Does anyone here have an inspirational stories of how putting a couple extra dollars away here and there towards debts that turned out to be extremely helpful?

You know my mother use to tell me that when she was younger she decided to start puttin g a few bucks away towards her credit cards. So that is what she did. Over time she  turned around and all her credit card debt was gone. I took on her idea and began putting a few bucks away towards all the hospital bills I was accumalating. It wasn't anything big, it was around 30 bucks a month, I mean that 30 dollars a month added up over time and eventually I was puching those  bill collectors out the door. You don't have to pay all of your debt in one spill, everything takes time. It took time for you to build those bills so it's going to take time for you to pay them off.

Anyone ever hear dof that lady who said a few pennies a day for 30 years. If I 'm not mistaken, she was on Oprah. But for 30 years she saved her pennies and in those 30 years she became a millionaire. No! it was a few dollars a day. I still sounds crazy to me to this day. I decided to start my own piggy bank. I started it two years ago, so far I have a few hundred dollars saved which is good. I want to keep going to see how much I can actually save.

I have a success story using only a few pennies/dollars here and there.

I had a massive credit card debt left to me as part of the divorce proceedings. My ex husband was useless with money. I also have a huge mortgage.

I figured I get paid weekly - not monthly - so I looked at the monthly payment on each debt outstanding and then divided that number by 4 to give me a weekly payment. Easier to budget that way. Then I rounded each weekly payment figure UP to the nearest $5. (eg $22,37 per week up to $25 per week or $156.21 per week up to $160 per week). It's only a couple of dollars.

Then I went into the bank and put that money off the debt each and every week.

I learned that banks calculate interest on the balance owing on a debt DAILY - so if I can reduce that balance weekly, that's less interest they can add onto my accounts at the end of each month. It really really works!

Another effort with pennies was I also put every single quarter coin I received into a jar on top of the fridge. I vowed not to spend another quarter. I'll use other coins though. When that jar is full, it holds $250. I put it into bags and pay it directly off a loan every time it's full. It's amazing how quickly it fills up!

Raven

Yes.  I do.  I found that over a series of years, placing $20 aside really adds up.  I also advised an employee to do this same thing.  She came to me one day crying because she was in so much debt, she could not come up with $10 for her child.  Now, i am one of those mothering supervisors.  I have extremely loyal employees.  They work to their fullest level to keep the job going and for the last twenty years, they have all remained loyal to me and the company. 

This particular employee now has a savings account of well over $10,000.  She has often told her co workers, family and friends of the day we talked and what she was advised.  She can now purchase those things she needs in addition to things she wants.  But, she continues to put aside her $20 0n a weekly basis and even more.  She is my success story and I am someone else's success story. 

Diligence pays off!