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Use A Debt Checklist To See Where You Stand

A Debt ... allows you to look at items and areas of your ... life. You need ... these to gauge how you stand. Even if you believe you are in good shape take a ... at these area

A Debt Checklist allows you to look at items and areas of your financial life. You need to
examine these to gauge how you stand. Even if you believe you are in good shape take a close
look at these areas to be sure.


  • Your Budget   Almost nobody likes this word, which is why so many people
    have problems with their finances and debt. You need to know how and where your money is
    being spent. In addition, you should be sticking to a spending plan.

  • Your Savings Account   You should pay yourself each month. To do this you
    need have an account in place, in which you keep your funds. At least until you can move them to
    an account with a higher rate of return. Visit your bank or credit union to set one up.

  • Your Use Of Credit   You need to review your use of credit to see how,
    what, and where you are using it. Using credit to pay your bills or buying groceries is a recipe for
    trouble.

  • Your Percentage Of Income For Debt   Nothing makes it harder to stay with
    your spending plan than credit card payments. You are paying for your past while trying to
    purchase your present. If your percentage of income going toward debt exceeds 15 you could be
    headed for trouble. Any amount over 20 percent, you need to put on the brakes.

  • Your Minimum Payments   These add up. If you are to the point where you
    ca only make minimum payments on your debts, you will stretch your indebtedness far into the
    future. You donít want to extended like this. Find ways to add extra to one payment each
    month. Then when you pay one off move the extra payments to another.

  • Your Protection   You need to put into place and maintain protection for
    your assets. Your home, autos, life, and health, need be insured. Make certain the protection is
    in line with the value of your assets and the needs of the people whose lives would be effected.

  • Your Retirement   Two factors come into play here. You are going to live
    longer and life is not getting any cheaper. You should pay into an account for retirement every
    month. More is better. If you have been paying attention youíll know not to depend solely on
    social security.

  • Your Job Skills   Things change and change rapidly. A constant update
    should be part of your plan. You need to be able to obtain better jobs, or sometimes any job. The
    more skills you possess the better your chances.

  • Your Money Skills   Since money education is not taught in school you will
    need to learn on your own. You need to learn to manage your money, even if you turn it over to
    others. Become familiar with how credit and debt worksPsychology Articles, so it doesnít work against you.


Once you have taken this inventory get to work shoring up the areas where you are weakest. Put
into place the ones you donít have. Then check back every so often to make sure all is well and
as it should be.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


David Wilding has for the past ten years wored woith groups and individuals to rid their lives of debt. Visit his website http://www.debtattack.com for ideas, tools, and strategies for becoming debt free.



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