Buying real estate is fun and exciting. Many see it as a long-term investment to prepare themselves for retirement age. Southern Utah and St. George are great areas to invest your money into real estate. If this is your first time buying real estate, it is a good time to look over your debt and make a proper plan.
The first step is to gather all of your debt documents. List all of your monthly payments on a spreadsheet or in a notebook. When you list your payment include the name of the debt, the interest rate, how much you owe, and your minimum payment due monthly. Then rewrite them starting with the smallest debt first and ending with the largest amount owed. You now have your payoff list.
You will want to make the minimum payment to each bill except the smallest one. The smallest amount will get any extra income to pay it off quickly. Once that payment has been cleared, you will take the amount you were paying to the first debt and apply it to the next debt. You will start to gain momentum and get excited about seeing the number of creditors owed by working the system this way.
The most important thing to keep in mind while working to reduce your debt, is to not create more debt somewhere else. Work within your budget. Deal with cash if you need to. Know your limits and be strong enough to stay within your limits. Review your budget weekly if it helps to keep you on the debt free path. Get creative about earning extra income to reduce your debt.
Paying down your debt doesn't have to be daunting. Make it fun and challenge your family to make it a game. Set realistic goals and celebrate with each other when you hit them! Your future self will thank you.
Your real estate dreams are within your reach! You can do it!