**Update-
Grab the 2021 Financial Planner!
Yesterday I shared my latest printable, theSoon to be debt free workbook.Today I am back to go into detail about the specific pages of the binder.
So let’s get started, Paying off debt!!
First up we have theYear or savingpage. If you are not sure what the heck this is, check this out. Even though we are committing to paying of our debts, I think it is important to find a balance! So I will be sticking to this plan.
Then we have theYear at a glance page. This is a quick look at your total debt and your cash on hand balances. When paying your bills every month total up yourbalances, combine them and fill in this chart. The goal is that over the course of the year you will see this number decline. *DO NOT total up your payment, but instead, total up your BALANCE.*
Username and passwords- I have seen a lot of these forms all over the inter-webs. However, when it comes to bill pay, I need it to be simple. For the most part, I know my usernames and passwords but it is nice to have them in one spot for quick checks. This is also very helpful for the accounts you do not use on a regular basis. I use it for our TurboTax account since I only log in once a year I would never remember. It ends up saving me a lot of time and frustrations tracking down those login details. *I recommend using a pencil for your password for any account that requires frequent changes. Like our bank does! Every.Three.Months!
Bill PaymentTracker-This is also important for bill payment. This will help you keep track of what you are paying, what the amount is supposed to be, and the due dates.
Checkbook Register. It is a rare occasion that I write a check. However, when the time arises it is nice to have this form. I could not for the life of me tell you where to find a checkbook register that comes with my checks. This is a very important form when we get to talking about sitting down and paying your bills. Don’t worry I have a printable for that too! (And it just might be my favorite one of all!).
Full Debt Overview- Eeek. This one can be a little scary to see those figures add up. BUT it is imperative! Sit down with all of your debts listed in the left column. Login to each account and fill in the information you can.Minimummonthly payment, interest rate, balance. If you do not know any of those figures CALL THE COMPANY and find out!You cannot change what you do not know/acknowledge!!!Then go HEREto figure out the remaining figures:annual interest, estimated payoff date. This site will give you a full rundown of your financial picture. How long it will take to pay off your debt, how much interest you will pay over the life of the loan, etc. *Do not close out of the tab of crown.org, you will be using it again soon!*
Paycheck Budgeting- This is not for everyone, especially those who get paid weekly, quarterly or if your paycheck varies. But, if you are like us this way of budgeting has been a godsend for our family. I love it. Scott gets paid every two weeks…guaranteeing two paychecks a month. I know that the first paycheck of them month will never come later then the 15th, and the second one will never come later than the 30th. We also know the exact amount of each paycheck. Therefore, this system is pretty easy for us. There are set bills that get paid by the first paycheck, and the remainder with the second paycheck. PLUS twice a month Scott will get an “extra” paycheck (3 in one month) usually in May and November. We consider those paychecks bonuses.
Snowball Calculator-I love this form! This is what we will be using to help us pay down those debts!
Let’s chat about filling this out:
1) Visit theFull Debt Overviewform, and fill in the top section of this page
2) Once you finish with step 3 (and all other debts) come back to this and assign a priority number. Is this debt 1st priority or maybe it is your mortgage and you have some credit cards you want to focus on first, so this is your 5th priority.
3) Go back to the crown.org site.Now adjust your payment amount! Change it by increasing it by $25.00, $50.00, $75.00, then $100.00. Fill in the changes you see in the payoff date, and total interest paid. This will help you see how just a little bit more every month towards the debt can dramatically pay it down! The last amount is left blank for you to fill in with whatever figure you’d like! Maybe you can only afford an extra 15.00 a month a first, or perhaps this is the 4th debt you are paying off so you are able to add the payments from 1-3 and can pay a lot more than $100.00.I have created a google spreadsheet – that can calculate your debt snowball in a beautiful spreadsheet – that allows you the ability to change your numbers!! Grab it here!
Select what payment amount you are going to commit to, then start paying off our debts!!
I will see you all soon, with round 3! 🙂
Next up I will be sharing more about how we budget, and one of my favorite printables off all time. 🙂
Find links to the rest of the series below:
Part 1 Part 3
Interested in other paying off debt worksheets/money saving articles? Make sure you check these out!
- The ONE worksheet EVERYONE needs to use when paying bills is THIS!
- Save money at the grocery store with these 7 apps!
- Save money during the holiday season by starting early! Use this free printable to track your gifts!
*A lot of people have asked what I used to assemble my workbook. I used the following:
You can also just use a simple 3-ring binder, OR just staple the pages together. The overall goal is to GET OUT OF DEBT!
