Debt Freedom Date Calculator

Are you ready to pay off some serious debt in 2019? To say “goodbye” to the car payment, Sallie Mae and credit cards? If you said yes, the Debt Freedom Date Calculator found HERE on our website can really help you. This tool combined with the Debt Snowball Technique is how I became debt free and you can too!

Step One: Identify All Debts Owed (Lender, Amount Owed, Monthly Payment)

Make sure you list out all of the debts that you owe and how much each one is. You can check your credit report just to double check that you have no outstanding debts that you may have forgotten about.

Step Two: Sort Debts By Amount Owed (Smallest to Largest)

List your debts out by sorting the debts from smallest to largest by the amount owed. Make sure you have sorted by the amount owed and not the payment amount.

Step Three: Pay Minimum Payments on All Debts, Except The Smallest Debt

Make the minimum payment on all of the debts except the smallest one. It can be very tempting to start to attack your credit card bills or car payment but if that is not the smallest amount you owe, make minimum payments for now.

Step Four: Apply Any Extra Money to Smallest Debt

If you have leftover money in your budget, apply that to the smallest debt that you owe. The quicker you can see a victory, the more effective this technique will be!

Step Five: When Smallest Debt is Eliminated, Add Its Monthly Payment to Next Smallest Debt

Once you have paid off the smallest debt, take the payment you were allocating towards it, and apply it to your next smallest debt. That way, as you pay off more and more debts, you’re creating a debt snowball!

If you would like more information on this topic, check out this quick YouTube video HERE where I explain the technique and give visual examples.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

 

MONDAY MONEY TIP PODCAST: 8 Ways to Speed Up Debt Elimination

This week on the Monday Money Tip Podcast, we’ll be sharing eight ways that you can speed up your debt elimination process this year. If you made a New Year’s resolution to pay off debt, this information can help you make some significant headway! I’ll also check in on your other resolutions that you made at the beginning of the month and share how your daily habits can help you accomplish these goals. We also have a success story from one of our Savings Challenge participants who saved $6,000 in their annual budget!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:

iTunes
Stitcher
Spotify
Website

Show Notes

About the Episode:

  • I share how you can carry your New Year’s resolutions throughout the year by focusing on your daily habits.
  • Megan and I discuss eight specific things you can do to gain significant traction in your debt payoff journey.
  • Hear a success story from participants of our last Savings Challenge who saved $6,000 in their annual budget.

Resources:
0% Balance Transfer Credit Cards
Annual Plan Tools
Budget Challenge
Savings Challenge
Episode 26
Episode 27
Salary.com

Quote of the Day: “I’ve never seen anyone achieve financial freedom by obtaining lots of credit card points and airline miles.” – Joe Sangl

 

Debt Payoff Spectaculars

Did you make a resolution this year to finally off that debt that has been hanging over your head? Once that debt is gone, that payment will be freed up for you to start making progress towards your plans, hopes and dreams. If you need a visual tool that can help you gain traction in your debt freedom journey, you should check out our Debt Payoff Spectaculars found HERE on our website.

These spectaculars are incredibly easy to use and can give you a visual representation of your debt being paid off. All you have to do is take the amount of debt you owe, and divide that by the number of squares on the payoff spectacular. This will give you the amount of debt that each square represents. Each time you make a payment in that amount, color off a square!

While it may sound simple, there is something cathartic about visually marking that debt out of your life. If you’re paying off a truck, you can physically see the amount of that truck that you now own and you will find yourself wanting to color more and more squares. You might even go crazy and adjust your budget to cut your spending and allocate more towards debt!

Check out our Debt Payoff Spectaculars HERE!

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

MONDAY MONEY TIP PODCAST: Sustaining Goals

Welcome to 2019 where the Monday Money Tip Podcast will be live every single Monday! We hope by sharing tips and encouragement each Monday that 2019 can be your best financial year yet! To start us off, this week we’re discussing how you can actually sustain your New Year’s resolution instead of ditching it by February. We also have a success story from a man who paid off $70,000 in credit card debt and we will ask Joe some fun hot seat questions!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:

iTunes
Stitcher
Spotify
Website

Show Notes

About the Episode:

  • Hear how you can create and actually sustain goals in 2019 by celebrating milestones along the way.
  • Megan shares a success story from Michael who paid of $70,000 in credit card debt.
  • Joe shares the importance of meeting with a financial coach, sharing your journey and being a continual learner.

Resources:
IWBNIN Next Steps
Upcoming Events
Oxen
Mint
Personal Capital

Quote of the Day: “If you discover ways to sustain good financial decisions over years, even decades, you’ll never lack for anything.” -Joe Sangl

 

How To Have The Best Financial Year Ever

Are you tired of feeling “stuck” financially? Are you ready to start making significant moves in your financial journey and even have your best financial year ever? There is no better time than 2019 to achieve just that. You still have a couple days to add your financial goals to your list of New Year’s Resolutions.

You can start by identifying your current status. We know that most people can identify with one of the three categories: struggling, stable, or surplus. Once you know where you fall, you can clearly determine your next steps.

Here at I Was Broke. Now I’m Not., we follow a financial ladder in order to have a fully funded life. Check out a copy of the ladder so that you can identify what rung you are currently on and what your next step is. CLICK HERE TO DOWNLOAD YOUR COPY TODAY!

If you feel like you are in the struggling category, you should strive to achieve rungs one, two, and three this upcoming year. In doing so you would have set goals, built financial margin with a baseline savings account and start to see your money working for you in your investments.

For those who identify with the stable category, you should be position yourself to be able to move to the surplus category. You can do this by completing rungs four and five of the ladder. If you were able to complete those two steps in 2019, you would have eliminated all of your non-house, non-business debt (bye credit cards!) and have built up significant margin with three months worth of expenses in savings. This will allow you to launch into the next category and upwards on the ladder.

If you are currently enjoying the blessings of the surplus category, you are almost ready to live a fully funded life and have the ability to positively impact the lives of all those around you. At this point, you can strive to achieve rungs six, seven, and eight of the ladder. You will not only be debt free, but you will also be investing 30% of your gross income into investments.

You should also set five key financial goals for the year. If you don’t set any goals, you are far less likely to accomplish anything at all. Consider setting goals in each of the following categories: income, giving, saving, investing and debt elimination. I explain each of these in detail Episode 25 on the Monday Money Tip Podcast. You can check it out HERE.

Once you have set your goals, make sure you establish accountability. If you share your goals with someone who has similar goals as you, you will be less likely to falter and give up along the way. Many people have workout buddies when they are trying to get into shape. Consider this a workout buddy for your finances!

Lastly, make sure you are taking steps to increase your financial education. This step is not one that ends in 2019 but should be continued year after year. Read some financial books, hire a financial coach. Start learning and don’t ever stop. You won’t regret it.

No matter where you are financially, you can make significant strides this upcoming year and position yourself to prosper. Make 2019 the year that you accomplish more than you ever did before on your financial journey.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.