Plan your work, work your plan
We all know it’s tough to stick to a resolution. A key difference in those that succeed is creating a plan. Wanting it is good. Knowing how you’ll get it is even better.
In the world of personal finance, making that plan means figuring out how much money you have to work with (how much you make), and deciding how to spend it. A spending plan – aka a budget – gives every dollar you earn a job.
GreenPath offers a budget worksheet to help set up your basic plan. This can help you see how much you’re spending, and what you’re spending your money on.
Which card to pay off first? (Do what’s best for you and your plan)
If you know you need the motivation of seeing an entire card get paid off sooner, you might choose the snowball method – paying off your smallest balance first, moving on to the next smallest, and so on. This method may take you a bit longer but can be a successful process for those who are trying to work their way out of debt.
You can pay off debt on your own with a solid plan. Or you might consider a Debt Management Plan, which is designed to pay off debt faster and save money through reduced interest rates and a structured repayment plan. If your payments are high, this plan can also help to reduce your monthly payments. You can compare the two options with GreenPath’s debt payoff calculator.
Free Financial Coaching
GreenPath offers free financial counseling and education to support people in paying off debt. Their professional, caring coaches will explain your options, including paying off your debt on your own or using a Debt Management Plan. They’ll support you to develop a personal action plan that works for you.
Call GreenPath today at 800-550-1961 to find more about how you can start your new year off right, with less worry and debt.
COURTESY OF: Greenpath Financial Wellness