It might not be fun to face your finance situation, but you can’t move forward until you know where you are now. And digging through files and tracking down lost passwords is not a recipe for situational awareness.
That’s why this week’s worksheet is all about debt: what debts you have, their interest rates, charges and fees, terms, and other important details. Print it out and add it to the folder or binder where you keep your financial information. Get really detailed with your notes, including everything that might help you prioritize and organize your payments. The notes don’t have to fit in the box – write in the margins and on the back if you want to. Use a highlighter if it helps you to see the most important things, such as a debt that is accruing late fees every month or an adjustable rate mortgage that is going to change soon.
Once you’ve filled out the worksheet, add up all your monthly payments. Did you know you were paying that much towards debt each month? that’s going to continue unless you get some of these debts paid off. Can you contribute a little bit more every month, or make one-time payment when you have a little bonus money? Once you know where you are, you can play with the numbers to see how you can get rid of these burdens.
Don’t let this worksheet make you feel discouraged. Knowledge is the first step to any process, and you can’t take positive action if you don’t know which way to go.
Click here to print the worksheet in PDF format:Debt Worksheet
Click here to download the worksheet in a Microsoft Word document:Debt Worksheet
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