In this week’s tasks, we are going to look at all the debts we have. Because we are in the collation stage, I would like you to write down on a separate page each loan you have. This could be a home loan, car/boat loan, furniture, credit card, and family/friend loans. The intention of one debt per page is that we will be going back to these in the next phase to Review, Reduce or Remove. More on this later.

So for this week, only write out each debt and some pertinent details relating to these debts.

3. Face your number …. Own your finances

You need to OWN these numbers so you can FIX it and have more control. It may feel like your loans will last forever, and some kind of do (like the dreaded mortgage which comes from the French and Latin words that mean ‘Death Pledge’!). It feels like that sometimes. I think I have had my ‘Death Pledge’ for 27 years!!!!! 😜

Sometimes you have to invest in yourself to help put things in perspective and to give you the energy to start moving money in the right direction.

Write down all your debts. One debt per page so that we can work on them more later.

ALL of them!

On each page write down the title of the debt (big or small … example below in italics)

  • What the loan is for:Home loan
  • Who is the loan with?: Macquarie Bank
  • Payment value: $2600 ($1000 interest & $1600 is principle)
  • Frequency of payment: Monthly on the 4th
  • Interest rate: 2.54% (variable)
  • Balance: $483,947
  • Number of payments left (if known): feels like forever 🤣
  • NOTES about the loan: the loan has an offset account attached
working out your debts

I also wanted to show you an example I love (see below) from @our.debtfree.journal, who names each debt after an evil villain! Who says finance can’t be fun?

Next week we will be in the final stage of ‘Owning Our Numbers’. These initial steps are important to build your current foundation and to pick items out that we can attack and amend.

I would love to know how you’re feeling through these initial steps. DM, email me or comment on either Facebook or Instagram, I really want to know! I guess we get wrapped up in our own “world” so it’s nice to cross over and discuss other people’s numbers and help each other work out with some strategies. People seem to keep this kind of thing behind closed doors and only worry internally. As they say, 2 heads are better than 1 and someone outside your “world” can give you a totally different perspective. 🤷

ideas to help reduce debts
Example from @our.debtfree.journal
Debt Smasher