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Here is a very simple principle that can be put in to practice quickly and easily, and almost anyone can do it.
Each week day, simply put aside $2, and at the end of each week, put this $10 against the debt that has the highest interest rate (usually your credit card or store card). At this rate, you’ll be paying an extra $520 per year against this debt on top of your regular repayments. Even better, you’ll have saved an additional $63.83 in interest.
If you don’t have $2 per day to put aside, take a look at your daily spending habits and maybe go without a newspaper or coffee each day.
Making a commitment to this simple plan will set you up for long term success as the saving will become habitual. Once you have mastered the $2 per day principle, move on to $3 per day for the next year!
