FMOOD 0099: The Habit of Saving While Getting out of Debt - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-03-25T06:00
Back on episode number 8, I talked about how you can save your first $1,000.00 for your starter emergency fund, then you can repeat the process to be able to apply large chunks or cash towards your debt. The example given was that if you had $20,000.00 in consumer debt, you could have your debt paid in full by repeating this process about twenty times. In other words, you've already proven that you could do it once, so why not repeat the process as many times as possible in order to increase your focus to pay off debt?
Another benefit that wasn't mentioned was that you are effectively establishing a habit of saving while you are in the process of getting out of debt. You train yourself to be able to save money, and this will come in handy with goals that you will eventually set for yourself once your consumer debt has been paid off. You'll want to eventually save for an actual emergency fund of four to six months of expenses. This savings strategy of saving $1,000.00 at a time will make this much easier, especially once you have no other payments except perhaps a mortgage. You could also apply this strategy for larger expenses, whether that's a newer used vehicle, vacation, or new kitchen appliances. This savings strategy will come in handy many times over as you realize the increased focus that comes with saving for various expenses in certain dollar increments over time.
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