💡If you want to learn how to pay your debts, read the first part that is in our previous post so you can follow the steps correctly 💪🏽
Here we have 2nd part of the series of How to pay debts? Let's read ...
. 💸 Calculate the amount you will use to partially pay off your debt.
When you review your new budget, you can see the fields in which you could cut expenses. You could also see the categories in which you will need to spend more.
. 📍When performing this step, no one suggests that you develop an unsustainable budget. Compare it to dieting: if you try to restrict excess calories, what is the first thing you should do? Remove the donuts, right? In this, the key is to be realistic.
. 📍 Do you spend your money on a gym membership you never use despite having the intention of doing so? What about the $ 4 a day you spend every day in the coffee you drink in the morning before work, or with your habit of taking 5 cans of diet soda a day? Most likely, your budget has some fat that you can reduce. At the end of this exercise, you should conceive a figure, an amount of money that you can use to partially pay off the debt, so write it down.
. 📍 Write down that figure daily, but if you don't want to keep writing down all your expenses, then just write down what you spend every day in the categories whose consumption you try to reduce. This will give you a very clear idea of how well you are doing. In addition, this can help you in the decision not to make a purchase if you know that you are going to exceed the budgeted amount.
. 💸 Estimate the amount due, to whom you owe and under what conditions. Often, debt can be overwhelming because you don't really have a clear idea of how indebted you are. Gather your bills and make a spreadsheet or simple list of all debts you have. Write down all the relevant information, including the name of the creditor, total balance, minimum monthly payment and your interest rate.
. ❗️We will be posting the third part soon💰
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