How to Reach Financial Freedom by Tracking Your Progress ...

When you first begin managing your finances and paying down debt, you?ll find there?s an unlimited amount of financial tools, strategies and methods available. This can make it not only confusing but very overwhelming.

The good news is that during the year it took me to become debt free, I discovered one strategy that was crucial to reaching financial freedom ? tracking your progress.

The Importance of Visualizing Your Goals

If you?re trying to reach financial freedom, it?s vital to keep track of your progress and visualize your goals along the way. There?s absolutely no way I could have gotten out of debt as successfully as I did, if I didn?t have a monthly reminder of where I was at and where I was headed.

Not only does it keep you encouraged and moving forward, visualizing your goals makes all the sacrifices worth it in the end. Thankfully, there are some great tools and resources that will help you stay on track.

Use the Right Tools to Track Your Progress

Finding the right financial tools to keep you motivated is a big factor in staying disciplined and eventually crossing the finish line. It might take a little time to test out a new program or method, but once you find what works best, you?ll be on your way to success.

Whether it?s free online software, a mobile app, a spreadsheet or expense journal, you?ll want to find the right tool that?s both helpful and that you enjoy using.

1. Debt Payoff Calculators

The purpose of a debt payoff calculator is to help you make a plan, track and visualize your progress. ?It?s similar to a traditional debt management calculator but since it?s more specific to paying off debt, it?s much more effective.

A debt calculator computes how much you need to pay each month, based on what date you?re planning to reach financial freedom. There are several virtual debt payoff calculators you can choose from, like Payoff or ReadyForZero. They?ll help you stay on target, without distracting you with other unnecessary or confusing features.

2. Spreadsheets and Check Lists

Even with the online calculators available, sometimes it?s simpler to use a spreadsheet or the old fashioned, pen and paper. You can even play around with the figures to see how increasing or decreasing your payments help you get out of debt faster.

If nothing else, using a Google Docs or Excel spreadsheet could offer more peace of mind in case you?re unsure about the security of linking your accounts with an online tool (although they?re very secure).

3. Create a Support System

Creating a support system can be a very valuable tool and may even mean the difference between success and failure. When you share your goals with your friends and family, you give other people the opportunity to share and encourage you.

Your friends and family don?t need to be working on the same kind of goals in order to keep you accountable. You probably even know a certain friend that?s naturally more encouraging, so be sure to let them know about your plans so they can aid in your progress along the way.

4. Set up Automatic Payments

Instead of having to remember to manually make payments on your debts, or save money towards a new savings goal, set up automatic payments. You can set up monthly or bi-weekly payments to be transferred straight from your checking account to your loan account.

By making payments automatically, or instantly using the Pageonce mobile app, you?re much more likely to achieve your goal, as those funds won?t be available for impulse purchases or overspending.

Reaching financial freedom and accomplishing your goals isn?t overly complicated as long as you simplify your methods. All you need is to find the right kind of tool, create a support system and make it easier on yourself by paying your debts off automatically.

Carrie Smith is the writer behind the Careful Cents blog where she helps people get out of debt and find a career they love. Her work has been featured on The Huffington Post, Lifehacker and Yahoo! Finance. You can find her on Twitter.

Source: http://www.pageonce.com/blog/2012/10/16/how-to-reach-financial-freedom-by-tracking-your-progress/

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