this post was submitted on 20 Aug 2023
707 points (96.8% liked)
Asklemmy
43945 readers
602 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- [email protected]: a community for finding communities
~Icon~ ~by~ ~@Double_[email protected]~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Couldn't this be switched around too? I'm only paying some of my bills every other month or twice a year. Why shouldn't I be paying those off every week or even every day?
It absolutely could, everyone manages their money in their own way. If that's something that works for people I think they should have that option.
Personally when possible, I do like to do things that way. If I owe, say, $100/month on my car payment, I will tend to pay $50 with each paycheck instead of $100 once a month, and if I got paid every week, I would probably choose to pay $25 a week instead. For me and how my brain is wired, it's just easier for me to mentally keep track of things when they're in smaller, more frequent increments. I don't know if I would quite break it down to ~$5 a day if I got paid every day, but i'd consider it.
Paying on your mortgage every week can drastically reduce your interest, depending on how your interest is calculated. Even if you pay the same amount at you would per month, paying it every week could save thousands of dollars.
Wait what??? Explain this like I'm an idiot.