Money Matters

#MoneyMasterClass — Week 4 Recap

This was a week of crafty tasks and credit card condoms.

But first, the question is: Are you able to pay off the debt in less than 5 years?

Over 5 yrs pmt

When I filed for bankruptcy, it made such a difference in my experience to have a trustee that was supportive and trustworthy. If you are in this situation, know that you can get through it. There is a structured process and it just needs to be taken step by step. Since filing is not an easy decision nor something that should be done without thought and investigation, I took friends with me to my appointments. Because it was a stressful experience, I was concerned I wouldn’t be able to absorb all of the information that I was being given. I had extra eyes and ears with me as well as some extra perspectives to help me process the information. If you have that option, I recommend it.

Visual Pictures of Debt

After the hard work last week of writing down debt, tallying it up and figuring out payments, the task this week was to create a debt tree or a paper chain to visually see our debt.

These are some of the pictures Money Master Class participants shared of their debt repayment goals.

Debt Payment Tree
Student Loan Repayment Tracker

Credit Card What??

The next step was to make a credit card condom, like this one: Desire or Require

Credit Card Condom

Having a credit card tucked inside something gives an extra step before you’re able to make a purchase. It is an extra check in on whether or not a purchase should be made or whether the items should be put back on the shelf.

CC Condom

Here are some thoughts to consider as you make yourself your own credit card condom.

Questions - Credit Card
Saving Goal - Credit Card

My favourite credit card condom I’ve seen so far is this one:
You got the money to pay for that?

I love a bit of arts and crafts, so I loved this week. I have my paper chain up on my living room wall and am using it for motivation.

Did you enjoy the tasks this week? What method did you use for the debt repayment task?

New to the Money Master Class? There’s still time to get started!
Check out this tweet to see all of Gail’s #MoneyMasterClass tweets from the start.
Check out my weekly recaps to get caught up:
Money Master Class Intro
Week One Recap
Week Two Recap
Week Three Recap

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