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New Way of Paying Bills LOL

July 16th, 2013 at 10:20 am

So I'm sure that plenty of you have already figured this out. But I've now become part of a new credit union that I'm enjoying, but I've never participated in automatic bill paying.

Here's the setup...

I have a car loan in which I've been able to now pay off two months earlier because I refinanced at 50 months for a 48 month loan.

But I used to pay bi-weekly on the loan which meant that I'd be paying less interest and more principal.

So this is what I'm doing now:

I've currently setup my automatic bill paying for weekly payment. This should pay more towards principal in the long run but I'm not sure if it'll pay it off sooner.

But paying this off now isn't my main objective because this loan has the lowest interest rate. My main objective (the account I want to payoff first) will also be on weekly payments but at the last day of the month (28th), I will make a larger payment to it at that time. (I want to be sure that I have the extra funds needed for that month).

I'm definitely going to start doing this with as many of them as I can (which I've already input into the system).

So here's to paying off my debt with less interest as well as sooner. YAY ME!

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