4 ways to Crossfit your finances
Although CrossFit ® was formed in 1996, its cult-like following didn't develop until a decade later. Now, there are more...
Although CrossFit ® was formed in 1996, its cult-like following didn't develop until a decade later. Now, there are more than 13,000 boxes worldwide, and some of the most reverent followers are servicemembers, military families and veterans.
We know you're obsessed with CrossFit. (Spoiler alert: we are, too). But what if you approached your financial health like your physical health?
Here are 4 ways to CrossFit your finances:
1. AMRAP your debt
Approaching your debt like an AMRAP (as many rounds as possible) workout of the day (WOD) will help you pay down your debt faster, saving you money that you'd otherwise lose on hefty interest fees.
Pay down credit cards as often as you can and in increments of as large as possible. Some financial literature suggests approaching it as a “debt-snowball”: paying off the smallest balances first until you've paid off all your cards or debts. However you do it, paying debt off as quickly as you can will save you in the long run.
2. Invest in your savings “for time”
Unlike AMRAP, “for time” sets a workload/goal and it's up to you to finish it, no matter how long it takes you. Invest in a Roth IRA or another savings mechanism “for time.” Set your goal and contribute to your long-term financial health, for time.
Planning for retirement is playing the long-game. Start now and stay ahead of schedule.
3. EMOM your paycheck into savings
We're taking a little liberty on the idea of every minute on the minute (EMOM) and opting for the idea of saving every month on the month. Have a portion of your paycheck automatically diverted to a savings or investment fund that you can't touch. If you don't see it, you are far less likely to spend it.
Some months, you'll have a few weeks to rest before you have to stress about money, and other months, you'll barely have time to catch your breath before you're counting down the days to pay day. Having that nest egg building will make even your burpees feel less daunting.
4. Use the band-assist
There's no shame in asking for help. Sometimes we need a band-assist on a pull up, especially toward the end of a particularly grueling WOD. The same goes for our finances: sometimes we need a leg up. Navy Federal Credit Union offers free financial counseling for their members. Reach out to better understand how you can get into your best financial shape. (Paleo not required.)
Being in your best physical shape is good for your heart, mind and overall well-being. So is being in your best financial shape. Let Navy Federal Credit Union help you.
CrossFit is a registered trademark of CrossFit, Inc.
This post was presented by Navy Federal Credit Union.