Daniel Lipsky
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Why Biweekly Payments Get You Out of Debt Fast

We spend a lot of time talking to people about debt. Whether it’s in person or online, we never get tired of telling people that debt is toxic. Regardless of where you are in life, you’ll never be able to get where you want to go if you’re saddled by debt.

One of the reasons that debt causes problems for millions of people is because of its ability to continue growing. We’ve talked to many people who feel like debt has put them in the situation of trying to dig their way out of a sand hole. While they’ll occasionally make progress, they regularly slip and end up in a worse position than where they previously were.

Although these statements about debt may seem to paint a picture that’s all doom and gloom, that doesn’t have to be the case. Instead, we just want to emphasize how serious of a problem debt is for people from all walks of life. Even though it’s easy to tell yourself that you only have a little debt or that you have it “under control,” that’s rarely the case. Sooner or later, people begin to feel the true weight of their debt.

Now that we’ve put the true negative impact of debt in the proper light, the good news is you can take control of your debt. The key to debt elimination is making this task your top priority. Once you commit to eliminating all of your debt as soon as possible, you’ll find that your attitude towards debt starts to change in a big way.

One of the ways your attitude will change is you’re no longer OK with accepting that debt is going to control your life for the foreseeable future. Instead, you want to start getting rid of debt as soon as possible. And one of the best ways to do that is with the help of biweekly payments.

How NBA’s Biweekly Payments Can Help You Eliminate Debt Faster

As their name implies, the way that biweekly payments work is that you pay half of your current monthly payment ever other week. What this means if that over the course of a year, you’ll make a total of 26 payments. Since each payment is half of your total payment amount, this schedule results in 13 full payments a year.

While that may not seem like a big deal, the compound effect of making an extra payment on an annual basis is actually quite significant. While we make it dead simple to stick to this schedule, the fact that you’re getting ahead allows you to minimize interest and ultimately pay less for the total amount of your loan since you’re not accruing additional interest.

So if you’re ready to take control of your debt and eliminate it as fast as possible, biweekly payments are the tool that will help you accomplish this goal. Learn how to get started today.

May 27, 2015
BY Daniel Lipsky
How to Create A Budget and Stick To It

Most people first heard about budgets when they were in middle or high school. Whether it was in math or home economics class, your textbook probably made the process of creating a budget seem super easy. However, once you entered the real world, there’s a good chance that you discovered what millions of other people have gone through as well; creating a budget that you can actually stick to on a consistent basis is anything but easy.

Why Should You Even Create a Budget?

Although it’s rare for a day to go by when there’s not at least one “expert” on TV urging people to create a budget, it’s fair to question why it’s even necessary to create one in the first place. The no-nonsense answer to that question is when you create a solid budget, you’ll be able to eliminate a lot of uncertainty that likely plagues your life.

For example, if you ever feel stressed because you can’t save money or you’re worried about unexpected expenses sending you into a financial free fall, a big part of why you’re feeling that way is because you don’t have a budget. And in the event that you do have a budget but you’re still feeling a lot of stress related to your finances, it’s because the budget you have isn’t doing its job.

While a budget isn’t a magical cure for financial woes, it is a tool that eliminates the uncertainty often associated with personal finances. Once you have the right budget, you will truly feel in control of your financial future.

3 Steps to Creating a Budget

The first step is to determine your exact monthly income. The second step is to identify all of your monthly expenses. And the third step is to decide how you’re going to handle your monthly spending. The last step not only includes fixed, variable and periodic expenses, but also how much money you want to save.

How to Ensure You Stick to Your Budget

One of the keys to sticking to your budget is viewing your first version as a rough draft. Not only do you need to commit to following your budget, but you need to be willing to adapt it to your current reality. For example, if you discover that you aren’t able to save as much as you wanted, set a lower goal as your starting point. Since saving something is better than nothing, you’ll be able to build positive momentum and then increase how much you save over time.

While it may take a few months to really feel like your budget is firing on all cylinders, committing to following your budget and then making the necessary adjustments to enable your budget truly work will provide you with all the benefits that go along with long-term financial stability. If you are looking for an innovative tool to help you manage your budget be sure to check out Term Reducer.

May 27, 2015
BY Daniel Lipsky