How to Calculate Daily Interest– Big Motivation to Pay Off Debt– LIVE video

Need some motivation to pay off debt fast? Try calculating how much you’re paying in interest each day.

Hey there! i’m stephanie from and i’m mike. i love having you a calculation that will help to motivate you to pay off debt and help board with paying off debt or maybe you’re not really motivated yourself debt and i’ve got a whole email series whole email series where i go through the steps we took to set up a plan and video we talked about our new

Goal that we’re super excited about to pay off our else here who is is fired up to pay off their debt or maybe you have debt but are we’d love to hear what kind of debt you’re paying off last night i was going income our expenses what we save over on six figures under comm and this is the that’s exciting yeah so i’m it while i was in there on the on we pay over a thousand

Dollars a month just an interest this is money that we throwing away really and it’s oh it’s a 15 year mortgage so that’s why it sounds interest really got me excited to share this with you so if you or your spouse this is it do you know how much interest you pay every day do you know what your numbers or you can but i’m curious to see how many of you make this it’s really

Simple it’s pretty simple so you have your current loan balance and the interest rate of course has to be decimals so if it’s three point six of interest you pay every year so yearly you’re gonna pay your current loan of that you’ll if you want to see on a daily basis how much what we’re talking single day and interest um if you more motivated by a weekly or a monthly how

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Much you’re actually paying every day and it’s super simple now of course the the interest you pay per day right now hopefully as your current loan same but your interest in a year will go down on the soviet you you could calculation is how much you are right now and how much you owe each day right were first starting to pay off our student loans so we’ve started with at a

Six point six point eight percent um part of it was at five point five two different kinds of loans to keep it simple we multiply it by find out that we paid eight thousand eight hundred and forty dollars a year a day now twenty four dollars might not seem like much just as an amount of of your wallet and throwing it in the trash or burning it or flushing it lot of money to

Be wasting so fast forward that’s with seven hundred seventy seven thousand left and we did this calculation again and it was down you know a couple weeks ago we our mortgage balance was three three hundred so that’s just over thirty six dollars a money that we’re just throwing away um so if you have debt right now whether out how much you’re paying daily in interest now if

You have multiple debts all those different find out what the daily interest you’re paying in each of visualize yourself throwing away that money and for me that gets me fired up the trend because if you’re paying that amount down faster then you’re throwing up then every morning you have to pull out a few more coins or a few more downward track every day every subsequent day

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You’re doing better after you make your your big extra debt payment calculate what your what the making a difference so if you have a spouse that’s not on board share this money you’re throwing away a lot of times if somebody’s not on board it all of this work all the things i’ll have to go without if instead you can extra money available for you if we do this faster that’s

A much more exciting throw all our money toward it and so we’re gonna try some beans for a while make this calculation or if you’ve just used this this number this daily comments i would love to hear if this is a normal thing for for people to do now by this for us it’s really motivating to month for other people it might might be a number that that depresses or discourages

You don’t do it okay yeah do it for another couple of years or something over long it takes for it to so yeah but but don’t let this make you feel helpless we want this to to i’ve got a link in my header here that will take you to a seven-day free four thousand dollars of debt how we set i hope this motivates you to crack down on your debt and move toward debt guy’s okay see you next time

Transcribed from video
How to Calculate Daily Interest– Big Motivation to Pay Off Debt– LIVE video By Six Figures Under