Digging Out of Debt
January 13, 2017
Today it’s said that eight of every ten Americans have some kind of debt, and seven of every ten Americans say that debt is a necessity in their lives. Paying off your debt is not only good for your financial well-being, it’s also important for your physical health. With the right tools, you can get the job done in no time.
Debt can hamper a person’s future. People put off major purchases (such as a home, a car, or vacations) and put off furthering their education. People also wear themselves thin by working extra jobs or taking jobs that they do not enjoy in order to make ends meet. All of this can have very serious psychological consequences—it can lead to stress, burnout, and even depression.
Debt can also cause problems in other areas of your life. For instance, debt can negatively impact your physical health. Stressing about the money you owe can raise your high blood pressure and lower your immunity, making you more susceptible to illnesses. Too much debt can even be toxic to your love life.
If you find yourself in debt, making concrete financial plans can help you work your way out of the situation. You can talk to a financial advisor for personalized, professional advice or you can try using online debt tools and create a financial plan on your own. Listed below are two ideas that may be useful to you.
Budget yourself with Level Money
Making a budget prevents you from acquiring further debt. There are many apps and online programs that can help you create a budget and Level Money is just one example. With this app, you can plug in your essentials (including your income, your rent, and your bills) and then it tells you how much of your remaining income is “spendable.” You can keep reminders on your phone so that you stay on budget. You can find other helpful budgeting apps here.
Calculate your debt with The Simple Dollar Calculator
Once you start budgeting yourself you may have some extra money left over to pay down your debt faster. This is important because it can save you money in the long run. That’s when a debt calculator will come in handy. The Simple Dollar debt payoff calculator shows you how much money you can save by making a few extra payments on your debt.