It’s more like popcorn than you think.
Cost of Credit Calculator Shows How Messy It Can Get
Many people don’t realize just how expensive credit card debt can become when only minimum payments are made. This simple calculator shows the stark reality of carrying a balance on a typical credit card with a 21% interest rate. By entering your current balance, you’ll see how long it could take to pay off the debt with minimum payments (usually 2% of the balance), the staggering amount of interest you’d pay over time, and—most importantly—how much faster and cheaper it would be to pay it off in a reasonable time frame with fixed monthly payments instead.
Understanding the Cost of Credit
Using credit is like eating popcorn.
You don’t stop until it’s all gone!
How to Find the Money to Pay Down Your Debt
Now that you can see how expensive it is to just make minimum payments on your credit card debt, you might be wondering how you can pay down your debt more quickly. We have some great resources to help you with that.
- Check out this list from our sister site of 10 places to find money to save every month. Instead of saving the money, you can use it to pay down your debt. This list is a great way to help you think outside the box. Try to find a couple you can use.
- Give us a call and chat with one of our credit counsellors. They can help you quickly put together a realistic budget and then explore ways to pay down your debt as quickly as possible. They’re trained experts at doing this.
- Try out our fun little calculator below. If you can find one or two little expenses to cut from your spending, this calculator can show you how much these small savings can add up to.
How Much You Can Save By Spending Less
Imagine cutting just a small amount from your daily spending—like skipping that extra coffee or impulse snack—and watching it transform into serious savings over time. Our daily savings calculator lets you see what can happen if you’re able to spend a little less every day. Take our example below. The calculator shows the powerful impact of simply saving $8 a day. This quickly adds up to close to $250 in a month, $2,920 in a year, and even $29,200 in 10 years – enough to buy a new car! Give this mini motivational tool a try and see how consistent small choices can build financial freedom .
The Power of Small Daily Savings
Small change adds up!
Where to Find Some Money to Save
Saving money doesn’t always mean making big, uncomfortable changes. Often, it’s about noticing the small, everyday spending habits that quietly add up. A coffee bought out instead of made at home, unused subscriptions, convenience foods, or impulse purchases at the grocery store can easily cost a few extra dollars a day. Finding even $3–$5 daily by tweaking just one or two habits can quickly turn into meaningful progress toward a financial goal when you save it consistently.
Related: Where to Find Money to Save Each Month
Groceries and household spending are especially common places to uncover extra cash. Planning meals, shopping with a list, comparing unit prices, and reducing food waste can free up money without feeling like a sacrifice. The same is true for transportation costs, entertainment, and recurring expenses—many people are surprised by how much they can save simply by reviewing what they’re already spending and asking, “Is this still worth it?”
Related: 7 Spending Tips That Can Save You Thousands of Dollars
If you’re not sure where to start, creating a simple budget can make the process much easier. A budget helps you see exactly where your money is going and highlights small opportunities to redirect dollars toward savings. Even better, using a budgeting tool or spreadsheet can guide you through dozens of possible savings ideas and help you choose the ones that fit your lifestyle. The goal isn’t perfection—it’s finding a realistic way to save a little each day so you can move forward with confidence toward what matters most to you. If you need help creating a budget, feel free to give us a call and meet over the phone with one of our credit counsellors (it’s completely free). They can help you put together a realistic budget plus find a little money to save regularly if that’s possible.
Related Topics
Getting Rid of Debt
We’re happy to help you figure out your options. There are more than you might think.
Loan Calculator
Find out how much you can afford to borrow and repay, how long it will take, and what it will cost.
Track Your Spending
An essential part of building a budget is tracking how much you actually spend. Here’s how.
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