Wednesday, January 14, 2009

Day 14 FTJ Bootcamp Activity

Get A Handle on Debt/Create A Debt Spreadsheet

Collect all your current credit card statements and other bills in which you carry a balance. Create a spreadsheet (Excel works well) so that you can track your progress as you pay down your debt.

Here is a sample of how to set up your spreadsheet:
Column A: Name of the Creditor/Account
Column B: Interest Rate
Column C: Balance Remaining
Column D: Minimum Monthly Payment
Column E: Budgeted Monthly PaymentAdd the totals in columns C, D.

You’ll then have a clear picture of your total amount of debt and the minimum amount required to stay current with your payments. In the next step, we’ll look at how much to allocate to each bill (column E) to come up with your debt repayment plan. However, it will be your goal to put as much extra money as possible towards your monthly debt payments.

Tomarrows assignment is deciding a debt pay off plan! YAY!!!

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