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WEEK 3 : Debt
This Week’s Goal: To identify and verify your debts and understand your rights. To create a debt repayment plan and earmark money for repayment.
Today’s Easy Financial Task: Make a list of your debt (expenses with a balance)
How to rock this task :
- Use www.CreditKarma.com to help you find the debt you “forgot” (don’t worry, it’s free)
- Use the “My Debt List” template to list your debt and its name, balance, minimum payment, etc.
This is the week you may have been waiting for... Debt Week! By the end of this week you’ll have an awesome, automated, Debt-Pay-Down plan.
Are you ready? Get set. Let’s go!
You may be wondering, "What should I put on My Debt List?” Answer: Include anything with a balance. (Ex. student loans, credit cards, money you owe to a friend or family member, car note, late payments, anything that you have to pay off.)
FYI: List all of your debt, whether you're paying on it or not. The purpose of your Debt List is to provide you with a complete picture of what you owe, to whom, at what rate etc. Later on in the week I'll show you how to begin to pay your debt down & eventually - off!
Fill out the "My Debt List". The status column is where you place whether your debt is current, late, in collections etc.
Use this My Debt List template to help you complete today's task:
Click here for the PDF version of The Debt List: My Debt List (updated).pdf
Click here for the Excel version of both templates: My Money and Debt List (in Excel with formulas).xls (the 3rd spreadsheet)
If you're excited about finally tackling your debt, share your excitement, questions & concerns in the comments & LIVE RICHER Forum now.I'm excited! Today I will begin to tackle my debt. Day 15 #LIVERICHERChallenge Click To Tweet
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My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.
What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective over you and your financial journey.
The products/services mentioned in this post pass my Lisa Rule. Yes, I'm an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful.
*** Have you just started the Challenge? Want to catch-up? Want to do the Challenge again later? Want to work through the LIVE RICHER Challenge in a workbook as well? You can do it ALL with the LRC Book. Get it here NOW: LIVE RICHER Challenge Book ***