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Welcome to Mission 50 of our 52 Get Organized Missions.
For many people, reducing debt is the first step toward a sound financial future.
And one of the best ways to reduce debt is to get organized and create a debt-repayment plan – which is exactly what we’ll do in the next 30 minutes.
Remember: you only need 30 minutes for the basic mission. Extended Options are below.
If you’re new, you might like to start here -> 52 Organizing Missions.
Note: If you haven’t already, you may like to first complete Get Organized Mission 12: Organize Your Accounts & Credit Cards.
Disclaimer: This is not financial advice, it’s organizing advice. If you need financial advice, please get yourself off to a financial professional.
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The following is how we would get rid of our debt:
SAVE Saving is the best way to pay off your debt but it will require you to sacrifice a bit of luxury in our lifestyle. Goal is to put a small amount in your savings account monthly and let it grow. What amount can you save ______ per month?
GENERATE EXTRA INCOME Do you have a talent you could use to generate some cash income? I.e. sewing; computer work; computer repair; driving people to appointments or grocery stores
SPEND SMART This is a toss-up between your WANTS and your NEEDS. Pay cash wherever possible to eliminate using your plastic cards.
CREATE A BUDGET Creating a weekly and monthly budget will help you focus on the things you really need. It will also show you your fixed expenses vs your personal expenses
CONSIDER DEBT SETTLE PROGRAMS/CONSOLIDATING YOUR DEBT There is many debt settlement programs available. Qualified debt counselors can eliminate a lot of interest and make payment arrangements monthly within your fixed finances. They need copies of your fixed expenses and out of pocket expenses. I would suggest you add extra to your out of pocket expenses so you have enough money for yourself per month.
I love the idea of using your talents to gain a little extra income. People are always complaining about being time-poor, tapping into one of those everyday needs is a great idea.
Thanks to the group. Kylie, Community Manager
I straightened out our family finances today, and debt repayment was one of my big focuses. We’re not massively in debt, but we owe more than I’m comfortable with (which is zero). I paid off one credit card in full today, and have scheduled payments over the next two months to cancel out all debt but our small car loan! Progress!