| How
To Make a Debt Repayment Plan
You can find your
way out of debt. It just takes a plan. Here's how:
All you need to do for
your debt repayment plan is to calculate two things:
a) How much money you
make (how much is coming in to your home).
b) How much you spend and where.
Sounds simple
doesn't it? Unfortunately it will probably take a bit of work. If
you get a regular salary, the first part of the question is easy - it's less easy
if you're self-employed, but still possible. The second part of the question will
require some research on your part, unless you already keep meticulous spending
records - and if you're in debt, the chances are you don't. Where's
the Money Going? Step
One: Keep a spending record Record
every last little cash outlay as well as big expenditures. You're trying to find
out where your money is going in much the same way as a dieter tries to work out
how many calories he or she is consuming. At
the end of each week, break down the spending into categories such as groceries,
clothes, dry cleaning, petrol, coffee, newspapers and magazines and fill in the
figures. The
more categories you have, the better. For example, don't just put down 'food.'
Break it out into groceries, takeaways and eating out. Categorising specifically
will tell you more. After
just one week of this you'll probably have a few surprises. After a month you'll
definitely have new information - such as how much you spend on late video returns,
two daily cappuccinos, or just how much those little forays to the shops for 'an
eyebrow pencil' are costing you. (Many women are horrified when they see how much
they're spending on cosmetics and hair-care products - especially when so much
of that stuff ends up in a drawer, unused.) Step
Two: Make a plan
Now that you've got a few months' worth of nice, accurate
spending records, the fun really starts: juggling. You need to create a Spending
Plan that is based upon what you really need, what you really earn, plus a segment
for debt repayment. The
key is to stick to the plan.
Quick checklist: Figure
out how much money you have coming in
Track your expenses
Create a realistic
spending plan
Figure out how much you can pay towards debt
Repay your
creditors proportionally
Keep the faith |
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IDebt
Assistance can help.
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Tips:
Always Pay at least the Minimum Payment on your Credit Cards on the due date. Do
not use your credit cards if you can not pay them off in full. Get a prepaid card:
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