Payments template Update #1 for 2009

Dear Readers of Get Out of Debt,

Here is my first updated payments template. I made my first $1000.00 deposit on Monday. I have 8 deposits left. I make my deposit in person at the bank near my workplace every second Monday. I will post all the receipts to this blog and update the payment template bi-weekly.

5-JAN-2009 $1,000	19-JAN-2009 $1,000	02-FEB-2009 $1,000
16-FEB-2009 $1,000	02-MAR-2009 $1,000	16-MAR-2009 $1,000
30-MAR-2009 $1,000	06-APR-2009 $1,000	20-AVR-2009 $1,000

As my template shows, one brick of my financial wall is completed. It is a start. This is a proven system to reduce debt. I have used the same technique 10 years ago to wipe out almost $15,000 of credit card debt.

The steps are easy to follow:

1. Establish exactly how much debt there is to repay. (I used the Net worth IQ tool shown on the upper right sidebar. Free)
   
2. Budget how much you can repay back, every week, bi-weekly, or monthly.
   
3. Print yourself a little template for each debt with a date and a dollar amount in each cell (brick).
   
4. Pay the debt on the predefine date and kept your receipt for historical records.
   
5. Shade the cell (brick) of your template (wall) once you have made your payment.
   
6. Excellent! Be proud and celebrate your success.
   

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Regards,

Eric