I know I know what you’re thinking. I’ve been in the business of debt for a long time. I’ve gotten that. And it’s true. We are in debt because we have to. We can’t borrow money for our business. We can’t buy something for our business. We can’t buy a home. We can’t buy a car. We can’t save.
But that doesn’t stop us from trying to save. Debt is like a game of “I’ll give you $50 and if you say I can save $100 then I’ll let you go for $50.” We’ve tried saving money into different areas such as a savings account, a checking account, credit cards, etc.
This is where things get a little murky because they are all different, and they can all be used to save money. But for me the one that stands out the most is a checking account. I had one. But after I was laid off from my job my paycheck was never enough to pay my bills. And so I had to put money in the bank to pay my credit cards, my rent, and my phone bill. I also have to pay utilities, gas, and a car payment.
This is where things get a little murky because of the different rates and fees that different companies have. The banks charge a lot of interest on credit cards. Some companies charge a lot of fees. The credit card companies often charge a percentage of the total amount you pay each month. I also have to pay for the insurance on my car, and I have to pay to keep the lawn mowed. All of these are costs I have to pay.
So what we’re left with is figuring out how to get from 0% interest to your credit card balance.
The other, more complicated, issue is figuring out how to get from the first to the last credit card payment. The first credit card payment is where you buy the card. The last credit card payment is where you pay the credit card company. That is the end of the story. The credit card company is responsible for charging interest, but now you’re responsible for figuring out how to get from the first to the last credit card payment.
This is the first time I’ve had to figure out a business debt schedule before writing a business plan. My first attempt was to start a business and charge every penny I earned to my business credit card. This was a terrible idea and it would take me forever to pay off. I wanted to make it easier for you to understand by giving an example of how I’m currently figuring out how to get from the first to the last credit card payment.
To get from the first to the last credit card payment you have to figure out how much you have to pay that credit card and then subtract that from the total amount you have on the card. So just calculate how much you have on each card, then multiply it together and you get the total amount due on the card.
I don’t remember how to do this in Excel, so I did it in my head, but you can check out the image to see how I did it.
One of the most important things to remember is that a credit card is a single number. So when you are calculating your monthly payment, you have to add up all of the amounts on all of the credit cards on your credit card statement. So if you have $400 on one credit card, you have to add up all of the $400, then subtract $40 from the total. You can also look up the total of all of your credit cards on the card calculator on our website.