Money is a part of our lives that we need to manage, cope, arrange and pay attention even several times daily along every day. It is something that will never go away while we are walking and breathing on this planet. How to create a personal plan for payment of debts?
If you had the opportunity to work with me on my pilot “Unleash the Power of Your Money” you know my basic belief is that and make money is how you do everything.
The relationship you have with money is a reflection of the relationship you have with yourself. Money is basically a metaphor for the sense of your own worth and self esteem. This is to increase your self esteem and your heritage. They go together.
Money is a part of our lives that we need to manage, cope, arrange and pay attention even several times daily along every day. It is something that will never go away while we are walking and breathing on this planet.
The good news is that it’s easy to make a major transformation in the way you relate to money. When you start to ask you a series of powerful questions, you quickly begin to understand the relationship between how you value yourself, other aspects of your life and other relationships. It is truly magical when you can experience this.
Today I share with you secrets to Increase your heritage and your self-esteem. There is a section where we talk about forgiving the debts and other money issues from your past for which you may feel guilty. I will share with you one of the exercises of this module is to set up a debt repayment plan.
Personal Debt Payment Plan in 6 Steps
- List all debts from the smallest to the largest. Include who you owe money, payment amount, interest rate, payment date and minimum payment required.
- Decide WHEN will be paid every debt. Tip: Set shorter periods than simply “the total divided by the minimum payment” so that will inspire you to pay faster. Write “paid” and the date next to each debt on your list.
- Make a table (in Excel or on paper) to the total amount due. An easy way to do this is to draw 13 columns and about 13 or more rows. The first column will say “Paid Debt” and the following twelve columns months, from January to December, listed at the top of the table.
- Write your total debt at the end of the first column. Then write down debt amounts up in the same column so that the amount is smaller each month until zero at the top. Each month, after paying the stipulated amount, color balance again as the debt decreases. Place the table in a place where you can see it often.
- Any extra money as an unexpected – you “fall from heaven”, you used to reduce debt payments faster, and so they are only $ 10. For example, a tax rebate, commission, bonus, a return money, etc.
- A useful tip is to get rid of everything in your garage or in your storeroom. Go touring your house and get rid of that pile of things you’re not using and sell them. You can sell things on the internet, for example in Free Market or Second Hand, or take things personally to a store buying and selling used stuff. And the money you get, also apply it to accelerate the repayment of debt. You’ll feel great when you put order and you’re paying your debts faster!