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Paying Off Credit Cards: I Can and I Will!

In Paying Off Debtby Phil McGilvrayLeave a Comment

When it comes to paying off credit cards or your lifestyle debt, belief is an important ingredient for success. Without belief, it is very hard to persevere. If you like most people you have struggled with your credit cards for many years it is likely that your confidence and self-belief have taken a hit. As a budget coach I have found that the most powerful way to build belief is to have a written plan outlining the practical steps you need to take to succeed.

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Top 10 Tips For Paying Off Debt: Identify Bad Habits and Behaviours

In Paying Off Debtby Phil McGilvrayLeave a Comment

  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars, thanks for joining us today. Today’s tutorial is the second of our ten part series, our ‘Top Ten Tips for Paying Off Debt’. In our previous session we looked at tip number 1, which was ‘no more debt’. So coming to that place where we are committed to not taking on any more debt is super important if we are to move forward financially and get ourselves out of debt. So to start moving in the right direction we have to stop digging that hole. Reviewing The Habits & Behaviours That Cause Debt Today, what we are looking at is the habit and behaviours that have caused you being in debt in the first place. Going through a process to see what actually caused us to be in this situation to start with. So what we got here, is the process that we take all our clients through. So, whenever we take on a new budgeting client that has got debt, we sit down and look at it and say, “OK, what are the habits and behaviours that along the way have caused you to be in debt.” I’ve got …

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Top 10 Tips For Paying Off Debt: No More Debt

In Paying Off Debtby Phil McGilvrayLeave a Comment

  Video Transcription Hi Guys, Phil McGilvray here from Grandma’s Jars. Thank you so much for joining us today. I am really excited to be starting a new tutorial series: Top 10 tips for paying off debt. Over the years, we have had the joy of working with hundreds and hundreds of couples and individuals helping them take control of their finances and pay off their debt forever. So we are going to be sharing with you over the next ten tutorials, the tips and techniques we’ve successfully used over 15 years to successfully help our clients take control and get out of debt. No More Debt Today we are starting with tutorial one and I know it sounds obvious but tutorial one is “No More Debt”. I know that sounds really obvious, but one thing we have found is that debt has become such a big part of the Australian psyche of the Australian way of managing our finances that we just see it as normal, as the way we got to do things. But the reality is, that it’s not the case. While debt might seem to be the easy way to do things to start with, it always comes back to …

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Saving Money versus Paying Off Debt

In General Budgeting, Paying Off Debtby Phil McGilvrayLeave a Comment

I recently had the privilege to run a couple of webinars on ‘The Principles of Money Management’ for a group of young parents. At the end of each of these sessions, we had a wonderful period of question and answers that went for longer than the formal presentation itself did. There were a couple of recurring themes in the questions being asked so I thought it would be worthwhile sharing the answers I gave to these questions via a series of blog articles.

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How to Create a Debt Elimination Road Map

In Debt, Paying Off Debtby Phil McGilvrayLeave a Comment

Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. We’re up to tutorial nine in our ten part tutorial series – our Top Ten Tips for Paying Off Debt. Now I am really excited about bringing you today’s tutorial because it’s putting the nuts and bolts together to build a road map to debt elimination and I love doing these because it gives people a vision of what’s possible, what they can achieve.

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Learn If It’s More Important To Save Money Or Pay Off Debt

In General Budgeting, Paying Off Debtby Phil McGilvrayLeave a Comment

I recently had the privilege to run a couple of webinars on ‘the principles of money management’ for a group of young parents. At the end of each of these sessions we had a wonderful period of question and answers that went for longer than the formal presentation itself did. There were a couple of recurring themes in the questions being asked so I thought it would be worthwhile sharing the answers I gave to these questions via a series of blogs.

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Seven Steps To A Debt Free Life

In Debt, Paying Off Debtby Phil McGilvrayLeave a Comment

At Grandma’s Jars, I often ask new clients to imagine what life would be like if they were debt free. For a few fleeting moments their whole demeanour would light up as they enthusiastically considered the possibilities and all the things they would like to do with their lives without the burden of debt. But then the spark would disappear squashed by the reality of their situation. The idea of paying off debt, while a nice idea, seems too big a dream to hope for. As a budget coach at Grandma’s Jars, I have come to realise that one of the biggest impediments to people paying off their debt is a lack of genuine belief that it is possible for them.

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The Power of the Debt Snowball

In Budgeting Tips, Manage Money, Paying Off Debtby Phil McGilvrayLeave a Comment

In this age of easy credit most of us have at one point or another experienced what it is like to be in debt. Whether it is a mortgage, student loan or high interest consumer debt you will appreciate the fact that paying off your debt is always so much harder than acquiring it. At Grandma’s Jars we are passionate about helping people free themselves from the burden of debt. We know how hard it can be to overcome debt, but we also know that with the right structure even the toughest debts can be conquered. In this blog we will outline the three steps towards eliminating debt using the ‘Debt Snowball Strategy’, a strategy that we have been successfully using with our clients for over 15 years.   Step 1: Identify Your Debts It might sound obvious but the first step to overcoming debt is to have a thorough understanding of what you actually owe. Start by writing down who you owe and the total balance owed. Once you have done this, add the details, such as: the interest rate the minimum repayment required your current actual payment amount how long the loan has left to run if it …

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When Do You Need a Budget?

In Budgeting Tips, Manage Money, Mortgage Advice for Young Couples, Paying Off Debtby Phil McGilvrayLeave a Comment

As a budget coach, I think the answer to this is always. It is an unfortunate misconception that most people seem to think that they only need to budget when money is tight. But this view of budgeting seriously understates the powerful impact a good budget will have on a person’s long term wealth. In my role as a portfolio manager, I have managed multi-million dollar portfolios. It is rarely the people with the high paying jobs that have the greatest wealth but rather those that have earned modest incomes, budgeted well, and consistently grown their savings that end up the wealthiest. Having a high income is never enough, it is what you do with what you earn that has the biggest impact on your long term wealth.   It is too easy to forget that what we are doing when we go to work is trading our most valuable resource, ‘time’, in return for money. Your average Australian earns $60,000, or $45,000 after tax and superannuation. This means every dollar you earn costs you 2.33 minutes of your life. Every time you spend $206 you will need to add another 88 minutes of work to make it back. In …

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The 5 Most Common Mistakes to Avoid When Paying Off Debt

In Paying Off Debtby Phil McGilvrayLeave a Comment

Debt is such an easy thing to take on but paying it off can be infinitely harder. Many of our members initially come to Grandma’s Jars carrying lifestyle debt that they have been struggling to get on top of for years. When approached in the wrong way, debt elimination can become frustrating and soul destroying. In this blog post, I would like to discuss the 5 most common mistakes that most people make when trying to pay off debt.