this post was submitted on 20 Aug 2023
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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.