Module 1 Assignment

By hollie.owens

  • Cut Spending Where I Can

    I can find ways to cut my spending habits, such as going out every weekend or eating out every other night, and find more budget activities and recipes that I can do at home. This will leave extra money for my credit card.

  • Create a Budget

    I want to create a budget. By laying out my finances and seeing what income I have leftover, I can better calculate what I can comfortable afford to put towards my credit card balance. I want to make sure I can afford to put the extra towards my credit card without having to use my credit card to cover that money.

  • Turn Off Automatic Subscriptions

    I can use my bank statement to see what I'm being charged monthly for and turn off the things I no longer use. I can use this extra money that I'm not used to having towards my credit card bill.

  • Look At My Credit Card Bill

    By looking at my credit card bill, I can see how much interest is being charged and make sure I pay more than just enough to cover interest. A lot of minimum card payments only cover the interest and a small amount of the principal.

  • File My Tax Return

    I can file my tax returns. Since I don't rely on that money, I won't miss it if it's used towards my credit card. This can help jumpstart my goal to pay off my credit card.

  • 4 Month Check-In

    At this point, I should be noticing a slight difference in my balance. Seeing where my balance is now compared to when I started will help me calculate exactly how much I've paid towards interest versus principle.

  • Look To See If I Can Find Lower Interest

    After giving my credit score time to build back up, I can look around to see if I can find a card or loan that offers a lower interest rate. That way I can focus more on paying my principle balance.

  • 8 Month Check-In

    At this point, I should see a dramatic difference in my balance. This will be the motivation I need to finish out these next four months and pay off my card.

  • Accomplish My Goal

    I will have paid off my credit card debt. At this point, I would have no more interest charged to my credit card bill. I will have a better credit score due to having a low credit utilization. I will have the extra money that used to be used on my bill and paying down the balance. I would have less stress in my life.