Monday, July 02, 2007

I Like the "Debt Journal" Idea

I found this post back in March How I focused on getting out of debt. As I re-read it now after a few months into my debt clean-up efforts I find that the the simple concepts presented can be more than helpful for those of us just starting out in the debt reduction game. I especially like the "debt journal" idea.

First I created a debt journal. This was a notebook that I kept with me at all times. I listed all of my credit card, student loan, and car loan balances in it. Everytime I made an installment payment I updated the outstanding balance in the journal. I also listed any income made during the month in the journal and noted how it could be used to pay down the debt.

I haven't yet created a physical notebook per se as my debts are fairly simple when compared to others I have seen; in essence my blog has become my debt notebook. I do use a notebook tho to help stay on track so I do not need to rely on my stored computer info. I use my notebook to list what payments I need to make, for tracking my grocery/household shopping and make notes as to future payments coming due. As I become better organized this may change.

As I write this I realized that organization is my biggest problem. Not just in regards to my finances but life in general. Working 2 jobs has been casuing havoc and most times I do not know if I am coming or going. I have discovered that if my life in general is frazzled my control on my finances is just as frazzled. Something that a debt journal as mentioned in bostongals post may help with.

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