Almost two weeks ago I posted this: Can I blog away my debts? Zak takes a look at the numbers! And in that time I created wealth on the Hive blockchain.
So do not despair halfway through the numbers... wait till the end!
My previous total was: Total: R77,565.25
My debts today are thus:
I have a loan that has a long term that has a total of: R38,893.25
This one actually went UP, probably with the way they work out interest on the loan.
I have another shorter-term loan that has a total of: R10,371.70
This one went down.
I have an outstanding account that has a total amount of: R28,633.60
This one stayed the same.
The new total is: R77,897.95
This means that the new total is R332.70 MORE than it was 11 days ago.
Right so this is because I paid off my debts the normal way and no money had yet gone from my BLOGGING into these debts. This means that if I carry on for the next year the same way as I had for the last 11 days, my debts would likely spiral UPwards and not come down, even though I was paying every week on thse debts.
This is the trap that most people are in.
The sneaky part on the statement is that the bank works out their interest at monthly intervals and then it keep jacking up what you pay off. This is why you end up paying far more than the money they loaned.
Its obvious, I know... but not everyone knows this...
What have I done against this?
Well I blogged and I made well over R1200 in HBD. I have stuck it into savings, which generated me around R10 in interest. I am withdrawing around about R1050 from savings so by the time it clears into my bank account that I have around R1000.
This would be used to pay off accounts but for now will be used to balance my budget. If something is left over, I will pay into the debts. That much I can do.
Let's say I put R500 into the debts.
Then in this time it was R332.70 more debt, with about R500 down for a total change of R167.30 down.
Not much but this is only the beginning!
I think that once you start tipping the bucket, that a real and lasting change can be achieved!
The Strategy for the upcoming month is this:
- Post every day.
- Put all HBD earned into savings!
- Increase engagement!
I already have R122 in savings again. I also want to grow the amount of HBD I have in my savings at the end of each month, regardless of the amount that I withdraw. This has to then increase too. I have $6.7 in savings right now.
My targets:
End of September: $20 HBD that I do not withdraw.
October - $40
November $60 - This is the Dollar earner! A Dollar per month in interest! R18!
December $80
Thank you for reading and thank you for your support!
Cheers!
@zakludick
