My recommendation is to pay 1/4 quarter of all your bills including your credit card each week automatically through your bank, and add in an extra $5 or $10 per bill . If your electric bill is 120 per month or $30 per week, pay $35 or $40. Within a few months you'll have a nice credit with all your bills . Some months are also 5 weeks depending on when you make your payments. It takes the pressure off, you're always ahead and never late on anything. If something comes up unplanned, no problem , you could pause your bills one week and you'll still be fine. I know it's a money game but you're always the winner. If you're jammed up with too much debt, Velocity banking could be the way to go. Stay disciplined though and fight off that debt
@ninamaria13393 ай бұрын
This is an excellent idea!😊
@sunkat76 Жыл бұрын
On a (fixed low) weekly income I paid off my 3k credit card between March and July 2023.
@pingpong998 Жыл бұрын
One suggestion is to get an accountability partner who you can do Velocity Banking with together. Singles with singles and couples with couples. Make it fun. I agree when you see the debts decreasing you sleep better.
@LearnwithLoriJill Жыл бұрын
I'm paid biweekly but full commission sales, so it has been hard to figure out, but bc of Christy I've actually survived this terrible economy. I've not gotten out of debt yet, but I paid everything when my income plummeted. Thank you for teaching me this! You are such a blessing, and I know God put you in front of me when I needed it most. 🙏
@teamSHTF Жыл бұрын
Anyone that is watching these videos. This method will work but you must discipline yourself to follow the math. If you start, realize it may take a YEAR or TWO or MORE depending on your situation. Do not start, see that you have freed up some debt and go on vacation or buy a new car.
@jamierick79 Жыл бұрын
I feel as though I'm doing this wrong. I'm so fearful I will do it wrong and we'll be in a worse position. I know I have to stop saying that. I need a how to and will be reaching out but this is not as in depth as I need to show me how to complete this correctly. Thanks Christy!
@stacey9003 Жыл бұрын
It is scary! But less scary than being 'responsible', making traditional payments and NEVER GETTING AHEAD!
@sarahm-a27828 ай бұрын
@@stacey9003true
@lovetistrue10 ай бұрын
I just searched for bi weekly velocity. Thank you! I think you answered my question. 😅
@askmehowibudget Жыл бұрын
Yes!!! We get paid weekly and it is working so FAST!!!
@user-bw8oq6ic8m Жыл бұрын
I'm paid weekly but it is different every week. I work in the "gig economy ". I love how you explained figuring the weekly amount for the income transfers. I've been paying on my card weekly but seeing only a little improvement. Definitely going to re- run the numbers for my expenses to make sure they are correct so I can start making some real headway! Thank you for this video! It's exactly what I needed to see today! You are awesome!
@sl0wp0ke Жыл бұрын
Good to know I work on tips daily. I would want to transfer funds in daily when possible
@kjamok1752 Жыл бұрын
Truly appreciate your work i’ve been watching your videos. I’m also a retired fire fighter who have to keep working and do a very poor job, budgeting my finances I get paid weekly and I’ve been trying to figure out how to do velocity banking on a weekly pay scale. Thanks again you are truly a blessing.
@chriswall618 Жыл бұрын
That’s right Vann. Discipline first and you will see movement in the direction you need to be going in.
@bjw8914 Жыл бұрын
Your videos inspired me to get started. I am compelled to divide method between 2 cards because 1 limits the number of payments into the card i can make per month. But it's still working, a little slower. But making progress. Thank you, you rock!
@ericgreen6880 Жыл бұрын
Thank you change my life for the better.
@daniellefinney95079 ай бұрын
My velocity banking question is about WHEN to make the payments on the credit card. Should I make bi-weekly payments or pay the whole payment a few days before the due date? Or break it up in weekly payments?
@earlsmalls Жыл бұрын
I do velocity banking banking weekly. I paid off my CC's with a PLOC. Every week I make an income transfer into my PLOC as a principal only payment. I charge my monthly expenses on a CC. When the CC bill is due, I pay it in full . I simply transfer funds from my PLOC to my checking account. The transfer is instantaneous because my PLOC and checking account is with the same credit Union.
@SL-bo7ui8 ай бұрын
Hi- trying to start this. So when my paycheck is deposited I transfer the whole check into the PLOC? And to pay off a bill I transfer money from the PLOC to my checking to payoff the bill? I also use a cc to pay groceries etc (payoff balance monthly). Do I transfer money from the PLOC to pay off monthly as well? My PLOC is connected to my checking.
@earlsmalls8 ай бұрын
@@SL-bo7ui you got it!
@earlsmalls8 ай бұрын
@@SL-bo7ui when you are transferring the income funds from your checking account to your PLOC you do it as a payment (principal only pmt).
@SL-bo7ui8 ай бұрын
@@earlsmallsthank you! If it’s at a zero balance and I transfer money to it then it will show a positive balance?
@livingtherufflife Жыл бұрын
Oh my gosh i got it!!!! After watching your mini course I got part of it, then i found your excel worksheet (do u have a vidoe on how to fill out the worksheet? I think i understand after filling out the worksheet, knowing my numbers by going through my debit/checking. And how you pick the highest payment cc, now i get it!! So thankful, next step change the auto payments to that highest paying card and make a payment to the card. Ty Ty!!!
@LifewithLava Жыл бұрын
I get paid weekly. I happy to see this one
@geshaun1 Жыл бұрын
I love that, It's time to ADULT-UP. !!
@NiloufarBadie-og4lq Жыл бұрын
Very helpful. God bless.
@virtuouslysetapart Жыл бұрын
This is awesome because I get paid bi-weekly
@TGBTGAlways Жыл бұрын
YES!!!! I am soooo EXCITED❗️💯 Thank you so much 🥰💞🥰🙌🏼🙌🏼🙌🏼
@ceedeyonne Жыл бұрын
Can you do a breakdown using the method you use in your other videos?
@36index Жыл бұрын
Enjoy your videos.... remember you from the Thicket in SC
@sarahm-a27828 ай бұрын
This was much easier to understand with our weekly income/expense plan. Thank you for this!
@CruisN-Steve Жыл бұрын
My pay isn't steady, it is random month to month. Some months I make enough to put enough into cc for velocity banking and set aside money for mortgage and credit card and car.... but some months I don't make enough for all expenses. How do I work velocity with random income. Example: some months more than enough and some months not enough about 500 negative.
@Trihope Жыл бұрын
6:22 I thought the $240 CC Payment wouldn’t become cash flow until the CC is paid off. The interest is still an expense, right?
@jeanrenn526910 ай бұрын
Yes thank you for this video
@spenceh4 Жыл бұрын
To me your strategy works better if you’re paid weekly but it’s a challenge for me because I get paid biweekly. How do I manage that?
@sarahm-a27828 ай бұрын
There's a video for biweekly. It's what prompted me to look up this one for my situation.
@caroledward1860 Жыл бұрын
Some of my bills have a small transaction fee to use my credit card 😢
@Trihope Жыл бұрын
7:58 Wouldn’t it be $211/week that stays on the card because we have to account for the $50 interest per week?
@velprice Жыл бұрын
I've been watching your videos in search of a solution...this is something that can probably help me, but have you addressed what to do in the event of identity theft?
@jules3048 Жыл бұрын
Where did u get the number 1313 for total credit cards expenses??
@lisamichelle32056 ай бұрын
Going to try this
@damienmatamu4107 Жыл бұрын
Can you still do velocity banking once you’re debt free?
@Jupiter88844 Жыл бұрын
This would be a great video. I hope she does one
@ImmortalMomentsArt Жыл бұрын
Sure! But you can also do something she calls Infinite Banking - look for her videos on that.
@jakestoe Жыл бұрын
Good stuff! Thank you!
@mj482 Жыл бұрын
Can you do a monthly pay breakdown. Or can u share the link if you already have a video of someone that gets paid monthly thank you in advance.
@muddeel1 Жыл бұрын
Awesome job !!! thank you !!! you rock .. Bless you and keep up the great work , hoping to figure out how to get this going with out a line of credit , pretty strapped , but will figure it out :)
@johnpistilli4087 Жыл бұрын
Great example. Appreciate it ❤
@jbezzy150311 ай бұрын
What is the best Due date for a credit card you recommend on having it every month? Thank you for all the knowledge you share with us!
@goinsvirginia4 ай бұрын
Thanks Christie
@MrLocomechanic10 ай бұрын
Do I need to time my deposits and transfers with the statement dates or?
@innermansoundproductions5695 Жыл бұрын
Hellos. Christie, (I Pray I spelled your name correctly:) I wanted to know if I could still use the Velocity banking method if all my credit cards are maxed out and I don't qualify for a personal loan? (please Me... I want to be free of this debt. Thank you in advance.
@tonyaall73 Жыл бұрын
I don't have a line of credit nor positive cash flow. Help me get out of my credit card debt, please!!!😮 and would a heloc, help us pay the truck off quicker?
@VanntasticFinances Жыл бұрын
Yes!
@xaizura Жыл бұрын
Great video, help me a lot. Thanks for the details.
@BentleyB1710 ай бұрын
Where is the $328.25 coming from??
@user-ej7bw2en1k Жыл бұрын
How can I do velocity banking when I am self employed and don’t receive a regular pay check?
@VanntasticFinances Жыл бұрын
Playlist has COMMISSION video…
@tobydobo408010 ай бұрын
I have discovered I can make my mortgage payment from Plastiq using my discover card. The fee is about 20 on a payment of 1084. Should I do that or just continue paying mortgage from my bank?
@67chelle Жыл бұрын
My Discover card shows APR on purchase amount, not daily balance?
@user-he1me3mf4l Жыл бұрын
Hi Christie, I have decided to get a HELOC to pay my mortgage and other credit card bills. But can you explain when is the best day to pay your credit card or LOC back? Is it on the due date, or the closing date, or does it matter? Also, when is the best day after paying it, to borrow it again?
@user-he1me3mf4l Жыл бұрын
Thank you for answering this.
@katherineefthimiou5203 Жыл бұрын
Before statement closing date
@VanntasticFinances Жыл бұрын
@user If you can make your income deposits before the due date (weekly, biweekly, monthly…doesn’t really matter) by the due date…then pull expenses after the statement date….that helps save on interest as well.
@kewhite50 Жыл бұрын
Would it be okay to pay higher interest card with another lower interest card by using courtesy checks as interest does start as soon as check is cashed, no 30 day grace period?
@lalmkvist420210 ай бұрын
Anyone here Canadian and applying this strategy successfully??? I think it can be done, just curious to know if others in canada had success!
@leahl1904 Жыл бұрын
I get paid bi weekly. I started velocity banking last month. I made two large payments to my Nordstrom Visa card and the flagged my payment for possible money laundering. I had to ask them to release a payment. Not a purchase- a payment. Is this legal.
@thecringegolfer Жыл бұрын
I am a little lost. So when you say transfer your paycheck into your card balance, minus stuff you can't pay with your CC (i.e. mortgage, car payment), you mean actually make a payment towards the card of say for example, my check minus house payment and car, is $700 per week. So then you reduce your balance and you use the available credit to pay your other expenses?
@curtisgrudzielanek6513 Жыл бұрын
Yes
@N4UPD Жыл бұрын
If it was possible would it make it easier if you put all your due dates at the end of the month so you could easily use your income as a monthly income and take out your weekly expenses out of each paycheck and then take your cash left over and save it to the end of the month and then do the velocity banking?
@shawnhood8003 Жыл бұрын
If you fall short on cash, you can always make a credit card payment and do a cash advance to pay another payment or another card and it will still show that your first card had a payment made to it
@markchristensen5206 Жыл бұрын
Never make a cash withdrawal from a credit card, the fees and the higher interest rates will kill you
@ginger4994 Жыл бұрын
Is it more beneficial to pay annually when possible or monthly, such as car insurance when using the HELOC method?
@chadmccarthy5655 Жыл бұрын
So I'm interested in a heloc. Would you recommend using the aven card that is advertised in your video or should I try with my mortgage company? Thank you
@cj7243 Жыл бұрын
Hi Christy. I’m 😢 the velocity banking system is not going well for me. I used the debt reducing credit card method.
@itsallinthebudget2078 Жыл бұрын
Why isn’t it going well for you?
@maryvellcarrasco79657 ай бұрын
Please help me you don't know how close to my end I am
@raytgardner8022 ай бұрын
What if you get paid byweekly and your spouse gets paid monthly
@danfontaine69925 ай бұрын
How do I make this work because I have a seasonal business and I only get income for about seven seven and a half months The other 5 months to 5 and 1/2 months I have no income coming in so usually what I do with my business as I save up enough money to get me through the winter but how does that work when I literally have no paycheck for almost five five and a half months
@moonstar66944 ай бұрын
with velocity banking do you budget for bills that only come up occasionally (eg car maintenance, vet visits, etc)? i have savings for that (which is comforting because i don't have to go into debt at these times), but after watching several videos i am now wondering if i should use that savings for debt payment instead.
@user-xr4vc5zl5s Жыл бұрын
Can you give me your email so I can email you questions that I have. Thank you so much