For the next several weeks, I’ll be writing a series about getting a handle on your finances to creating a debt repayment plan. The focus will be about budgeting, financial habits, and ultimately creating a plan of attack. My goal with this series is to help you get a better understanding of how you relate to your money and how to improve your finances.
What to Expect
- What it is and why it’s important
- How to calculate your debt pay-off date
- Common budgeting techniques
- The best way to apply extra payments
- Tips for controlling spending
- Making better financial choices
- Creating strong financial goals
- Putting it all together
When to Expect It
I’ll be posting series posts on Mondays mornings with some occasional Friday posts. All posts will be listed as part of the series (DRS #).
Preview: Why Having A Debt Repayment Plan is Important
Developing a debt repayment plan is extremely important part of becoming debt-free. The repayment plan is your guide to how much money you will put towards your debt(s) on a monthly basis.
What is a debt repayment plan?
A debt repayment plan is an action plan for how you will tackle your debt and attain your ultimate goal of being debt free. This is everything from the total of all your debts to the order you will pay off your debts in to the amount of month you contribute to repayment monthly.
I know a few people that are working towards become debt free because they feel the pressure and anxiety of being in debt. They are not comfortable being in debt. Unfortunately, many people have not addressed their debt situation and are ignoring the severity of it all.
Stay tuned for the full first post!
While you’re waiting, please check out these awesome posts:
The Avalanche Method vs. the Snowball Method
Why I’m Using the Avalanche Method
Driving Down Debt Using the Half Payment Method