Well here is a post I bet you weren't expecting - it's not fitness related but it is about MONEY MANAGEMENT and how to pay off debt faster! So many people use credit cards and it's that BIG ELEPHANT in the room that NOBODY wants to talk about.
You may or may not know that I do accounting and bookkeeping (Newman Group, LLC) - I opened my business back in 2008 and I continue to handle small business needs. With that, I thought I would share with you this little game that I've taught so many clients to use that Ken and I have used as well.
It's basically a DEBT CIRCLE PAYOFF TRACKER game! I'll give you a downloadable, free printable incase you decide you want to try it too!
Everyone has their own way of paying down debt. For us, it's GAME ON start with the small WINS FIRST!
IF YOU owe several thousand dollars on one or more credit cards....let's start the NEW YEAR THERE by paying those off! I know it can be completely overwhelming but let's take that full big number and divide it into chunks. Smaller bite size pieces per say.
Step 1. First of all STOP USING ANY AND ALL CREDIT CARDS IMMEDIATELY. HIDE THEM, CUT THEM, FREEZE THEM...WHATEVER YOU NEED TO DO. Make this a new rule for 2019!! If you owe more than one credit card, pull them all out and make a list of the balances owed on all of them. YIKES, THIS CAN REALLY MAKE SOME PEOPLE UNEASY but just grab the bull by the horns and DO IT! Make that list!
Step 2. Then, organize this list from smallest amount to largest amount owed! Don't worry about the interest rate, i'm sure it's already eating you alive anyway right!?
Step 3. Print out a debt circle page for the smallest credit card balance owed. Example if you owe $800 on a Visa credit card, print out one piggy page (shown below) and title it, date it and begin by putting a value on each circle. You can make each circle $25, $50, $75 or $100 values. Just be consistent with whatever number you choose so all circles equal the same value.
Step 4. Keep this in a place (refrig side) that everyone can see it so you are all on the same piggy page. Same goal. As you pay say $50 toward that credit card, fill in a circle valued at $50. Continue this circle filling until all $800 - 16 circles are filled in. DONE, YOU DID IT, YOU PAID OFF YOUR FIRST CREDIT CARD.
By scaling down the big monster amount and making it a goal for everyone to see and play along - your focus will be on filling in those circles. It will increase the amount of money you throw towards the credit debt and should decrease your amount of mindless spending since you are focussed on paying off credit card one chunk at a time.
Let me know if this is helpful and how many piggy sheets you get thru in 2019. KEEP SCORE!! It's the only way to make progress and take back control of your spending and your money. You work hard for your money, don't give it away to the high interest charging banks for credit that is just not worth it. If you don't have the cash for it, DON'T GET IT. Not until you've shown some progress toward the debt. It takes some discipline but over time you will become more aware of your urge to pull out the plastic!!
GOOD LUCK!! CLICK PHOTO TO PRINT YOURS!!