You Get Out of Debt Roadmap
Boy, what a year 2009 was!! The economy hit bottom (hopefully) - the U.S. dollar crashed - millions of Americans lost their jobs - taxpayers were forced to bail out the financial sector - millions of Americans faced bankruptcy and foreclosure. 2010 has to be better than that. Right?
Well, here at The Debt Hawk my goal is to help you make 2010 a much better year than 2009. And, my focus is going to be to make 2010 the Get Out of Debt Year.
Where We Are Going To Go This 2010
My primary goal for this site is to help people improve their finances - get out of debt, start saving money, and regain financial freedom through the implementation of a financial plan. Before you can start saving money and achieve financial freedom, you have to get out of debt.
With that said, here is an overview of what you need to do to get out of debt and start saving money.
Get Out of Debt Roadmap
Throughout this year I am going to focus on helping people to get out of debt by following this Get Out of Debt Roadmap. I promise that if you follow these simple steps to get out of debt you will finish 2010 in a much better financial state than you started 2010.
- Step 1: Write Down All Your Debts
- Step 2: Write Down All of Your Monthly Expenses
- Step 3: Write Down Your Monthly Income
- Step 4: Decide What Monthly Expenses You Can Lower
- Step 5: Figure Out How Much Money You Can Put Towards Your Debts Every Month
- Step 6: Start Paying Off Your Lowest Debt
- Step 7: Start Earning More Money To Pay Off Your Debt Quicker
- Step 8: Determine When Your Debt Will Be Paid Off Following This Plan
This list is intended to be an overview of the Get Out of Debt Roadmap. As the year goes on, I will focus on how to help you with each step of this plan. This plan is not some secret formula, but if you follow this plan, you will dig your way out of your money problems.
The great thing about this plan is that once you reach Step 8 you will have financial freedom. What, financial freedom while still in debt? Yep, that's right. I think that just knowing when you will be out of debt is its own financial freedom. You will be in control of your money. You will be in control of your future.
Budgeting and Money Management
Step 1 through 5 all relate to budgeting and money management. You need to understand how much money you are earning and spending. You need to figure out with you can spend less on the things you need and stop paying for things you don't need.
The good thing about step 1 though 5 is that you can finish these steps in one night. That's right - you don't need to wait 30 days to start paying off your debts. You don't need to write every expenditure down for the next 30 days. Go grab your bank statements and figure out how much money you spent last month versus how much you earned. Then, figure out where you can spend less.
Earn More Money in 2010
The key to paying off debt is not writing down a budget, it is paying off debt. Therefore, while I think it is important to learn how to spend less money, the best way to pay off debt fast is to earn more money. And, by reading The Debt Hawk this year, you are going to learn how to earn more money in 2010.
This is all about growing your way out of debt. Go find a second job, work tons of hours and pay of your debt fast. Income is the fuel of debt repayment. Let's focus on how we can earn more money so that we can regain our financial freedom.
I hope that you like this focus for 2010. 2010 will be the Get Out of Debt year here at The Debt Hawk. I can't wait. This is going to be fun!!
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