Denbry Consulting

🔆 Let’s talk CREDIT CARDS!

Even if you have two credit cards under the same company, they must be treated as two separate accounts!

These cards are not friends! With two credit cards, you’ll have:

• 2 Separate Credit Card Statements
• 2 Separate Credit Limits
• 2 Separate Payment Due Dates
• 2 Separate Opportunities to slip up

Pay those people on time!

🔆 Let’s talk CREDIT CARDS! Even if you have two credit cards under the same company, they must be treated as two separate accounts! These cards are not friends! With two credit cards, you’ll have: • 2 Separate Credit Card Statements • 2 Separate Credit Limits • 2 Separate Payment Due Dates • 2 Separate Opportunities to slip up Pay those people on time! #payyourbills #credittips #denbryconsulting #creditcardtips #personalfinances #millennialmoneytips

Join for the FREE online Financial Literacy discussion!

WHEN: Thursday, September 5 at 7:45 PM - 9:00 PM eastern.

Let’s discuss Credit Cards, Homeownership, setting a budget! 🔆

meetu.ps

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If you currently spend 90% of your income, it’s time to either reduce your expenses or increase your income. We can’t rely on a 10% chance of a financial emergency occurring in this economy!

Before you know it, an emergency comes emergency-ing like never before:

- Broken MacBook/Laptop
- Major Home Repair
- Major Car Repair
- Unexpected Illness
- Interrupted Travel Plan

Here’s a few cool ways to lower your expenses, while living at your current income:

- Cancel Unnecessary Subscriptions
- Scale Down Shopping
- Utilize Pay-in-full Discounts
- Cook at Home
- Buy in Bulk
- Carpool
- Scale Your Thermostat

none of the suggestions I listed are designed to cramp your lifestyle. You can make small tweaks that have a major impact on your finances! Take the difference of the money that you’ve saved and place it in high yield savings account: at 4 to 5% monthly, your bank account will thank you.

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🔆: What’s your number? Not your telephone number. The number attached to your livelihood! The number that would cover your monthly expenses.

This amount is called your MVI: MINIMUM VIABLE INCOME. Things that you’d include in this number:

- Housing
- Utilities
- Food
- Insurances
- Routine Bills
- Transportation
- Personal Grooming
- Student Loan Payments
- Pet Costs
- Childcare
- Medical Expenses
- Savings
- Emergency Fund

This MVI does not include your designer handbags and clothing, lavish travel, weekly hair appointments, upgraded experiences, or excessive alcohol consumption (no judgment 🤣)!

The number includes your routine/basic necessities. Knowing this number will help you when you’re seeking higher paying jobs, streamlining your existing expenses, or planning for a new purchase.

TRIM THE FAT!

After you account for your financial baseline, then you can add in more of your wants, treats, and pleasures!



Have you calculated your MVI?

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Yes, you read correctly! If you’re unable to increase your income at this time, there’s still plenty of room to make progress financially.

If you’ve been managing your expenses at your current income, your creditors are noticing. This is why whenever you pay something down/off, you start getting offers to put yourself right back in the hole.

If you have solid repayment history, and are unable to increase your income, you may want to take advantage of credit limit increases that don’t impact your credit.

WHY

Increasing your credit limit will make your debt to income ratio look more attractive. This will actually lower your credit utilization compared with your total credit limit. The trick here is to not give into utilizing the new credit limit. So don’t even think about charging stuff. You don’t need those boots! 🤣

This type of discipline will prepare you for making a much larger purchase in the near future: a car or home.

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🔆 Here’s a Friday Financial Task List to help you make the most of your weekends, but stay on target with your budget! 

🔆🔆🔆🔆🔆🔆 Getting to that “Soft Life” may take some hard work! Financial progress happens over time and not overnight!

Strategizing debt pay down/pay off takes a level of discipline and maturity that many people can’t handle.

While society and social media make it seem like everyone has it all together, many people aren’t showing you what their actual “Soft Life” truly costs them.

CONSIDER THIS SCENARIO

💳 CC Payment 1: $125.00
Interest Amount: $72.00

💳 CC Payment 2: $89.00
Interest Amount: $48.00

💳 CC Payment 3: $140.00
Interest Amount: $68.00

💳 CC Payment 4: $110.00
Interest Amount: $39.00

If you add up the , that is $464 per month. If you add up the interest $227.00 is going to interest alone!

Basically half of your payments are going to interest!

There are ways to reduce the amount of credit card interest you pay each month! You have to put yourself in position to make it happen!

I paid off over $10,000 in one year by reducing/eliminating the interest I paid on debt! I was able to focus my payments on the principal balances and kiss those debts goodbye!

Interested in taking my Personal Budgeting Session? Tap my bio link!

That Soft Life, Life of Flexibility, or Life of Financial Prosperity awaits you and your household!

FOLLOW
VISIT ME: www.denbryconsulting.com

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Financial Literacy: I paid off $10,000! - https://mailchi.mp/6cbde0f34b8e/personal-budget-events-enclosed-get-my-budget-template-w-formulas-5416980

🔆🔆🔆🔆🔆🔆 A message for anyone who wasn’t born rich!

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