Tackling Debt

The first step in tackling any problem is to fully understand it. When it comes to debt, you should know everything about the terms and conditions of the money you owe. Here are some tips and tools to help you understand your debt.

1. Put Your Debt On Paper: The very first step is make a list of the debts you have. The list should include the following information:  the outstanding balance; the interest rate; and the minimum payment.
2. Take Advantage of Personal Finance Software: By now many people already have and use personal finance software like they can help you understand how to pay off that debt.
3. Use Free Online Tools: There are many budget tools on line. These tools can track your debt and are easy to use. And it’s hard to beat free!
4. Use Free Excel Templates: Microsoft offers free Excel templates that can help you track your debt and a budget.
5. Involve Others: It’s important that your spouse or significant other is involved in the process. If you don’t see eye-to-eye on finances, it can make getting out of debt even more difficult than it already is. You both should be on board, particularly as you develop a plan to tackle the debt.
6. If it is too much : There are people out there that can help you, find a personal financial coach; such as, “ This Baba Knows Money.”

Contact me at,  thisbabaknowsmoney@gmail.com