Velocity Banking Money Tracker Report
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- čas přidán 6. 08. 2023
- Velocity Banking with a credit card. This is my money tracker report for the week ending 08.04.2023.
Get the worksheets I use in my videos and download Case Studies with all the client notes. This link will take you there... payhip.com/AskMeHowIBudget
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NOTE: I am not a financial advisor and I do not provide professional financial advice; the information presented on this channel is presented for information and edutainment purposes only. Following any words, actions, or advice in this video or on this channel as professional financial advice is not intended and is the responsibility of the viewer, not the video creator. This is my personal journey for getting out of credit card debt.
Wow-wow-wow!
This is becoming a Debt Free Revolution.
That is so Awesome! and how exciting for you and your husband to see this debt disappearing! Woo hoo!
Im so happy for you! I have 4 credit cards, Im paying minimum balances & using it for groceries, not all my groceries but only I mean(there all maxed out). Its a stressful juggle, I currently cant waste no dollar. Im beginning to believe I could actually get these paid down. Im excited to see your examples! Thank you so very much😊
That’s amazing! 🎉
You really knocking that balance down. Can you do a video of your entire budget system please
I certainly will. In the meantime, I have a couple of people who have sent me their numbers and when I have those videos posted, you'll be able to see what I do when I'm starting from scratch. I should have them up this weekend. 🙂
Get the worksheets I use in my videos and download Case Studies with all the client notes. This link will take you there... payhip.com/AskMeHowIBudget
Hi Molly,wondering how you are doing with the credits cards now.
I will be SO interested/excited to see what you do after this card is paid to zero!
Then the next card becomes my primary card and it’s rinse and repeat!
THIS LOOKS EASY BUT IF MY CARD PAYMENT IS 350$ that’s all I have .what would you do if your expenses are 600$. I’m still adding 250$ ,my card is not going down . I’m happy that this is working for you.
@karenware459 I'm going to be adding some videos of folks who sent me their numbers. You'll be able to see what I would do in a variety of different scenarios when I'm starting from scratch. You may find that useful. You can also send me your numbers but it may take me 2 weeks before I can get to them.
@@askmehowibudget ok
Card 1 4280 payment 215 0 interest, card 2 6300 payment 300 interest 29.9, card 3 5420 payment 170 interest 19.9 card 4 7568 payment 170 interest 16, card 5 9450 payment 350 interest 31.7, card 6 20,270 payment 475 interest 16 .,, pay 750-850 biweekly, other bills cable 200 a month , cellphone 80 month. And groceries 80-100 a week, the cell phone bill comes out of card 6 and cable and groceries coming out of card 2 , also card 1 is zero interest because it’s a new card and I have zero interest for 21 months and to pay it off in time payment is 215,due date for bills 1on the 10 . 2 on the 10, 3 on the 14, 4 on the 15 , 5 on the 26,6 on the 6.
I accidentally deleted the email that you replied with after I sent this information to you would you be so kind as to resend it? Thank you very much.
@@karenware459 askmehowibudget@gmail.com
Great progress, Molly! It's too bad that Velocity banking doesn't work. /sarcasm
😂 right???
Could you have put a couple of those variable expenses on that card with the $89 minimum that you were not able to cover with a bill?
Excellent question! Let's examine that possibility...I could pay that credit card (Credit Card #4) down every Saturday the $46 and then when I go to reload my Starbucks mobile app for the week, I use Credit Card #4 instead of my primary card. YES! That will work! That means: 1) I'm not spending any more money on Starbucks than I normally would. 2) I'm prepaying Credit Card #4 to reload the Starbucks app every week, so it far surpasses Credit Card #4's minimum monthly payment. 3) Thus, I no longer have to come up with that credit card payment at the beginning of the month (which is already a crunch time for me) AND, 4) I've reduced the average daily balance on my primary card. LOVE IT! Good catch, Jill! I'll implement that change next Saturday. I should have checked my notifications this morning before I left the house and got my Starbucks! ;-)
Molly, once you pay each credit card off will you be closing your accounts, keep some open, how many if you do and would you keep a balance on them to keep that 7% utilization? Sorry for so many questions but I did pay one of my credit cards off (started driving for Lyft to pay debt before knowing about VB) and I called them to close my account. Like you I have many credit cards but just wanted to know how many should be kept active once balances are low🤞🤞. My plan is to have an increased credit score (currently hovering in low 700’s) but I’d like to have a great credit score when we apply for a HELOC or PLOC. Thank you for all that you do and for responding if you have a chance.
@cocacolafiesta Excellent question! I will continue to use a primary card for my budgeted weekly expenditures. And I will more than likely rotate my primary card seasonally to avoid having any accounts close. You don't want to close accounts. 30% of our credit score is based on UTILIZATION. If we close accounts we negatively impact utilization. For example, if I have 5 cards with $1,000 limits, I have $5,000 in available credit. If one card is maxed and the other 4 have a zero balance, my overall utilization is 20% ($1,000/$5,000), which is good (under 30% good, under 10% better, under 7% best). BUT, if I close those 4 accounts, my utilization becomes 100% ($1,000/$1,000). Closing accounts also impacts CREDIT HISTORY, which is the third most important factor and makes up 15% of our credit score. Credit history is how long we've had lines of credit open. Closing accounts can also impact our CREDIT MIX (the different types of credit we have open). Credit mix makes up 10% of our credit score. So, 55% of our credit score comes from the accounts we have open: it's how much we have available to us, how much we're using of it, how long we've had it, and what kind it is. Don't close accounts. Pay them off, use them responsibly, but don't close them. (P.S. the remaining 45% of our credit score is as follows; 35% making payments on time, 10% how often we're applying for new credit - no more frequently than 90 days between credit applications is recommended, best case scenario is 6 months between applications (this would include all types of credit applications: mortgages, car loans, credit cards, etc).
@@askmehowibudget Thank you for your response. Should I reopen that closed one? I will still have 6 general purpose credit cards that can be used for VB purposes as you are doing.
@@cocacolafiesta That depends: Did you close it less than 30 days ago? Have you had it more than 7 years? Is it general purpose (visa, mastercard, discover)? Does it have a high limit? If it's been more than 30 days, creditor might not reopen. If they do reopen, your history might not come with it. If it's not general purpose, it might not be worth the time. If the limit is insignificant, I wouldn't bother. When you progress with the VB method, your limits will increase automatically and you'll start getting better and better offers for new credit. We can talk about what strategies you want to employ for future cards when you get closer to paying those off. Also, do the cards you have come with rewards? For example, my mom didn't realize her credit cards had rewards. She accumulated over $1,000 in cash rewards on one card alone. She was able to apply that cash to pay off her balance. Not all cards allow cash to be applied to your balance, some offer in-store dollars, others gift cards.
@@askmehowibudget Not a significant amount of a credit limit with it hence it was easier to pay off. I’ll definitely keep my eyes on my balance, utilization of each of my cards. I spent some time printing out my bank statements and credit card statements today so I’m inching my way towards getting my numbers ready. We get paid first of the month with retirement and second week brings our social security $$. Excited to start and bought your work study too.
Thank you for your precious information.😊
Thank you for explaining that.