In the world of personal finance, one of the best feelings is when you become debt free. Once you become debt free it’s like a weight has been lifted, you can breathe a sigh of relief, you’re free!
Creating a debt payoff plan is the fastest way to become debt free. It’s motivating. It’s provides a clear goal. It creates a clear payment plan to follow. But what makes a great debt payoff plan? There are a few important things that a great debt payoff plan should include.
Whether you’re paying off a bunch of credit card debt, or a big line of credit, or a student loan, or just want to see how long it will take to become mortgage free, a great debt payoff plan can make this happen.
What should be included in a great debt payoff plan? These six things are top of our list… (plus you’ll get a sneak peek at our new Debt Payoff Plan which is exclusively for clients to use when creating a financial plan with PlanEasy!)
Having the option to defer mortgage payments has been a great source of relief for many Canadians. The large banks introduced options to defer up to 6-months of mortgage payments. But what is the cost of mortgage deferral and how does your mortgage change in the future?
The option to defer mortgage payments has been incredibly helpful for those with reduced income or cash flow. It’s provided an enormous amount of relief. It’s even allowed some people to build up a small amount of emergency savings (a personal finance best practice).
But what is the cost of these reduced payments? How will interest be accrued? What options do you have to reduce this accrued interest in the future?
In this post we’re going to use our free debt calculator to estimate the cost of mortgage deferral. We’re going to explore how the deferral impacts both short-term and long-term finances. Plus we’ll look at how different repayment options may impact the total amount of interest paid and the length of time to mortgage freedom.
It’s the new year! Time to kick start your finances!
This ten day routine will help you shift your finances into high gear. This routine is aggressive, ambitious, and a bit challenging. This routine will cover all the basics of a good financial routine. Having a routine for your money is one of the best ways to improve your finances this year.
If ten days seems like too much (and it probably is!) then consider spreading these steps over ten weeks or even ten months to make things a bit easier. The key is to find a pace that works for you. It’s better to take a bit more time if it means you’ll stick to your new routine.
If it seems daunting then consider pairing up with a friend, co-worker, or getting the help of a financial coach. At PlanEasy we offer custom financial coaching & advice for our clients. As a new client, we’ll create a 12-month program tailored specifically to you and your goals. If you struggle with your financial routine then a bit of coaching & advice might be exactly what you need to improve your finances this year.
I love a good debt payoff story. There is something satisfying about seeing someone pay off a mountain of debt in a short period of time. This story comes from a reader who has a total of $46,174 in student and credit card debt. They used our debt payoff calculator to create a debt payoff plan that kills this mountain of debt in just over 2.5 years! Amazing!
When it comes to paying off debit it can sometimes feel like an endless struggle. It seems like interest is constantly work against you (which it is!). Payments are being made every month but the balance never goes down as fast as you hope.
This blog post isn’t quite a debt payoff story, not yet anyway. This post is about a debt payoff plan. Every debt payoff story starts with a good debt payoff plan. This plan aims to pay off almost $50,000 of debt in just over 2.5 years.
Let’s see how they’ll do it!
Debt is the nasty little gift that keeps on giving. Constantly growing and taunting you with interest and minimum payments.
Left unchecked debt can spiral out of control. The good news is that there are lots of different strategies to help you tackle your debt. Many people have been in the same situation and they’re now living debt free. It just takes some planning and dedication to get out of debt.
Debt elimination is possible. Put debt in its place by doing these three things…
When it comes to paying off your debt there are two basic approaches. The trendy approach is called the debt snowball. The classic approach is called the debt avalanche.
For reasons that we’ll describe later in this post, both options can help you pay off your debt quickly. The key is to figure out which option is best for you and your debt situation.
Just blindly following one approach could leave you in debt longer than you should.
There is also a third approach called the snowball/avalanche hybrid that takes the best of both methods.