Overall Debt: How Much Do We Really Owe?

Facing your overall debt can be overwhelming. I don't recommend looking at the "big numbers" every time you sit down to budget your weekly paycheck however, it's good to check your balances on a regular basis to see what type of progress your making. If your numbers are remaining stagnant, it may be time to kick things up a bit by creating a more aggressive payment plan.

Remember, not all debt is created equal. I try not to stress over investment debt such as our mortgage. Although it's a huge debt, it's one that will serve us later in the form of equity. Other debts such as student or personal loans and of course, credit cards - those are debts where you should focus your undivided attention when it comes to budgeting. Getting rid of revolving credit or loan items will free up your money from being bogged down by large payments and accumulating interest.

To print out a simple spreadsheet where you can record and analyze your debt, click HERE for a free printable.

For more videos on our budget plans, debt and my planners, check out my YouTube channel HERE.