Organize Your Debt 101

Being financially overwhelmed can have side affects such as: insomnia, eczema, irritability and dry mouth. And, I’m almost positive there is medical research to support my findings. Did you know that getting organized places 10th in the Top Ten New Years Resolutions and getting finances organized is included in that category?

Here are the kAos Group short cut’s to taking control of your debt.

Tools required: pen, paper or an Excel spread sheet

Figure out How Much you Owe

Since you need to organize your bills to find out how much you owe you might as well get your whole filing cabinet organized. If your not sure where or how to start call kAos Group.

Track your Spending

Daily cash spending can be tracked on your PDA or it can be tracked with pen and paper. Track your spending for at least one month. However, to get an excellent overview of where you money ‘really’ goes use a computerized cheque book such as Quicken.

Use the Daily spending calculator to figure out the impact of the little daily dollars that sneak out of your wallet Daily Spending Calculator

Pay Down the Debt

Determine what debt can be paid down the fastest and tackle the debt with the highest interest rates first.

Stop spending

This is always easier said than done but as you create your spending plan keep it simple. These free downloadable templates are a great guideline to get you started.

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