In this series of posts, I am sharing the process that Jenn and I used to become debt-free in 14 months. I want you to become debt-free! When you are debt-free, you are freed up to go do exactly what you have been put on earth to do – regardless of the income potential. You can do this!
Let's review the steps so far:
Step 1 – Understand WHY you want to become debt-free! People who have a plan outperform those without a plan. When you clearly understand WHY you are doing this, you are much more likely to make the sacrifices necessary to achieve debt freedom. Hopefully, you have LISTED the hopes/dreams/plans you have for your life.
Step 3 – Calculate your Debt Freedom Date
It is really very simple to calculate your Debt Freedom Date. You need two numbers to calculate your Debt Freedom Date – Total Debt Owed and Total Monthly Payments. I pretend that there is actually only one debt – with one big balance and one big monthly payment.
Look at the sample debt list below. This family will be debt-free in just 33 months!
In the TOOLS section, there is a free tool called the Debt Freedom Date Calculator. If you enter your debts and monthly payments into this tool, it will calculate your Debt Freedom Date for you! If you don't have Microsoft Excel, click HERE for a web-friendly version.
Question of the Day: How many months until you are debt-free?
Do you live near Anderson, SC? Sign up for the Financial Freedom Class at NewSpring Church – class begins on Wednesday, September 19 and costs only $20 per household – childcare provided! You can sign up and pay on-line HERE.