Welcome to the Freedom Calculator
There are so many resources out there telling us that we need to pay down our debt and sometimes it can become overwhelming when we can’t see the end in sight. So my wonderful hubby Mike has created this great resource which enables you to input all your debts to see how long it will take you to pay them off.
The calculations are based on paying off the smallest sum first and when that amount is paid off then you move to pay off the next smallest sum until all debts are paid.
There’s a video below showing you how to use the Freedom Calculator and the instructions are also shown in the calculator itself. And we’ve also included them below to help you (just be aware you can only change what’s in the purple fields):
- Enter the Start Date
- Enter the Period of time
- Enter the Extra payment you can afford each month on top of your minimum repayments
- Fill out the Liability Type (each item you owe money on) by using the drop down arrow
- Enter the Description of each debt
- Enter the amount Owing on each debt
- Enter how much Interest % per annum you are being charged
- Enter the Minimum monthly payment
You will see by the example shown that by paying an extra $400/month there are big savings to be made and your debts will be paid off quicker. You can play around with putting extra payment figures into the Extra payment field depending on what you can afford, even if it’s only an extra $20/month it will save you time and money in the long run.
Enjoy and feel free to contact us with feedback on this resource!
If you’d like to see more resources like this, please click on the link below to join the GirlFUNd$ Community and receive some great free gifts!
And if you’d like to register your interest for the upcoming Your Fabulous Financial Future Master Class, please click on the link below and we’ll keep you updated with news on the launch!