Should I Pay Off Debt or Invest?
How to Prioritise your Financial Big Goals
Inspiration to Debtors to Clear Their Debts
Among other people who’ve gone through and since cleared their debts, Jennifer is an inspiration to many people within and outside of Medium in helping them clear their debts in the most practical ways.
Money Stacks Method spreadsheet
Bare Bones Budget
Money you need each month so you’ve got the basic necessities, including credit cards, debit cards, loans and paying off a mortgage.
Saving
Aiming to save some money in reserve will help speed up clearing a debt.
Emergency Fund
Once saved, the Emergency Fund will enable the debtor to dip into their fund to use some or all of their money to clear their debt.
Cost of Opportunity
Putting money into paying off the debt so you’re financially better off more quickly with Interest charged until the debt is repaid and check the Interest Rate.
Debt Repayment Calculator
Either use Jennifer’s Auto Pilot Money Spreadsheet System or an Independent calculator.
The Snowball Method
This is the fastest method to pay off your debt by starting off from your smallest debt first to your largest debt last.
The Avalanche Method
Do your debts and count the amount of money that’s added on based upon the percentage of Interest on your largest debt.
Compound Interest Calculator
https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
This tool is designed to enable you to determine the potential growth of your investments or savings over a period of time.
Cash Savings
Retain as high amount of cash savings as possible, so that when you need money to pay off your debt, you can go to your cash savings to reduce your debt.
Easiest Way to Start a Journey
Get used to investing but not using your investment money to pay off debts so your investment remains intact, meet your minimum payments criteria, and keep an eye on the ups and downs of the Stock Market.
Pensions
Employment Pensions and Retirement Pensions will also help improve your finances.
Investment ISAs
Deposit up to £20,000 per year per person — You’re not taxed for this ISA.
Lifetime ISA (Customers aged under 40)
Deposit up to around £4,000 per year.
The Government will add on 25% on top every year, so £4,000 becomes £5,000 as an example.
Set Payments on Autopilot
As you get accustomed to utilizing different options, you can set all payments on autopilot with a Direct Debit.
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Here are two courses that Jennifer has created:-
Budget Success Bootcamp
https://mamafurfur.thinkific.com/courses/budget-success-bootcamp
Investing Made Simple
https://mamafurfur.thinkific.com/courses/investing-made-simple
Create a Life Changing Financial Plan — From $20k debt to Wealthy in 5 years and beyond
How to Pay Off Debt Fast — STAY Debt Free FOREVER even on low incomes
How to Pay Off Debt FAST — Even on a Low income
8 Financial Goals for 2021 to create REAL WEALTH!
How To Start A Money Stacks Method Budget
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