It has been a long time since we talked about debt reduction here. Truthfully, part of the reason is because debt reduction took a hard nose dive in 2014 (perhaps more on that in other posts). Now that I’m settled in Memphis, I’m ready to hop in the saddle again. I have had this plan to be completely debt free for a while–2013 produced great strides toward that goal–but I still didn’t have a clear vision. Today I sat down with pen and paper, wrote out all my debts, interest rates, expenses, and planned adventures.
Seeing all those numbers didn’t mean a thing to me with little idea of how to go about paying debt. I knew I wanted to attack credit card debt first, but after that… ::blank stare::
I thought about trying Dave Ramsey’s snowball tool for a 7 day trial period, but a friend encouraged me to look online for a free one….and I found one! Vertex42 offers many different tools to help people manage their finances and time.
For the last two hours I have input my information, played around with numbers, and come up with a plan: I will be completely debt free in three years! The tool is easy to use (formulas for each cell are already formulated) and has instructions and a video if you need additional help. If you have more than 10 creditors, there is an extended version that costs $9.95 that allows you to input up to 40. Besides the ease and cost, another reason I like Vertex42’s calculator is it works with OpenOffice and Google Sheets. No Excel? No problem.
If you’re like me and need to visualize your plan, this tool might help. Let me know if you use it and how it works for you!