I haven't done one of these in a while, and this latest one I am still struggling with correcting. It's more mental than anything else and it drives me nuts.
When I do things I like to do it BIG. My husband is the same way. Meaning, when I make a payment to my credit cards, I like to pay a huge chunk at once. Why is that bad? Because I am actually saving money in my checking account in order to make a BIG payment. So I pay one $600 payment monthly but I could be paying $300 every two weeks.
One benefit of paying every two weeks is that on a yearly basis I would make more total payments!
Paying $300 times 26 weeks = $7,800
Paying $600 times 12 months = $7,200
That's a whole extra monthly payment that I would be making if I paid my card every two weeks.
I've somewhat started doing things that way last month. I sent a few hundred to one of my credit cards one week, then a few hundred a few weeks later. I wouldn't say that I am on 2-week schedule just yet but I am working on it. When you are used to paying things a certain way (and making sure there is enough money in the bank to do so), it can be hard to change.
But I am working on it :)
Bad Money Decision Confession Time #3
Bad Money Decision Confession Time #2
Bad Money Decision Confession Time #1