Should I Use My SAVINGS to Pay Off Debt?

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Title	:	Should I Use My SAVINGS to Pay Off Debt?
Lasting	:	9.07
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Views	:	40 rb

Christy, I have always monthly set money in a separate account for my annual property taxesbrDo you think it would be better with velocity banking to keep the money as cash flow and simply pay the taxes from my LOC as they are due?
Comment from : @dallasschloesser2436

You need to work with a real salary from a local supermarket $40,000 /year Yes The ones that are earning $1,000 per month, do you have a solution for them?
Comment from : @vilmavanoverbeck1188

I wish that you actually use an income a year $40,000
Comment from : @vilmavanoverbeck1188

Thanks mortgage paid off next year 😁
Comment from : @DebraWarner-v7l

I have got rid of a lot of debt using Velocity Banking Im also on SSDI , so if anyone is thinking you cant do this on a fixed income YES you can Im doing it now All my consumer debt is gone My mortgage is next I wss decined for a 1st position Heloc becauee of my income, but i was approved for a 28k 2nd positon Heloc that is doing well for me! I encourage every1 t try this It will change your life! Im glad i found Vanntastic and Denzel I can really enjoy my life being on a fixed income and not worrying about paying my bills
Comment from : @durtydurty829

Hi Christy! Do you have any videos with houses at this current market pricing (250k home with let’s say 66) or just any advice for couples who are new home buyers today?
Comment from : @Joanelco

Using savings to pay off debt is a great idea BUT you have to have discipline to not run up credit card debt once it's paid off
Comment from : @LV-1969

they need to cut up those cards and live within their means
Comment from : @JMc1125

most mortgages do not allow you to pay via credit card Which means if you lose your job when you use all of your savings to pay the mortgage, you likely lose your homebrbrThis is what many who advocate immediate debt repayment before you have an emergency fund fail to account for The element of job risk
Comment from : @derekortt2817

Banks are notorious for lowering credit card limits so you will lose your money when paid
Comment from : @lorrettajordan4509

In California utilities and food is way above $1200
Comment from : @patrickfoley6215

Adjusted my thinking❤
Comment from : @DreaMing718

I do owe about 10,000 on my car and have about 5500 in savings to use as payoff with no credit card debt The problem is that is all I have saved and no cards to fall back on in case of an emergency I love this idea just worried about the time when an emergency comes along any ideas? Open to any suggestions
Comment from : @lorenstern9852

She gave it to us no filter 🔥
Comment from : @AshtasticAcrobat

Thank you!!!!
Comment from : @dcarlosquintero7508

Hi Christy :) What would you recommend prioritizing if you’re trying to save up to buy a house, but also have credit card debt, student loan debt, and a car loan? Would it be better to use velocity to pay down the debt first? Or work on saving? Our cash flow is about $1000-1300 a month
Comment from : @ashleybaylor7483

Wait is this actually new video or VHS tape?
Comment from : @hendrx

Helpfull, thanks
Comment from : @pierrewesly46

Good morning! Is the financial worksheet still available? Thank you for making velocity banking videos
Comment from : @refreshstreams

We have a savings in the bank But I'm going to start paying off our car loan instead of putting more money into savings
Comment from : @AbbyTVY

WHAT did you charge on your cards? Is it gone? Haha
Comment from : @stoveguy2133

Thank you so much for your suggestions Full transparency that was me having money saved and still paying a car loan But as of today I transferred all my money to make a payment with all my savings Thank you I will continue to learn more How do we tackle the mortgage? Should I take out a personal loan or use credit card? Thank you God bless you
Comment from : @luiscaracosa8855

I am at the beginning of my Velocity Banking lifestyle change I gotta say it is frustrating right now because my credit score sucks and I can't a HELOC Plus the card with a $10,000 limit, keeps lowering the limit as I pay it off It is now a $600000 limit card I am about to go under $5,00000 so I expect it to drop to a $500000 limit I was planning on using this card as my LOC But now I am not sure what to do
Comment from : @earthenergyhex

Wow tks So much for open my eyes!!!! Can you make a video about to take a hemloc loan is good or not ? That's in advance for all ur teaching !!!
Comment from : @franciscosanchez7835

It’s the fear of not having any money in the “bank”
Comment from : @acespring06

One time I heard that a savings account gives you points when you are applying for a home loan Is that true these days?
Comment from : @vickiebell9798

$1,200 a month for utilities and food,this must have been way before Bidenomics!
Comment from : @andyamysarizonaadventures5450

Great video🔥🔥 it makes so much sense Like duh common sense right Thank you
Comment from : @Romarkable

Sometimes when you pay off a credit card, they cancel the credit card
Comment from : @purpletree8965

Are we still live
Comment from : @alexandreiaportray7575

Great information! I've seen this before on YouTube but it did not have as much info and examples Thanks Do you have a spreadsheet that we can use?
Comment from : @laurahagerman1566

Hello brWhat will be the smart and best options brIf you have by example br100k on savings brAnd you own 80 k on your mortgage brI should pay all the mortgage and not to have any savings on the side just for maybe invest in something?
Comment from : @thebabys5783

🙏
Comment from : @lizrogers4969

I have just started watching your videos recently, and this was an eye-opener When one approaches money emotionally, they tend to make decisions that don't make sense I am in a similar situation as you have demonstrated and plan to march down to my CU tomorrow and discuss closing out my CD early and make sure I will only lose the interest - I will make up for the credit card interest savings in one month! I had a lot of financial hits in the last two years, including moving halfway across the US twice, so was hanging on to my savings foremotional support? brbrI love your straightforward and common sense advice Thank you for sharing so much of your real life knowledge and experience with us!
Comment from : @sonjamccart1269

Amen 🙏🏾
Comment from : @rachelf4883

Wow Eye opening
Comment from : @melodygonez5895

Makes a lot of sense My only question, coming from a near financially illiterate individual, is after the CC #1 is paid, she mentions bringing the car loan at 25 over to CC #1 with 21 interest I dont understand why that would be beneficial
Comment from : @dhanus010

Y is that account 14000
Comment from : @bronsonlindsey7902

This makes so much sense!!!
Comment from : @TheYamayah

Thank you soooo much for this vídeo, that was exactly my question I can’t believe I’ve been having this savings account in the same bank I have a CC that is charging me 31 interest! 😳 Just for the sake of knowing I have money sitting there in case of an emergency, I am not dumb because I start looking for a solution to my debt when I found your videos I want to change my mind, I’m going to do what I just learned and I’ll tell you all about it!br👏🏼👏🏼brbrOn my own defense I have to say that, being a very poor child and working sooo hard to earn my money, it’s VERY hard to let go of savings, I promise, VERY HARD 😩
Comment from : @nspa7767

What’s the best way to buy a car?
Comment from : @bfalls2

Great advice!!!
Comment from : @kytacomaguy

Christy,, two things First I want to thank you for helping me I've been learning your strategies and starting to apply them with my highest credit card I don't have the credit score for a HELOC yet even though I have 400k in equity I will use your sketchies with my highest credit card payment As I continue to do that I need credit card it will raise my score and I will get a HELOC to use to pay off my mortgage fastbrbrSecond, I see that lately some of the credit bureaus are reducing your credit limit as you paid on your card and I have a question for bring down the principal a little each month That way all your credit card minimums are used to pay down your balances and the credit card companies don't see a big drop in your available limits which might be more likely to trigger a credit limit decrease by them Mostly though I like seeing all my credit card minimum payments converted to hang down my balances every month For me that would be about $600 per month of cash flow instead of minimum paymentsbrbrLove your channel and your enthusiasm! You are a great inspiration to so many especially during these difficult times I recommend you to friends and family all the time
Comment from : @bobhaas6941

😂 this video really woke me up, I have a nice savings account in the bank and a nice checking account but I was in a lot of credit card debt, I took 5k of my checking and got some credit cards paid off, I'm still in a lot of credit card debt but I'm paying that down fast, I stopped building up my bank account and now all my money goes towards paying these credit cards thank you again for guiding me in the right direction
Comment from : @datnohi8612

Like your mantra ''I make suggestions, you make the decisions"
Comment from : @knoxtravel

I love learning how to change my thinking! Knowledge is power Thank you for these videos!👍
Comment from : @Diane-xt2cz

Holy smoke! I actually never thought about this! I'm going to pay off a credit card off at the end of this week merely by thinking different! THANK YOU!!!
Comment from : @jamesw8951

Thank you I needed to hear this
Comment from : @rbrooks918

You are awsome! I am following your lead! I have started my journey and paid off 5,750 of debt in one month! Its crazy how this is working I have over 50,000 of credit in lines of credit because I also do real estate investing I took my penfed LOC and made it personal and started your system I am going to continue to use that same 10k in my personal life to roll off debt off! Thank you for these videos! Thank you!
Comment from : @derrickjohnson2889

great video
Comment from : @colinkakahi2324

❤❤❤ it all makes sense…
Comment from : @symone3113

Do people really not know this????
Comment from : @battyjoe

I love when doing math, exercises the logic at 100 Thank you!
Comment from : @carolgallagher1814

bThis should be taught in school from grades 6 to 12 and hopefully by graduation it will be so ingrained in the students brains that not many of those students ever goes into debt Or at the very least understands how to use debt correctly and quickly get out of it!/b
Comment from : @truckn

Thank you!
Comment from : @firstdayonline

I enjoy your and Denzel videos I keep missing how you calculate the interest as I get to know my numbers Could you direct me?
Comment from : @dianashelton1371

sent you a email with spread sheet about a month ago hope to hear from you soon
Comment from : @skf1971

My dad owed $5,400 on different cards and I figured he was paying $108 a month in interest He had 12k sitting in the bank I told him he should pay off all his bills, but he said he would not have the money in the bank I told him he still has the money on the CC if he needs it I showed him how much he was paying in interest and was just throwing that money away He went the next day and moved $5,400 out of savings, put it in checking, and paid off all his debt
Comment from : @ComdrStew

Thank you Christy Vann Your amazing
Comment from : @DMariaLR

God bless you sis, and thank you for sharing your wisdom Amen! ❤
Comment from : @reneelewis4268

Can’t work old and sick
Comment from : @zubazzkodine1643

What if there is no money for savings not enough money to pay all the bills talk about it please
Comment from : @zubazzkodine1643

Are you suggesting to put extra money into paid off LOC instead of a savings account? If so, what does that do? How does it help?
Comment from : @SL-bo7ui

I have been studying your videos and just applied velocity banking to my life! Thank you for your wisdom and demonstrations of financial literacy
Comment from : @tcsingleton

outstanding video- thank you!
Comment from : @idarabassey7455

Awsome video When you say send my income to the credit card i am assuming you depositing you monthy income from checking to the credit card dont matter what the balance is ?
Comment from : @andys5203

I have 115k on house mortgage at 425 with 85k in bank earning 5 I’m paying extra 2k month plus 1k principal should have home paid off by next summerThe 85k is part of emergency fund how would you play this out?
Comment from : @daver2214

I WILL FIRE THE BANK THANK U CRISTY❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤LOVE YOU'RE VIDEOS
Comment from : @JosueGarcia-sb5xr

funny that not only is that pathetic savings account is being eaten into by debt interest but also losing tons of value due to inflation at 8-10 also vs the maybe 1 savings interest Its such a sad state of affairs we live in today that people cant see the debt money we live with Ive really enjoyed watching your videos after surfing in randomly today
Comment from : @BAMAJiPS

Knowledge is power! Fire the bank
Comment from : @choosetoshine2610

What you are doing to help people is treat
Comment from : @donaglosser4272

So, the million dollar question Once i get my credit cards paid off, what's the quickest way to put savings away? I need to buy a car, but I also need to buy a housebrbrIm going through a messy divorce, and i want to be completely financially independent
Comment from : @CAmom75

I only wish I'd heard this 35 years ago
Comment from : @hannahviolette4553

Beautiful eyed woman ❤ thank you for sharing this gold with the world!
Comment from : @speeddemon002

You are such a blessing Thank you so much I needed to hear this God bless you!
Comment from : @davidneels2863

How do you pay off your car with a credit card or am I missing something
Comment from : @Bscott8122

How to pay your home off
Comment from : @helen474

Should I do velocity banking to pay off my mortgage? I don’t have a car payment, or very much credit debt but I put lots of $ into savings like my rrsp and tfsa Gas/hydro/internet and cell phone cost me $500 a month I top of my $1200 mortgage payment I make $100,000 a year
Comment from : @mikexdee3195