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Top 10 Tips For Paying Off Debt: Consolidate Debt But Only If You Have A Budget

In Top 10 Tips For Getting Out Of Debt Seriesby Phil McGilvrayLeave a Comment

  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. Today we continue on with our series “Our Top Ten Tips For Paying Off Debt”. The topic of today’s tutorial is debt consolidation. This is tutorial 5. Debt Consolidation Debt consolidations is a really contentious issue, something that I do talk to my clients about a lot. It’s really important that if you are considering debt consolidation that you are doing it for the right reasons and that you are prepared for it. Very often we see people consolidate debt who have come to see us six months later and they are in exactly the same situation because they haven’t addressed the habits and behaviours that caused them to be in debt in the first place. Example Just last week I had a new couple come see me. They had a property. The property had gone up in value by about 60 000 dollars – which sounds fantastic – over the last couple of years. But in the same two years they racked up about 55 000 dollars in debt. They were asking me “should we consolidate our debt?” Unfortunately there is no easy answers to that. My …

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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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What Other People Spend: A Look Into William & Kate’s Budget

In Grandma's Jars, Grandma's Jars Member Storiesby Phil McGilvrayLeave a Comment

Just about every client will ask me at some point – what do other people spend on (fill in the blank)? We are all curious about what other people spend on things. We like to be able to benchmark ourselves. Over the next few months I thought I would share with you some real life budgets, along with my thoughts as a financial coach.

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How To Pay Off Your Mortgage In Half The Time

In Mortgagesby Phil McGilvrayLeave a Comment

Have you ever stopped to consider how much your home loan will cost you if you let it run to its full 30 year term? When we take on our home loans we have good intentions of paying it back early but then life seems to get in the way. But getting comfortable with our mortgage will cost you more than you think.

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Top 10 Tips For Paying Off Debt: Smallest Debt First

In Top 10 Tips For Getting Out Of Debt Seriesby Phil McGilvrayLeave a Comment

  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. Today we are continuing on with our ten part series – our ten tutorial series – Top Ten Tips to Paying Off Debt. Today, we are really getting stuck in the nitty-gritty. This is the sixth session – the sixth tutorial and we are looking at the actual strategy in developing our debt repayment plan. I have called this particular tutorial the smallest debt first. But what I am going to give you is a real overview of the whole debt repayment process. What I have got is an example from a client I was working with just last night so hopefully that will make it a lot easier for you to understand.    Understanding Your Debts What we’re going to do as a first point of call is throw it all out there. How much debt do you have? what are your debts? So we have listed them all down here. Now, with this process it’s really important that we know everything, that we’ve got all the debts. Sometimes we are a bit fearful of what we are going to see. We sort of …

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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.