You’re determined that this will be the year you finally pay down (or pay off) that debt. Get ready, because every month, our Financial Freedom plan will have you taking another step on your journey toward living a debt-free life.
First, sit down and take stock of all your debts. Don’t let the numbers scare you; you need to do this to move forward. Get out every single credit card bill, personal loan, student loan, and any other debt you’re carrying (except 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 one hour each week for working on your finances. DoverPhila Federal Credit Union has simple tools and tips to help you navigate through your finances. Click here for an interactive library.
Feeling overwhelmed? No worries; we’ve got you covered! Sit down with our free, on-staff financial counselor. They can help simplify the first step towards financial freedom. Call today at 330-364-8874.
Available Articles in the Financial Freedom Series:
Step 1: Take Stock of Your Debt
Step 2: Don’t Dig Yourself Deeper
Step 3: Negotiate a Lower APR
Step 4: Create an Emergency Fund
Step 5: Create a Budget
Step 6: Trim Expenses
Step 7: Create A Debt Snowball
Step 8: Boost Your Income
Step 9: Put All Windfalls in Your Snowball
Step 10: Make It Automatic
Step 11: Track Your Progress
Step 12: Celebrate!