Getting fit can be fun, but if you’ve ever been injured, you know how much of a struggle exercise can be. You can’t even think about going for a jog if you’ve pulled a muscle or twisted your ankle!
Financial fitness is a lot like that. We all want to be financially fit, but sometimes we need to be financially healthy, first. That can mean taking a look at our debt and seeing if we can bring it into balance.
So here are a few simple steps to start taking control of any extra debt:
Step #1 – Build The Emergency Piggy Bank
Before you start paying down your debt, make sure you can avoid new debt, first! Set aside a little bit of money to make sure you can deal with an unexpected emergency.
Step #2 – It’s All About Interest!
A higher interest rate on a credit card or loan means you’re being charged more money. So always pick your highest interest card to pay off, first. Make your minimum payments on all the cards, then put anything extra to the one with the highest rate.
Step #3 – And repeat!
Once the first card is down, take all of that money (including the minimum payment your now saving!) and put it to the next card on the list.
The Mint Makes It First, It’s Up To You To Make It Last
-Jainie
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