Eliminating Current Debt - Set Goals and Objectives
It is important to establish a simple DEBT FREE Plan.
The plan should be tailored to your capabilities and desires.
That is accomplished by setting and meeting stretch goals and objectives that cause you to reach beyond your normal behavior.
However, those goals should be achievable and clearly understood by all the members of the family.
Some critical areas for goals and objectives are: A.
A Targeted DEBT FREE Date - Although the information sent initially by the credit counseling agency will establish such a date, you may want to set a new accelerated date and personally detail the actions that will be required to bring about the specific results wanted.
B.
Amount Of Interest Saved - For many, the motivation to save a large amount of interest long-term is enough motivation to work hard on the primary goals of the program.
If you happen to be similarly motivated you may find that long-term interest savings will likely be double the principal and interest amounts that are now scheduled to be paid.
C.
Dates of Power Payments - If the dates of anticipated power payments can be accurately established in advance, it will provide a positive long-term booster for your continued development of your personal DEBT FREE plan.
D.
Long-term Growth of Income - Your past income growth is often a fairly reliable gauge of your potential future income growth.
Growth provides your family with things that are just not affordable in your revitalized DEBT FREE program.
Study your growth possibilities and dare to project real growth if you really believe that your income growth is predictable.
E.
What Investments Do You Eventually Want - When your DEBT FREE Program is at an end you will want other investments to kick in and absorb the payment that you are making to the credit-counseling agency.
It is not too early to plan how you will include savings, insurance, investments, etc.
F.
Intermediate Review Dates - Like any meaningful program, it is a wise thing to take time to review your overall progress.
Performance that is measured usually will improve.
Your new commitments are usually improved by a regular review.
This review should be accomplished with all family members.
In the next article, "Eliminating Current Debt - Tools To Help You", you will learn about some tools to help your debt free plan to be successful.
The plan should be tailored to your capabilities and desires.
That is accomplished by setting and meeting stretch goals and objectives that cause you to reach beyond your normal behavior.
However, those goals should be achievable and clearly understood by all the members of the family.
Some critical areas for goals and objectives are: A.
A Targeted DEBT FREE Date - Although the information sent initially by the credit counseling agency will establish such a date, you may want to set a new accelerated date and personally detail the actions that will be required to bring about the specific results wanted.
B.
Amount Of Interest Saved - For many, the motivation to save a large amount of interest long-term is enough motivation to work hard on the primary goals of the program.
If you happen to be similarly motivated you may find that long-term interest savings will likely be double the principal and interest amounts that are now scheduled to be paid.
C.
Dates of Power Payments - If the dates of anticipated power payments can be accurately established in advance, it will provide a positive long-term booster for your continued development of your personal DEBT FREE plan.
D.
Long-term Growth of Income - Your past income growth is often a fairly reliable gauge of your potential future income growth.
Growth provides your family with things that are just not affordable in your revitalized DEBT FREE program.
Study your growth possibilities and dare to project real growth if you really believe that your income growth is predictable.
E.
What Investments Do You Eventually Want - When your DEBT FREE Program is at an end you will want other investments to kick in and absorb the payment that you are making to the credit-counseling agency.
It is not too early to plan how you will include savings, insurance, investments, etc.
F.
Intermediate Review Dates - Like any meaningful program, it is a wise thing to take time to review your overall progress.
Performance that is measured usually will improve.
Your new commitments are usually improved by a regular review.
This review should be accomplished with all family members.
In the next article, "Eliminating Current Debt - Tools To Help You", you will learn about some tools to help your debt free plan to be successful.
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