Money Matters

#MoneyMasterClass Recap-Week 37

This week Gail talked about how long we take to pay off our debt and the realities of debt fatigue. She also talked about her preferences on where to go and get help.

Debt Fatigue

Debt fatigue occurs when you’ve been in debt for a long period of time, you aren’t making much headway in paying the debt off, and you “run out of steam” for dealing with the debt.

Re-Order Your Debt

The first assignment this week was to re-order the debt on our list, so the most expensive (ie. debt with the highest interest rate) was at the top.

When will you get out of debt?

Next came the decision for how long you want to be in debt. The recommendation to avoid debt fatigue is to pay off your debt within 3 years.

For this task, have your Debt Repayment Worksheet from last week handy.

What if it’s Too Much?

Now’s the time to get honest with yourself.

Do you have too much debt?
Will it take you over 3 years to pay off your debt? Over 5 years?

At this point, it’s good to seek out help and advice.

Finding Help

Mistakes Happen

Gail closed out the week again with some of her pearls of wisdom.

Advice

There were a couple extra pieces of financial advice this week that weren’t Money Master Class specific, but are certainly on topic.

New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

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2 Comments

  • Ellis James Designs

    “You don’t have to trick yourselves into saving” to be honest I find that I still do! Though maybe not trickery but rather trying to set a desirable goal to get the savings rolling but ultimately not touching the savings for that goal anyway? Is that trickery, perhaps it is!

    • A Sustainably Simple Life

      I think that works. Starting a savings habit and not touching the savings involves getting our minds to believe it’s a good and necessary. 🙂

What are your thoughts? Let us know in the comments!

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