Excerpts from Utah State University Today article by Julene Reese |
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amandaBlog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life! Follow the fun on InstagramAS SEEN ON
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