The Church of Jesus Christ of Latter-day Saints has wonderful financial resources to help individuals and families eliminate debt. One great resource is the debt-elimination calendar which I first learned about in the Church booklet, "One for the Money: Guide to Family Finance" by Elder Marvin J. Ashton. On page five there is a picture of a debt-elimination calendar which "can help you reduce or eliminate unnecessary debt." (Also see "You Need a Budget: Software Review")
Below is my own sample of a debt-elimination calendar. Paraphrasing page five of the booklet, here's how it works:
- Using a Debt-Elimination Calendar
- On a piece of paper create several columns and rows.
- In the first column on the left, starting in the second row, write the names of each month for at least a year, starting with the following month.
- At the top of the next column, write the name of the first debt you wish to pay off. You can start with the debt that has the highest interest rate, or the debt that will be paid off first.
- Put the monthly payment for that debt in each row until the loan is repaid.
- At the top of the next column, put the name of the second debt you wish to eliminate, along with the monthly payment, until the first debt is paid off.
- Once the first debt is eliminated, add that monthly payment to the monthly payment of the second debt in the following month.
- Continue until all debts are eliminated.
I have personally used a debt-elimination calendar, which helped my family eliminate several $1,000's in debt. Eliminating debt will remove a huge financial burden from your life, and using debt-elimination techniques like this calendar and budget worksheets, really do work. Also see this review of You Need a Budget to learn how to budget to get out of debt or visit the Family Life Category for additional resources.
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