Master Your Money Bootcamp: Make a list of all your debt balances

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Welcome to week two of the Master Your Money Bootcamp on demystifying your finances! This week we’re focused on managing debt balances.

Exercise 2: Figure out how much you owe, to whom, and at what price

Not all debt is bad, but it can be expensive and, at times, messy. Attention to detail is critical when it comes to getting organized.

Whether you’re carrying a balance on your credit card, paying off a new car, or chipping away at a student loan or mortgage, the best way to manage debt is head on. Being specific about the stakes of your debt – how much you owe and when it’s due – can feel daunting, but it’s key to getting out from under it.

Remember, you don’t need to be debt-free to be good with money, but you do need to be in control.

The goal for this week: To get a clear picture of all your financial liabilities. You need this information to make a plan for paying off your debt.

1. Open up a spreadsheet or get out a blank sheet of paper and write down all the financial categories where you hold debt, such as:

  • Credit cards
  • Home loans
  • Student loans
  • Auto loans
  • Personal loans

2. Go through each category and write down the bank, credit union, or another lender that falls under each one. For example, the US Department of Education might be listed under student loans, while Chase Bank might be listed under credit cards.

3. Under each lender, write down the following:

  • Your balance as of a specific date
  • Your interest rate or annual percentage rate (APR)
  • Your minimum payment
  • Your payment due date

As a reminder, here’s what you’ll accomplish in this month’s Bootcamp (we’ll link to each exercise as it goes live):

For each exercise, you’ll get a detailed explanation of how to complete it and why it’s important. Use the hashtags #MasterYourMoney and #MasterYourMoneyBootcamp to share your thoughts, progress, and connect with others across our Twitter, Facebook, LinkedIn, and Instagram as you make your way through each exercise, then join us for the live events.

Read the original article on Business Insider

The Master Your Money Bootcamp will help you take control of your finances, no matter how messy they are

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Ask just about any personal finance expert how to start taking control of your money and they’ll give you the same advice: Figure out where your money goes.

It’s a lot harder than it sounds.

Have you ever left a bill unopened, to deal with it later? Are you 100% sure which subscriptions are charging you every month? Which of your debts has the highest interest rate? Quick, off the top of your head: How much money do you have in cash savings?

Chances are, you can’t answer some of these questions without a good deal of password-finding, terms-reading, and note-taking. And that’s normal! But being aware of your money (all of it) is a crucial step on the path to building long-term wealth.

Welcome to the Master Your Money Bootcamp

Master Your Money Bootcamps are month-long challenges broken into simple one-week exercises to help you take control of your money.

Over the course of 2021, we’ll conduct four of these Bootcamps, each culminating in a free, live, virtual discussion among experts about how to make the most of the tasks you’ve already accomplished. You can take all four Bootcamps this year, or pick and choose the ones that give the guidance you need most.

For each exercise, you’ll get a detailed explanation of how to complete it and why it’s important. Use the hashtags #MasterYourMoney and #MasterYourMoneyBootcamp to share your thoughts, progress, and connect with others across our Twitter, Facebook, LinkedIn, and Instagram as you make your way through each exercise, then join us for the live events.

Our first Bootcamp exercise launches Monday, April 19, 2021. You don’t have to sign up – just dive in! Here’s what you’ll accomplish in just one month (we’ll link to each exercise as it goes live):

Read the original article on Business Insider