Bill Payment and Debt Reducer Schedule for FY

Bill Payment and Debt Reducer Schedule for FY
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Are you serious about getting your finances in order? This template will assist you in creating and maintaining a budget and debt reducer plan. Suggested use: Write the day of the month each bill is due in date order on the "Date" column. You may want to skip every other line just in case a new bill needs to be added. In the "Bill" column write a description of the bill such as "electric". For each month write the actual amount you ended up paying for each bill (you may want to use pencil for these sections just in case you made an additional payment that month). In the "Total" column, add the totals going across rows in order to figure out the total you have paid for that particular bill for the year (you may start by adding January and February totals, later adding in the total for March, then April, and so on). On the bottom row "Total for Month", add all of bills together to calculate how much you spent in bills each month. On the last 3 columns (on the right, in grey) add any outstanding balances on bills in the "Amount Owed" column (such as credit cards, loans, mortgage, etc). The totals for that column can be written on the last box provided at the bottom of the page for that column. For any payment that has a percent interest rate, add that in the "% Rate" column. Try to pay down any outstanding balances with the highest interest rate first, followed by the next highest interest rate, and so on. In the "Date Opened" column, write down when you opened each account (i. e. month/day you opened a credit card or loan). When your credit cards are paid down, make sure NOT to close the credit card you opened first for credit score purposes. After maintaining your budget after some time (usually about a year), you will be able to learn more about your budgeting habits and modify your spending habits if needed.
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