Matthew Josiah

Do these 4 things to pay your car off faster

#1: Negotiate the Deal

This was my first time making a really big purchase, so I learned a lot through the process and looking back at it, I would have spent more time figuring out the details of the purchase.

#2: Commit to never missing a payment

Staying consistent with payments means you avoid late fees and ultimately keeps the interest on the loan low. By automating this with your bank, it will make sure you stick to the plan and make your payments consistently.

#3: Create and delegate a new income stream

There are two ways to have more money around. You can save more, or you can make more, and I decided that was what I was going to do and when I bought my car, I created a new income stream.

#4: I made lump sum payments when I had extra money

Making lump sum payments allows you to pay down the principal amount of your loan faster, which means you’re going to pay less in interest, and your money will go further, faster!

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Reason 2: You make the decision to save or increase your income!

There are two ways to have more money… use what you have better or make more of it!

The first thing I did was look at what I had coming in and challenged myself to be better with it. That meant I cut some things, created a budget, gave more away, and learned to be a better steward of what I had before looking at getting more.

The second thing I did was look at ways to increase my income. This meant I started my YouTube channel, created an online course, ran a coaching program and then I delegated a specific purpose for each additional income stream.

We should do more hard things in life, especially when it comes to our money.

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Reason 1: You should do it because it’s hard to do!

Life is becoming more and more expensive, simply buying a house in most places might seem on affordable and prices go up, but never down.

Saving $10,000 requires you to create a plan for your money and develop the financial discipline you need to follow over months or years to achieve this goal.

We should do more hard things in life, especially when it comes to our money.

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I think everyone should save $10 000 for 4 reasons…

1. It’s hard to do in this economy
2. You make the decision to save or increase your income
3. Your money becomes worth more
4. Your money grows

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REASON #4 - RESET YOUR DOPAMINE

Let’s talk about something neuroscience for a bit because as much as this is a money hack, it’s real science and spending less in January resets your dopamine in a way that you probably need.

Dopamine is the pleasure chemical. You get dopamine when thinking or looking for something to buy, but after you buy it, that feeling goes away. In December, you’re pumped up on dopamine because you’re thinking about all the gifts, food, or events you’re going to. It’s fun, exciting, and really easy to swipe the credit card for those extra gifts that will make someone happy, but it comes at a cost, both financially and in your body.

A month doing the no-spend challenge will take away that cheap dopamine by cancelling those impulse purchases and lowering the levels in your body and it’s crazy to me how our body’s physiological responses actually affect how much money we have!

Reset your dopamine and get your money in your wallet, or better yet, in a high-interest savings account...

REASON #3 - DECEMBER DAMAGE!

If you’re like most people in North America, you’ve probably spent a little more than usual in December on gifts, parties, or travel and only spending on your needs this month helps balance your money out. The facts show us that Americans spend 19% more in December than the next highest month, so it’s more than likely a great time to put those credit cards away…

And we all have months where we spend more money than expected and that’s okay. The important thing is that we don’t allow ourselves to do this for consistent months because overspending can really add up in the long-term and before you know it, you could find yourself in a lot of trouble.

So taking control of the December Damage by doing a January Justification where you justify every purchase you make is going get you back on track and set you up for a year of financial success!

REASON #2 - 3 PAY MONTH!

January is a 3 pay month for me and it might be for you, too, so doing a no-spend month now can be really advantageous and I get paid on the 1st, 15th, and 29th so I want to be super disciplined for this challenge.

I expect to earn about $7000 from my salary this month, so when I look at my needs compared to my wants, I should be able to save a decent amount of money when it’s all over. Any additional money I get from my YouTube channel or business isn’t included in these savings because I’ve automatically delegated those income streams for that purpose already, so my amount saved will actually be higher.

But you can do a no-spend month anytime regardless of when you’re watching this video, how many paydays you have, and maybe a month is too long for you, so start with a no-spend week and see how many of those you can string together.

The important thing is that you just start!

REASON #1 - START YOUR YEAR RIGHT!

You kickstart your financial year off with a win and build momentum for the rest of the year.

Everyone is starting new habits at the beginning of a New Year and it shouldn’t be any different with your money. Figuring out what you actually need this month has so many benefits, so take an hour to look at your monthly spending and see what things you need to live, and what things are really just wants, or maybe even junk and write it all down.

I’m going old school and using a whiteboard to track all my spending and I estimate I can save at least $3000 this month which is a 42% savings rate and I think this is a great place to start!

A NO-SPEND MONTH IS ONE OF THE BEST WAYS TO START THIS YEAR AND GET YOUR MONEY BACK ON TRACK! So it’s time to reset that DECEMBER DAMAGE with a JANUARY JUSTIFICATION and feel at peace with your money.

You only spend on your needs, not your wants or things that you “have to have”… whatever it is, you don’t need it! I’m talking things like groceries because you aren’t eating out, rent/mortgage, utilities, gas, things you already committed to. And this 1 month of discipline can set you up for so much financial success the rest of the year.

And the beautiful thing about it all is you don’t have to read a book, you don’t have to buy a course, you can literally start this right away!