
Let’s take a look at your:
1) Debt Management
A major obstacle to a sound financial future is consumer debt. That’s why it’s important to have a strategy that helps reduce and eliminate it.
For example:Suppose you owe $1,500 on a credit card and the interest rate you’re charged is 18 percent.
If you make a minimum payment of $37 per month, you would pay off your debt in 63 months. But if you pay $47, you’ll pay it off in 44 months and save $272 in interest.

This simple example shows how it works:Mary owes $10,000 on a loan and the interest rate she’s charged is 12% per year compounded annually. If she doesn’t make any payments, at this interest rate, it would it take six years for the amount she owes to double.
The Rule of 72: 72 ÷ 12 = 6Rule of thumb: Pay down debt quickly. And, make sure extra payments are applied to the principal.
(The Rule of 72 is a mathematical concept that approximates the number of years it will take to double the principal at a constant rate of return compounded over time. All figures are for illustrative purposes only, and do not reflect the risks, expenses or charges associated with an actual investment. The rate of return of investments fluctuates over time and, as a result, the actual time it will take an investment to double in value cannot be predicted with any certainty. Results are rounded for illustrative purposes. Actual results in each case are slightly higher or lower.)

Then debt roll-up, also known as the snowball method, may be the strategy for you.
Getting started is easy – Simply:
- Commit to stop borrowing
- List all your debts in order of amount, from those with the lowest to the highest balance, or by interest rate, from highest to lowest
- Pay more than the minimum payment each month on Debt 1, while paying the minimum payment on the other debts
- Once you paid Debt 1’s balance, add the amount you were making on each Debt 1 payment to each of Debt 2’s minimum monthly payments, while continuing to make the minimum payments on your additional debts
- Repeat the process until all your debts have been paid