Have you ever broken down your debt payments to see how much goes to your principal and how much goes to interest?
I challenge you to take a look. Look at your mortgage, your credit cards and your student loans. You will see your debts in a whole new way.
I did this exercise and realized 36% of the monthly payment we pay to my husband's student loan every month goes to interest. 36%! THAT SUCKS!
Go. Do it. Maybe it'll tick you off enough to finally take a sledgehammer to that debt. Let us know in the comments how you make out.
I'm taking a Road to Financial Freedom, do you want to follow along?
- The Road to Financial Freedom - Introducing a New Series
- Four Ways to Become More Financially Literate
- Is Clutter Interfering with Your Road to Financial Freedom?
- Get Your Finances on Your Calendar
- My Dumbest Money Decision
- Our Wisest Money Decision
- Our Riskiest Money Decision
- Do You Track Your Cash Flow?
If you would like to receive FREE updates of FBS, there are four ways to do so: