Renee Hugger, AFC (Accredited Financial Counselor) Blog Page

Let’s start of with defining debt. Debt is money you owe. This can be money you owe to friends & family or a financial institution.

Debt can be hard to face. I know because I am living proof of getting out of debt as a single mom making near poverty wages.

I just want you to know, you are not alone!

Small steps can lead to BIG changes!

The first step is to write down all your debts.

Here are some examples of debt you may owe:

Put your debts in an understandable format

Next write down the name of the creditor, monthly payment, interest rate, annual fee, current balance and the date the payment is due each month.

See the example below to get started.

Review your debts. Consider what debts you should start paying first. There are no right or wrong answers when starting to pay off debt. It’s your personal opinion.

When I was working hard at getting out of debt, I started paying my smallest debt first. So, from the example, I paid $100 each month on the Mastercard.

The reason I did this was because it was motivational. I wanted to pay something off quickly.

Another option, is to choose the debt that has the highest interest rate. When using this method, you really are saving money. The reason this is true is because you are saving money on interest.

Then when I paid off the Mastercard, I took the $100 that I was paying on the Mastercard and put that towards the Discover card.

Now I was paying $125 towards the Mastercard. This system proved to be very motivational for me.

Learn More!

I hope you found this information helpful!

Any recommendations I make should be taken into consideration with your values and goals. You should make the best decision that aligns with your family’s values.

As a Financial Coach, my mission is to help families save more, spend less so they can buy and do the things most important to them and spend their time and energy focusing on their kids.

Spending quality time with your kids is more important than stressing about finances. Instead of going to friends and family and sharing your financial struggles, reach out to me. I love talking about money, values, assessments and strategies to make positive changes to your financial habits to live a life you love.

Stressed About Finances?

I understand because I’ve been through some really challenging financial situations. Learn more about me.

I’m a kind, heart-centered coach who is excited to help you! If you’re struggling with your finances, get the results you want – I promise to keep you accountable and help you manage your finances successfully . I have a 100% guaranteed or your money back for the 1st session!

Finally, I wish you success in your financial journey😊

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