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30 Days to a better man
ily is carrying $8,000 to $10,000 in credit card debt, and that doesn’t even
include the amount they owe on new cars!
People have awoken from their orgy of spending with a nasty, debt-filled
hangover. Even if you’re not hurting too bad from debt that you’ve taken
on, paying down your debt is definitely the manly thing to do. Being debtfree
grants you an unmatchable feeling of independence and self-respect.
There are several ways to go about attacking your debt. Below we provide
two suggestions. But the first thing you need to do is figure out how much
can afford each month to pay down your debt. So let’s start there.
Note: Many financial experts recommend you start an emergency fund before
you start paying down debt. The choice is yours.
Come Up with Your Monthly Debt Nut
If you haven’t been paying anything towards your debt or if you haven’t
been paying very much because you feel as though there isn’t any wiggle
room in your monthly income, then the first thing you need to do is figure
out exactly how much you can pay towards your debt each month by completing
a monthly budget.
Go back to your budget that you created a few days ago. How much
do you have set aside for paying down debt? Could you set aside more?
You might be thinking to yourself, “There’s no money left to go towards
paying down my debt! I’ve reached my limit.” But I’ve found if we look
hard enough and are willing to sacrifice, we can always find more money
that can go towards paying down our debt. For example, you could get rid
of cable, share one car with your spouse, or take your lunch to work instead
of eating out. Do enough of these little things and you’ll quickly have a nice
wad of cash that can go towards paying down your debt.
Option #1: Pay Off the Debt with the Highest Interest Rate First
Paying off your debt with the highest interest rate first makes the most economic
sense. By tackling the loans that are costing you the most in interest,
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