Becoming Debt Free

Becoming Debt Free

Starting off the New Year on a good foot is always preferable but sometimes it takes a little planning and preparation to get you on track, especially when it comes to debt. Facing debt issues can be intimidating but pretending it isn't there makes matters much worse. There is no better time than the present to begin working on your finances and becoming debt free. 

The first step of this process is to make an inventory of your debt; listing out the kind of debt, how much is owed, any interest and what time of the month payments are due (this will help you later down the road as you dig deeper into your budgeting). This is going to allow you to put a plan in place to pay it off in the fastest and most effective ways. Next, work on the way you think about your debt – most people have a very emotional response when it comes to money, especially so when it comes to debt.It is important for you to think rationally not emotionally about your debt so that you can remain clear minded and make the best choices for your situation. Having successful finances takes you being proactive not reactive.

Now that you've gotten that out of the way, it's time to decide the best strategy for paying off your debt. There are two basic strategies that anyone can employ. Either, pay off debt with the highest rates first then move on to the next- highest, and so on and so forth until you have paid everything off (this will take a little longer initially but will save you lots of cash in the long run); or an elimination method, begin with the lowest balance account giving you a quick 'win' and moving on to the next (this is going to give you some instant gratification and maybe a bit of motivation to keep going). Both of these methods require you to be intentional and strategic.Inch by inch it's a cinch.

As always, if you have questions about debt-reduction strategies, or want help getting your debt management plan in place, feel free to reach out. I'm here to help. 

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Wednesday, 05 August 2020

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