Debt-Elimination Calendar

Marvin J. Ashton, a financial expert, has written and delivered several pieces on financial management and family finances. In one of his guides, he explains what a debt-elimination calendar is and how it can be helpful in reducing family debt.

"A debt-elimination calendar can help you reduce or eliminate unnecessary debt. Mark off several columns on a piece of paper. In the first column on the left, write the names of the months, beginning with the upcoming month. At the top of the next column, write the name of the creditor you want to pay off first. It may be the debt with the highest interest rate or the earliest pay-off date. List the monthly payment for that creditor until the loan is repaid as shown in the illustration at right. At the top of the next column, record the name of the second creditor you want to repay, and list payments due each month. After you have repaid the first creditor, add the amount of that monthly payment to your payment to the second creditor. Continue the process until all loans are repaid."

To see a debt-elimination calendar sample, you can visit Elder Marvin J. Ashton's Guide to Family Finance and scroll down to the bottom.