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Debt Snowball Method - A Free Tool

They say hindsight is 20/20 and I would definitely agree with that. I think we can all agree that I could have been out of debt far earlier if I would have just chosen a plan and stuck to it. While our life has really been what I consider a grand adventure and roller coaster ride, I wish I knew then what I know now.

I thought I would share a resource that I actually found way back then, but never fully utilized or stuck to. The debt snowball Excel template. I’m not sure what motivated me to go looking for this all those years ago. But I’ve used this same one every time I’ve become reinvigorated to get out of debt.

Debt Reduction Calculator: Excel Template from https://www.vertex42.com/Calculators/debt-reduction-calculator.html

Debt Reduction Calculator: Excel Template

If you scroll about halfway down the page, you will be able to download for free the Excel template. They have paid versions further down, but I don’t know what they include. I’ve only ever used this free version. (There are no affiliate links here, no tracking, just a link to a spreadsheet I use to this day.)

The screenshot above shows where you enter your data and then on another tab, it shows you exactly how much to send to each debt every month. And gives you a slot to enter any extra payments (that are always to go to your primary debt goal that month.) It’s a really great tool. And every time I “restart” the payoff journey I updated on my numbers and the date.

Do it now, sacrifice now

I wish I had stuck to this plan all those years ago. I wish I knew how good getting out of debt would feel. It would have been life-changing in so many ways.

While I feel like I’m finally making good strides I want to encourage anyone else who is just starting this journey or starting it again as I have many times… to stick to it. Do it now. Sacrifice now. Wait on those purchases. Wait on those trips. Your kids don’t need everything and to do everything.

Here I am with my kids almost gone, having struggled ALL THEIR LIVES and I’m just now getting to a place where I wanted to be when they were young. Make the hard choices now. You will thank yourself, I promise. And use this great tool as a guide.

Lastly, if you want a comprehensive article on the debt snowball method, you might consider reading Founder’s article on the Debt Snowball Versus The Debt Avalanche Method. Its comprehensive and worth the read.

Hope

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.

Here’s What to Know Before Opening a Gym

by Semify

Opening a gym is an amazing way to make money while helping people improve their lives. In order for you to succeed, you need to have a solid plan and a good idea of what to expect. Have a look at some of the most important things that you should know before you open a gym. This information can help you avoid making costly mistakes and improve your chances of getting a positive outcome.

Consider Buying Rather Than Starting from Scratch

At the start, keep in mind that there are two options to owning and operating your own gym. One of these methods is to start your own gym and build it from the ground up. This may take a lot of time and could have more risks involved with it as there are many things to consider. The second method you can use is to buy an existing gym. This method may call for a lump-sum of cash up front, but it may be safer for you if you plan well for it and buy the right business. For this option, you’ll need the help of a professional who will know facts such as that a business that earns $100,000 each year should sell for anywhere from $200,000 to $300,000.

Identify Your Target Market

The next thing that you need to do is to identify your target market. This will help you know how to package your services as well as the theme to go with for your gym. Note that 36% of all people who exercise on a regular basis take part in one kind of fitness class or another. This is something for which you may need to know the details so that you can offer the best and attract the right crowd. You’ll also know how to market your gym as well as where to focus your marketing efforts. In the end, you’ll have an easier time doing the right thing to reach converting customers who will help you scale up.

Find Out the Legal Requirements

Remember that there are going to be legal requirements that you need to comply with in order to open and run a gym successfully. For this step, it’s a great idea to enlist the help of a legal professional who is well aware of all that you need to do to make sure that your gym is in compliance. You might need to put up notices as part of compliance letting the people in your gym know the rules. One of these rules may be for people to avoid coming to the premises while they’re under the influence of drugs or alcohol. These can impact the safety of the people visiting your gym and so they’re important to display to the public. Remember that a person is said to be under the influence of marijuana if they have 5ng per millimeter of the drug in their blood.

Find the Perfect Location

Finally, remember that the location of your gym can make a massive difference to your success. This is because if it’s easy for your target market to find your gym, they’ll be more willing to sign up for memberships and more. The right location will also be safe and clean, making it easy for the people who come to your gym to work out without any stress or concerns about their safety or the safety of their property.

These are a few things that you ought to be aware of before opening your gym. When you make considerations for them, you can be sure that your gym can start and run a lot more smoothly. You’ll also make good use of the money you spend, ensuring that you don’t make losses that you could have avoided with some planning.

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Debt Snowball Method – A Free Tool