Diary of A Debt Breaker

Follow my journey as my husband and I pay off our mortgage!

 

12 Ways To Get Out Of Debt Faster…

 

tips-to-get-out-of-debt-faster-2If you are ready to join the Debt Movement then you have taken the first step toward getting out of debt…

Congratulations!

Now, to make your progress go as fast as possible, you need to start learning some small (and large) behavior changes that will ensure you are successful in reaching your goal of becoming debt free.

Below, we’ve gathered some of the best resources, tools, and tips available to help you learn all you need to know about saving money, making more money, paying off your debt, and securing your financial future.

So let's get started…

1. Transfer your credit card balance to a low-rate card. But only under certain circumstances. A zero percent teaser offer can be a good option if you plan to pay off your balance completely and you don’t charge anything else on the card. However, make sure that the lender is not charging any balance transfer fees, and beware: Terms can be changed at any time.

2. Negotiate a lower rate. It’s possible if you have good credit.

3. Close unused cards. If you never use a credit card, close the account and cut up the card to discourage identity theft. Make sure to get rid of newer cards first; a lengthy credit history with a single lender helps to improve your credit score.

4. Visit http://MortgageReductionTips.com The video on that site shows you how to pay off your mortgage in half the time.

5. Contact a authorised financial planner to discuss your situation and options. They are trained to provide advice for prudent money management. Our team is here to help you anytime you need help: 0800 332 827

6. Consider refinancing. If you have an floating-rate mortgage, consider fixing a portion of your mortgage if a lower rate is possible.

7. If you’re in danger of bankruptcy, research your alternatives. You may be tempted to cut your losses and move on, but call us (0800 332 827) to research your other options.

8. Consider switching all high interest short term debt to being part of a secured mortgage. This way your interest rate will plummet and if you keep the payments the same that debt will be gone in no time.

9. If you can’t do point 8, switch all short term debt to an unsecured loan. It will be in one loan and much more manageable. You may also get a slighter cheaper rate by putting it all together.

10. Limit yourself to one or two cards. Every new credit card application results in a credit-report inquiry, which causes your credit score to drop by as many as five points.

11. Write out a strict budget and stick to it. It sounds like a no-brainer, but the best way to improve your credit score is to cut unnecessary spending and redirect extra income to start paying off debt.

12. Stop Eating Out. Eating out costs more than buying food and cooking at home, not to mention that the latter option is much healthier as well. Make cooking dinner a family activity, something that can be done to together to make the experience more enjoyable — and when you're done cooking, sit down and have dinner together, discuss the day's events and catch up. Having dinner parties at home is also a way to cut down on entertainment with friends.

Or call us toll free and let us help you get out of debt faster starting today:

0800 332 827

 

5 tips to teach your children about money (over the Holidays)

 

Good for you! You’ve been working hard to keep the family budget under control (never an easy task over the Holidays), but what do your children know about money? Here are five ways to help your children gain a good understanding about money early in life:

1. When should parents introduce kids to money? As soon as they learn to count! Seriously, observation and repetition are two important ways children learn.

2. Teach your kids the difference between Needs, Wants and Wishes. Give me a break! That’s hard enough for us adults. However, it’s vital to teach your kids how to save money, grow it – and most importantly, spend it wisely. And the best way they are going to learn… is by watching us!

3. Introduce children to the value of saving vs. spending. Consider paying your kids interest on money they save. Trust me, you’ll be amazed how quickly your kids start calculating interest! Think about matching every dollar they save as an incentive.

4. Pay your kids in denominations that encourage saving. For example, if their allowance is $5 per week, pay them in dollar bills and ask them to save one dollar a week. As I mentioned, they will soon learn that $5 a week at 2 percent interest (compounded yearly) will total about $263 after a year, $1,400 after 5 years, and $3,028 after 10 years! Not a bad reminder for us all!

5. Model smart shopping! Have your children help you cut coupons, and show them how you shop for sale prices. Explain how planning purchases in advance can save nearly $2,000 a year! Remember, unplanned spending typically results in 20 to 30 percent of our money being wasted.

When you think about it, teaching our kids to be fiscally responsible is a great reminder for us parents as well.

As always, we’re here to help you get out of debt, pay off your mortgage years earlier and save for the future. To learn more about my new Debt Breaker program, or our other financial services, call us at 0800-332-827 or visit our website http://DebtBreaker.co.nz.

Here’s to a strong financial future for your family,
Barry Kloogh
CEO and Authorised Financial Adviser

 

Newly released software takes the drudgery out of debt reduction and shows people how to pay off a mortgage faster.

 

A dynamic, new, software-based, money management program designed to show people how to pay off a mortgage faster, get out of debt and save money for retirement was recently released to the public by Barry Kloogh, one of New Zealand’s leading authorities on personal and organisational wealth management.

Known as “The DebtBreaker Program,” Kloogh says this new money management tool is the culmination of 29 years of helping people from all walks of life achieve their financial goals.

“In today’s economy, people are either struggling to pay off their mortgage, or struggling to find a way to get into a home. For both groups, debt reduction and debt management are the key issues holding them back,” said Kloogh, author of the book, ‘The Money Cookbook.’ “The DebtBreaker Program provides people with an easy-to-follow, personalised roadmap that details exactly how to pay off your mortgage, realise substantial debt reduction on a weekly basis, and save for the future without sacrificing their way of life.”

Kloogh believes that while most people understand that paying just the bare minimum on their mortgages (or credit cards) will keep them saddled with debt for decades, they’ve never really been given the proper debt management tools or financial advice to do anything else successfully.

“Through no fault of their own, people follow out-of-date debt reduction practices that may have worked just a few years ago, but are destined to fail in this crazy economy,” said Kloogh, who is based in Dunedin. “Other folks will drastically slash their expenses in a valiant attempt to achieve meaningful debt reduction. But between kids, work, home, school – and trying to enjoy a little family time – these severe measures are much too difficult to maintain for very long and they often slip even further into debt.”

According to Kloogh, “There’s nothing more gratifying than showing people how to pay off a mortgage faster, get out of debt, save for their retirements and ultimately transfer their healthy estates to the next generation. This software basically puts people’s budgets on autopilot, and it’s like having me guide them every step of the way.”

One of the main reasons The DebtBreaker Program has been so successful since its initial release, says Kloogh, is its built-in ability to motivate people to achieve their debt reduction goals.

“This software is so personalised and intuitive that it quickly shows people exactly where they need to immediately make budget adjustments, and by how much,” said Kloogh, who is also the founder of Strategic Wealth Made Simple. “In doing so, they see concrete, measurable improvement in their debt management efforts every time they open up the program. Seeing your debt dropping right there on the screen is obviously a huge motivating force to keep up the good work.”

Now available to the public at www.financialplanningltd.co.nz, Kloogh says the DebtBreaker Program works for anybody interested in debt consolidation, debt management, and paying off your mortgage without sacrificing your lifestyle in the process. “And today, that’s just about everybody!

“I have clients in Auckland, Wellington, Christchurch, Dunedin, Invercargill and dozens of other cities in New Zealand – and everybody wants to know the same things: How to pay off your mortgage, how to reduce debt, and how to save for the future and still have money to enjoy life today. The DebtBreaker Program gives people the tools to do all that.”

For more information about the DebtBreaker Program, and to view a free online introductory video, click here or call 0800 DEBT BREAKER (0800 332 827).

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