Question

1. In your own words how have your past choices played into your debt reduction and control.
2. Will those choices or the choices you're making now limit your future?
3. What do you intend to do to control debt in the future?
4. How will you remain accountable? List 2 - 3 things
5. Have you set any kind of reward system in place for when you reach certain milestones?

Answer 1

Answer -

• I have reduced and controlled my debt by repaying off major chunks of my debt as my first priority before considering any other expense. I had made this a system so that every month I pay off large chunks of my debt and complete all of it soon.
• For the future, my plan is to save enough for lumpsum payment and avoid debt or borrowing as much as possible. If at all I take a debt, I will make sure it does not exceed 20% of the overall value and pay the rest from my savings.
• I remain accountable by

- Planning on large expenses based on my savings

- Tracking all expenses and investments carefully

• Yes, whenever I reach a milestone like for example I could purchase a wishlist item with no or minimum debt then I reward my self by eating a luxury dinner just one day to celebrate my sacrifices for saving that money till date.