💰Money quizzes and more

Feb 18, 2024

Happy President’s Day! We hope this long weekend has been restful and that you’re ready to tackle another week like the champion that you are. What did you get up to on your time off? Hit reply to this email and let us know!

This week we’re breaking down a classic debt repayment method and hacking our way through monthly subscriptions while we supercharge your money, one step at a time. And if you haven’t already, don’t forget to take our money quiz that will help you save, earn, and invest more. More on that at the end of the newsletter, let’s go

- Milan

IN THE STOCKS

S&P 500 5,005.57 (-0.48%)
NASDAQ 15,775.65 (-0.82%)
Dow Jones 38,627.99 (-0.37%)

*Stock data as of closing on February 16th.

THE MONEY BREAKDOWN

“Debt Snowball Method”

Let's talk about a powerful strategy that can help you conquer your debts – the Debt Snowball Method. Picture this as your financial snowball gaining momentum downhill, one debt at a time. Here's how it works:

First, list all your debts from smallest to largest, regardless of interest rates. This isn't about math; it's about momentum. Start by tackling the smallest debt while making minimum payments on the rest. Crush it with every extra dollar you can muster.

As you eliminate each debt, that small victory becomes a powerful motivator. It's like leveling up in a video game – you feel the progress. Now, take the money you were using to pay off the smallest debt and redirect it to the next one on your list. The snowball is rolling, and it's gathering strength. Repeat this process until you've bulldozed through all your debts. The Debt Snowball Method isn't just about numbers; it's about building financial resilience and celebrating every small victory along the way. Stay focused, stay committed, and let the snowball roll. You've got this!

MILAN’S HACK OF THE DAY

Streamline Your Monthly Subscriptions

In the era of streaming, apps, and memberships, it's easy for these expenses to sneakily drain our wallets. This week, let's simplify the battle plan for slashing unnecessary subscriptions and saving some cash.

First up, list all your subscriptions – streaming, apps, memberships, services to magazines, software subscriptions, the whole shebang. Now, assess their value. Are you getting your money's worth? If a subscription is collecting virtual dust, it might be time to say goodbye. Next, go through your list and cancel anything that's not pulling its weight. Remember, it's not just about cutting costs; it's about channeling your resources towards what truly enriches your life.

Lastly, set up a routine. Regularly check your subscriptions, maybe monthly. Consider cheaper alternatives or free options if they exist and keep your financial fortress strong by plugging those subscription leaks.

If you’re keen on learning more tips that will help you fuel your financial journey, take our quiz and get your hands on a step-by-step money plan catered to your specific needs and goals. Check it out at milansingh.co/money-quiz