When your bills come each month, how do you feel? Do you get that awful feeling where your heart feels like it's in your throat, or do you look at your bills and see that you owe little or no money? Sounds like a dream, doesn't it? It isn't!
Let me explain in more detail. Years ago, he read a book by an author named John Burley. In that book, the author talked about a programme called the Debt Termination Plan. In simple terms, this plan looked at all the money you had to pay out and divided the minimum amount you had to pay each month by the amount you owed on each item. This would then give you a ratio and the order in which to pay off your debts. If you did it right, you could be debt-free in seven years or less!
One problem we often see with people who want to buy a home is that they make enough money to be able to pay for it, but they don't know how to get rid of their debt in a way that makes them feel like they're making steady progress. To fix this, we came up with a more automated and interactive way to process a Debt Termination Plan with our clients. We have made a page on the We Buy Homes website that helps people from all over the world figure out a Debt Termination Plan that works for them.
Once you have a plan, you can use it to measure and keep track of your progress. But it's not just your debts that you need to pay off and get rid of. You still have to pay your monthly, quarterly, and annual bills, whether you want to or not. We've found that the best way to get better financial health is to do the following:
- Figure out how to set up an automatic payment right after you get paid to send this average monthly amount to the companies that send you bills regularly (phone, power etc).
- Take a look at your regular bills and how much they cost on average each time you get paid. This means that if you get paid every month, you should average out these costs every month.
- Keep track of these payments each month to make sure you're not paying too much. Even though you want to have little or no money owed on your bills when you get them, it doesn't make sense to have a lot of money in credit either.
When you learn to follow these three easy steps and the Debt Termination Plan, you'll be amazed at how quickly you can get your finances under control and start working toward a better future.
So, why don't you just do it? Start today to handle your money without stress. You will be glad you did.
