The Rapid Debt Repayment Plan

August 7, 2008

Mary Hunt is a money guru. More and more people are learning about her and her money saving ways. I came across her book, Debt Proof Living years ago and I am sure the only reason I am still in debt now is because I did not apply her principals for managing my money. Mrs. Hunt says, “Money is for managing, then for spending.” For too long, I have just been spending with no managing in place.

She spells out everything on how to get out of debt and how to stay that way. Her book is easy to read, and easy to understand. She has a website, a blog, and most of all, a newsletter. In Mrs. Hunt’s case, the newsletter came first. She was paying back her own horrific debt and was looking for a way to speed up her payment. She hit on the idea of a newsletter, and everything grew from there. The newsletter comes out once a month. You can get an electronic or paper version. The nice thing about becoming a member, you can read the archives of the newsletters, years and years worth. This is a great resource, because each month is packed with useful information.

I recently signed up to be a member so that I could get access to the tools on her site, get the monthly newsletter, and most of all, have access to the Rapid Debt Repayment Calculator. I highly recommend checking it out. You will be amazed at how fast you can get out of debt with this one amazing tool that shows you, month by month, how you are climbing out of the pit.

One of the first thing Mrs. Hunt recommends is tracking your money. If you record every dime you spend, you will end your spending amnesia that so many suffer from. Just knowing you have to write it down helps curb your buying impulses. I know what I have spent so far this month and I am implementing this suggestion today, and for the rest of the month. I think I have a good idea where my money goes, but this will be a good challenge. Of course, since I am doing the Buy Nothing Challenge for August, I should not have too many purchases.

I plugged in my current debt and if I do nothing but stay as I am, it will take me 152 months to get out of debt, assuming I do not get any new debt. Using her plan, I can shave that down to 84 months. Huge difference huh? The cool thing is, I think I can accelerate even that plan. My house is included in that time frame. In a few short years, I will be completely debt free. I can’t wait.

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