In this week's episode, we are discussing how to create your own personalized debt payoff plan. Use the free Debt Payoff Planner to list your debts and determine what debt payoff method you want to follow. Calculating a rolling debt payment (and following through) is the secret to accelerating your debt payoff.
Welcome to the Balanced FI Podcast, episode 10! Thank you so much for listening in!
After you download the free Debt Payoff Planner, fill it in by listing all of your debts.
Next, choose a payoff method - debt snowball, debt avalanche, or a hybrid method - that works with your life and personality.
Finally, calculate your rolling debt payment amount and put it into practice in your own financial life. Use this method to keep your motivation up, to stay engaged in the long debt-payoff process, and really speed the timeline up.
Resources:
Read: Financial Security Step 5, Create a Debt Payoff Plan
Download: Debt Payoff Planner
Read: Financial Security Step 2a, Save a Mini Emergency Fund
Read: Financial Security Step 3, Save for Recurring Expenses
Read: Financial Security Step 4, Calculate your Net Worth
Read: Financial Security Step 6, Create a Budget
Sources: