Question:
My husband and I would like to be debt-free before we start our family, but it seems so far off. What can we do to make it easier for us to pay off all our accounts completely and start our family at the same time? Is this even possible?

Answer:
It is totally possible, and it’s great that you want to achieve this. Paying off your debt is 50 percent action and 50 percent state of mind. In order to embark on a debt elimination plan, you need to be familiar with all the facts.

Make a list of everything you owe. Identify the account that has the lowest payment and target that for elimination. To free up cash in your budget for this, analyse how much money you spend on items such as entertainment, cell phones, and other luxury spending. You will be surprised at how much you waste each month.

Once you have paid off this debt, target the next one. It may take you 18 months to clear all your short-term debt but it is well worth the effort. School fees are fast becoming one of the biggest expenses a family has to afford, and proper education planning can make a huge difference in your financial management.

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