As you go along you may remember some bills that you forgot to add in. If so, just add them in. Maybe you forgot that you pay an accountant at tax time to do your taxes. Add that in.
Now that we subtracted all of our non-debt and non-medical bills from our take home pay we can tackle debt.
You can open up this example and follow along: Income – Bills – Debt.
Below your bills, put down all of your debt payments, their due dates and the total due. This includes it all, mortgage payments, credit cards, store cards, buy now pay later payments, home equity loans, lines of credit, payday loans, family loans, student loans, taxes owed, and more. List them in the order of their monthly due dates.
Like you did with the bills, highlight each as you pay them in the same color for each paycheck. So here, all the payments were made with the second check which is yellow. Black out any debts that are paid off and finished. Total up all the debts each month and subtract them from the money you had left.
If you didn’t open it above, please look at the example here to follow: Income – Bills – Debt.