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Plan Yourself Out of Debt: Why the Key to Escaping Debt is in Managing Your Calendar

Posted By:  |  February 7, 2014  |  0 Comment(s)

plan_out

Debt is a serious problem that affects many people. It can be a crushing psychological weight that drains your energy, and it can potentially lead to health problems and depression if it isn’t addressed. When you are struggling with debt, it can be hard to know where to start. However, it might surprise you that it is relatively easy to tackle debt with an everyday household item! Yes, the lowly wall calendar is the key to planning yourself out of debt. Here’s how you can turn your calendar into a powerful debt fighting tool.

First, Get a Calendar

It doesn’t have to be a paper wall calendar – any kind of calendar that works for you is better than nothing. It can be a desk calendar or an app on your phone. The advantage of a wall calendar, though, is that you can see it at all times and see upcoming important dates at a glance. Organize yourself even better by keeping a few good pens nearby, so you can add items and phone numbers to your calendar as you gather information.

Why is a Calendar Useful for Paying Down Debt?

The magic isn’t in the paper acidity or the pictures of kittens in a basket. What’s empowering about working with a calendar is that you are taking charge of your own debt relief, and breaking up a complex problem into manageable chunks. If inertia has been a problem for you in the past, you may find that the mere act of buying and hanging a calendar lifts a weight from your shoulders. That’s because you are breaking a cycle, and that gives you energy and momentum to tackle the next step.

Having a constant visual reminder can be an incredible help to you. Every time you see it you’ll be reminded of your current status and the progress you’re making.

Carve Up the Year

Set measurable milestones for yourself. Make sure you have an end goal, such as to get out of debt in twelve months, and carve up the year. Set small goals to achieve every week or two. The smaller and more numerous the tasks are, the more often you can check them off, and the better you’ll feel about the process. For example: instead of writing “Sort out debt repayment plan” on the month of February, divide that particular job into four stages, and write them on each week of February.

Bump up Your Earnings

You’ll get real traction on your debt if you can earn extra income during your repayment period. Committing to a single year can help you cope mentally with the extra workload – you know it’s temporary, and it’s achieving something concrete and meaningful. Use your calendar as a hub for ideas and contact info, and jot down details relating to each job lead you get.

Reward Yourself Along the Way

Getting out of debt is a great goal to have, but you won’t be able to do it if you get bogged down or set unrealistic goals. Figure out how much money you can really devote to debt repayment . Experts say it should be only be about fifteen percent of your income. Higher than that, and deprivation may drive you to spend your way back into debt. Have a clear budget that makes sense and feels doable. As you achieve each milestone on your calendar, reward yourself – even if it’s just lunch at your favorite cafe or a new shirt. Make sure these items are accounted for in your budget, so they are guilt-free purchases. This will keep you happier along the way, and make it more likely that you will stick to your plan.

Feeling snowed under by debt? Don’t lose hope! With good planning, there is always a way out. Grab that calendar, sit down and challenge yourself to make a plan. Get creative. With achievable goals, you can plan your way out of debt with nothing more than a timeline and determination. The reward is a debt-free existence – and that is sweet indeed!

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Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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