1. Calculate your income. Make a list of your monthly income sources, including your salary (after taxes), any bonuses you incur on a regular basis, and child support or alimony payments.
  2. Make a list of all of your monthly financial obligations (fixed, variable and discretionary) including the amount of debt you owe and the interest you are paying.
  3. Prioritize your debts. Most people place their mortgage and car payment at the top of the list.
  4. Evaluate where you are spending your money every month. In order to make a change, you need to understand where your money is going.
  5. Create a realistic monthly budget. It is easy to spend too much if you don’t have a personal spending plan.
  6. Develop a realistic debt reduction plan. Can you trim any expenses?
  7. Consider one of the following solutions: Generate additional income. Lower or suspend investment contributions. Lower interest rates on loans or credit cards.

Now that you have created a plan, commit to it and before you know it, you will be debt free.

Debbie Brower

Debra Brower NMLS# 484640
Vice President / Mortgage Loan Officer
501 West Main Street, Odon, IN 47562

dbrower@fsbbank.net

1-812-636-7324

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