Be My Money Coach

Gone are the days of keeping up with the Jones and buying things we don't need to impress people we barely even like. The new reigning status symbol is being Debt Free.  No more presuming on the future, expecting jobs to be secure, real estate values to continue their meteoric rise and credit to be free flowing. We now have to get down to the business of getting our financial houses in order. One of the first steps to doing this is to reach for the golden price...being DEBT FREE.

3 steps to getting out of debt, complete the list to have your Debt Elimination Strategy:

1. The amount I can put towards my debt $____________.

My smallest debt $_____________

Debts from highest to lowest interest rate:

Rate          Min payment

$____________   ________%    $____________

$____________   ________%    $____________

$____________   ________%    $____________

$____________   ________%    $____________

$____________   ________%    $____________

2. Pay the minimum on all debts, but pay extra on the first debt, to

reduce it as fast as possible.

3. Once a debt is paid, apply all the money that was going towards

this debt to the next one in line until paid. Keep doing this until all debts are paid.

This article was first published in Phree Shares Newsletter, March 2009.