Breaking down financial barriers!

Big news over on our side! After a little bit of back and forth on the phone with our credit card member services department, we were able to take our Summit auto loan balance and pay our other card balance down to about $450! With that being said, since we have been making such great financial choices, like actually saving and budgeting, we were able to just pay off that extra $450 right on the spot; so we are now sitting at $0 for our credit card bill! It’s just doing things like changing our spending habits such as saving that $250 from Kiara getting associate of the month a few months ago instead of just frivolously spending it! Just small things like that have gotten us here. We will go from having to pay 25% interest on that open line of credit to only paying less than half of that with the auto loan. We will save thousands of dollars and be able to pay that loan balance off way quicker!

We also have be looking into what changes we could make in order to pay more on our personal loan because that’s where we have the most debt sitting with Summit. Want to know the epic plan that we came up with?! By changing itty bitty spending habits, we have shaved off 10 months on our loan term so far! By cutting things like Netflix, Hulu, Apple Music, Amazon Prime and our gym memberships we are able to pay $400 instead of only $303 a month! 10 months makes such a big difference when you have big plans like we do. In our minds, that is just 10 months closer to closing on our future home!

We have also set up auto transfers which you can do with your Summit online banking account. So from the comfort of your own home with your phone, tablet and computer, you can do it to! We have set up that $400 auto transfer from our checking to begin in August for those payments on our personal loan. We started the auto transfer for our $3,300 savings goal this week and will be transferring a portion of each of our weekly checks until we reach that goal for our peace of mind savings! We also set up the minimum payments auto transfers for our auto loan and our Summit credit card. The most exciting thing about this is that we won’t have to worry about these items getting paid on time and we can live our lives stress free!

Make sure to keep checking out our weekly blogs where we plan on touching on subjects like medical collections interest, balance transfers, mortgages, that pesky time share again and so much more! Until then, make sure to get those auto transfers set up and if you are unsure of how to do that, make sure to reach out to the friendly folks over at Summit Credit Union or your financial institution!