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Better Man

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30 Days to a better man<br />

ily is carrying $8,000 to $10,000 in credit card debt, and that doesn’t even<br />

include the amount they owe on new cars!<br />

People have awoken from their orgy of spending with a nasty, debt-filled<br />

hangover. Even if you’re not hurting too bad from debt that you’ve taken<br />

on, paying down your debt is definitely the manly thing to do. Being debtfree<br />

grants you an unmatchable feeling of independence and self-respect.<br />

There are several ways to go about attacking your debt. Below we provide<br />

two suggestions. But the first thing you need to do is figure out how much<br />

can afford each month to pay down your debt. So let’s start there.<br />

Note: <strong>Man</strong>y financial experts recommend you start an emergency fund before<br />

you start paying down debt. The choice is yours.<br />

Come Up with Your Monthly Debt Nut<br />

If you haven’t been paying anything towards your debt or if you haven’t<br />

been paying very much because you feel as though there isn’t any wiggle<br />

room in your monthly income, then the first thing you need to do is figure<br />

out exactly how much you can pay towards your debt each month by completing<br />

a monthly budget.<br />

Go back to your budget that you created a few days ago. How much<br />

do you have set aside for paying down debt? Could you set aside more?<br />

You might be thinking to yourself, “There’s no money left to go towards<br />

paying down my debt! I’ve reached my limit.” But I’ve found if we look<br />

hard enough and are willing to sacrifice, we can always find more money<br />

that can go towards paying down our debt. For example, you could get rid<br />

of cable, share one car with your spouse, or take your lunch to work instead<br />

of eating out. Do enough of these little things and you’ll quickly have a nice<br />

wad of cash that can go towards paying down your debt.<br />

Option #1: Pay Off the Debt with the Highest Interest Rate First<br />

Paying off your debt with the highest interest rate first makes the most economic<br />

sense. By tackling the loans that are costing you the most in interest,<br />

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