Being in debt can really put you down and drain your confidence and motivation. Whether you are just starting out with your debt repayment journey or right in the middle of it, there are tools and resources out there to help you pay off your debt at your own pace.
It requires quite a bit of patience, focus, and motivation, but it can be done. You just have to improve the way you manage your finances and prioritize your debt each and every week.
Here are five tools and resources you can use to manage your finances better and pay off your debt.
1. ReadyForZero is a great resource you can check out for its’ various different tools. The website has software that creates a personalized plan that’s set to your financial habits. This, plus the visual charts and progress updates via email will get your debt repayment journey off to a good start.
The company is geared toward helping people pay off their debt so they can control their finances. ReadyForZero PLUS and ReadyForZero PLUS Credit are also options but are not free like the basic program. ReadyForZero is and can run you $10-$20 per month respectively. The website claims these plans have helped people come out of $207 million in debt and counting.
Dave Ramsey’s Financial Peace University Course
2. Financial guru Dave Ramsey offers insight on how to break through and become debt free in his nine week course. Purchasing one membership will be all your family needs to start attending the class. If attending a course doesn’t seem like something you’d be interested in doing, there is also the DVD home study and the online home study which is a nice alternative.
The membership package will include a workbook which you would need to take to class each week. The Legacy Journey is also an option after you make it through the Financial Peace University Course as a follow up.
3. Read Financial Blogs
Another great way resource to help you get out of debt would be personal finance blogs and websites. Inspirational stories about what people who were in thousands of dollars of debt are willing and able to share what they’ve learned and experienced and it’s important to take advantage of that. It’s also a great way to motivate you throughout your journey.
Wally is another helpful money management tool and smart phone app. The app gives you updated constantly about your transactions so you can maintain your budget and focus on using extra money to pay off debt.
It’s also nice because you can build your own savings goals and when your deadline will be. The application will let you know how your goals are progressing and what you still need to do to achieve it.
Here’s another website full of tools and tips to become debt free. They try to start with the basics like tracking your expenses and cutting the ones you do not need.
If you track and lower your expenses, it will only be a matter of time before you start seeing a positive impact on your account. The website also offers resources on refinancing if your debt is becoming too much for your to handle, you can attempt to refinance it and receive a lower interest rate. That can also be the case for a car or student as long as you have a good payment history the lender shouldn’t have any problems giving you a lower rate.
Have you used any of these strategies to try and climb out of debt?
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