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Eliminate Credit Card Debt Through a Debt Pay Off Chart for Married Female Entrepreneurs

When couples work with me often one of the first things they want to tackle is getting rid of debt. As married women entrepreneurs we often have some form of debt from investing in our businesses. Usually we carry that debt in the form of credit card debt. I want to give you some tips that you want to keep in mind for creating a debt pay off plan.
I’ve noticed that debt is like dirty laundry that we move from room to room in our house – as we constantly shuffle our debt to the next lowest interest rate credit card. Or we carry our debt around with us for what seems like forever and that burden begins to weigh heavily on us.
Here are some essential components that you want to include when creating a debt payoff chart. For starters, you need a clear debt pay off plan. I call my debt pay off charts, “Eat That Elephant Debt Pay Off Success ChartA�.” There is that old saying, “How do you eat an elephant? One bite at a time.” The same applies for getting rid of debt. The way you get rid of debt is one bite at a time.
For starters you want to lump all of your debt into specific categories. If you have several different credit cards, you want to list each one under the category of Credit Card Debt. For example, if you have three different credit cards list each credit card under the category of Credit Card Debt and then total that up. If you have a couple of different personal loans, itemize each loan under the category of Personal Loans.
You don’t want to include your mortgage in your Debt Payoff Chart. Once you get rid of all your other debt then you can begin to tackle your mortgage. Once you’ve lumped all your debt into specific categories, total up all your different categories of debt and come up with your total debt balance and record this under the heading: Original Debt Balance and make sure you include the date.
The next thing that you’ll do is to identify the smallest debt balance. There are lots of ways of getting rid of debt but I prefer to approach paying off debt by selecting the smallest balance first, and making a monthly payment that is above your minimum balance on the smallest debt balance until that particular debt is completely paid off. I prefer this approach because it keeps you motivated. If you can pay off the smallest debt first you will be excited and you will be more likely to stay on track with getting rid of your remaining debt.
Just make sure you are making a payment that is above and beyond your minimum monthly payments for your lowest debt balance (on all other debt you’ll be making minimum payments ONLY). For example if your minimum monthly payment is $150 on your lowest debt balance you want to make sure you are paying more than the minimum each month. I always say, “Start small, grow tall.” If you can only add an additional $10 each month, then start with that and then gradually increase it.
Underneath the category of “Original Debt Balance” add another category called, “Current Month’s Debt Balance” And under that add a category called, “Improvement.” Each month add up your new debt balance (and record that under “Current Month’s Debt Balance” and subtract your new monthly debt balance from your original debt balance and record this total under “Improvement”. If you’re not charging any new debt, you will see an improvement each month.
It’s very important to know how much you’re improving each month so that you can feel excited, keep up your momentum and feel like you are actually getting somewhere.
These debt pay off tips are quite literally the tip of the iceberg. But these are very essential tips to keep in mind. If you follow these tips you’ll begin to wipe off your debt instead of having it be your dirty laundry that you either shuffle from room to room or carry in a bag slung over your back for years and years.…

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Business News Articles

Making Money Through A Home Organized Business

It’s so exciting to start a new business! And who wouldn’t enjoy the idea of working for themselves? But, you must always act professionally and remain dedicated to success. This article has plenty of information about running a successful home business.

Lots of hard work is always involved in starting a home business, even though it can be fun too. Find your niche and leverage off of this when you begin. Finding something that you already know about, or are interested in, can really help you to be successful. Be sure to research thoroughly before jumping in with both feet. Use networking tools to learn from others who have been successful with creating a home business.

Thoroughly research any person you are considering hiring to help run your home business. Employees need to be able to keep up with your business, so make sure that their backgrounds indicate that they are skilled and reliable.

When you are selling online, do some research on the going prices before you set your own price. Look at your competition’s prices and price your products within the same range or more competitively if possible. It is unprofessional and generally a bad business practice to speak negatively about your competition. Pay attention to your own business and run it ethically and professionally.

Try joining a home business forum. Being a member of this kind of forum gives you the opportunity to communicate with other home business owners. Many people who work from their home have similar challenges, so you can share concerns and get support.

The separate checking account you open specifically for your business will double as a financial record keeping tool. All business-related transactions should occur with this account. By doing this, you can keep your business and personal transactions separate. Also get a business credit card for all transactions like ordering supplies.

Record all the money you spend on your business, and you will have the opportunity to get money back at tax time. This involves everything from fuel used for business trips to your internet service. When you operate a home business, you are eligible to claim deductions for these and other expenses on your taxes. All of these little costs, can really add up to a lot of money. There is no sense in letting the government have money that you are entitled to.

Write a business objective in a few sentences to give the details about your company. A business objective states clearly the purpose and aim of your business. Come up with a concise statement that describes your company and future business goals in just a few sentences.

Financial records pertaining to your business must be complete and accurate. You need good financial records at tax time, of course, but you especially need well-organized records in case you are surprised by an IRS audit. Keeping good records also helps you keep track of how well your business is doing from one month to another.

When you run your own business, you are the person who is responsible for its failure or its success. You do not need to be overwhelmed by this responsibility. Your business will thrive when you give your best effort. Smart tips, like those found here, can be a big help in making your business successful.…