May 16th, 2007 in Money
7 Ways To Conquer Your Finances
I don’t need to get into why you’d want to be in control of your finances. Money makes the world go ’round, and worrying about it will drive you ’round the bend.
Here’s one of seven ways to tackle your finances as outlined by GetRichSlowly.com:
Pay off the debts starting with the smallest balance first. Here’s how:
1. Order your debts from lowest balance to highest balance. 2. Designate a certain amount of money to pay toward debts each month. 3. Pay the minimum payment on all debts except the one with the lowest balance. 4. Throw every other penny at the debt with the lowest balance. 5. When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.
7 Ways to Take Charge of Your Finances in 2007 - [GetRichSlowly]
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Comments
jos says on May 16th, 2007 at 12:05 pm
excellent advice, i need to act on this so i can achieve my goals of being debt free one day
Bryan says on May 16th, 2007 at 1:47 pm
Paying off your highest interest debt will save you the most money. Paying off your lowest balance debt may make you feel better (i.e. you cross a credit card off your list sooner) but you’ll be paying more for that privilege.
dcrad says on May 16th, 2007 at 4:14 pm
I cant understand why you would pay the debt with the lowest balance. Surely it is best to pay of the debt with the highest interest rate, thus saving you money in interest over the longer period.
Chris says on May 16th, 2007 at 5:51 pm
Question… I’ve seen plenty of sites and tips explaining money management. But, all are based on a system in which a predictable monthly income is assumed.
What about the self-employed?
Are there any tips out there for people who cannot count on a salary, who must fend for themselves every month?
-Chris