Managing Debt by Austin Richards https://padlet.com/austin_richards/6q649qp10ply Ravioli Ravioli give me the formuoli en-us 2016-11-30 03:38:15 UTC 2016-11-30 04:10:15 UTC hello@padlet.com Plan to Manage Debt austin_richards https://padlet.com/austin_richards/6q649qp10ply/wish/140708350 1. Assess how much money you take in monthly and how much you spend monthly
2. List all sources of income
3. List fixed expenses (Same each month) such as rent, car payments, and insurance premiums
4. List all variable expenses such as groceries, entertainment, and clothing.
5. If you are spending more than you are making you need to look at you spending and see where you can trim the excess spending to save money.
6. The money you have saved from spending can now be put into a payment plan to decrease your debt over the course of the year, eventually paying off your whole debt.

]]> 2016-11-30 03:39:54 UTC https://padlet.com/austin_richards/6q649qp10ply/wish/140708350 Scenario austin_richards https://padlet.com/austin_richards/6q649qp10ply/wish/140708475 Spongebob makes $120,000/year
Has $10,000 debt
If he has that much debt and he isn't able to pay it his credit score will start to lower making it harder to get loans, buy large items, and purchasing a house. If his debt becomes too much he can file for bankruptcy, but his credit is going to be horrible. They may also take his car, house, or any other collateral to pay off the debt. ]]> 2016-11-30 03:42:15 UTC https://padlet.com/austin_richards/6q649qp10ply/wish/140708475 Monthly Budget austin_richards https://padlet.com/austin_richards/6q649qp10ply/wish/140709597 1. Income: $10,000/month Spending: $10,900/month
2. Krusty Krab $10,000 a month
3. Mortgage: 4,000
Car: 1,000
Insurance: 2,000
4. Entertainment: 1,000
Food: $500
Clothes: $500
Random Purchases: $1,000
5. Cut back on Random purchases along with entertainment. which could save you $1000/month
6. $1,000/month of excess spending would allow spongebob to pay back his debt in under a year because you have to account for interest rates. ]]> 2016-11-30 03:57:26 UTC https://padlet.com/austin_richards/6q649qp10ply/wish/140709597