12 weeks to a debt-free life
Part 1 in a 12 week series on debt recovery
You’re determined that this will be the year you finally pay down (or pay off) that debt. Get ready, because for the next twelve weeks, our blog will take you down another step on your journey toward living a debt-free life.
- First step, sit down and take stock of all your debts. Don’t let the numbers scare you; you need to do this to move forward. Identify every single credit card bill, personal loan, student loan, and any other debt you’re carrying, including your car and mortgage payments. Tally up the numbers to give yourself an idea of what you’re dealing with.
- Next, organize your debt into different categories, such as credit card debt, student debt, personal loans etc. Use a spreadsheet to list your debt, the remaining term of each loan (if applicable), the minimum payment and the interest rate.
- Finally, designate thirty minutes to one hour each week for working on your finances. This could be broken up across multiple days and does not have to be one uninterrupted period. Having specific time set aside will help keep your finances top of mind and help to prevent you from stressing constantly about the situation.