Debt Consolidation Credit Counseling In Phoenix

If you have young kids you may not be thinking about their college education just yet. Even though it is hard to focus on college when you are still struggling to get them out of diapers now is the perfect time to start saving. Money may be tight but with an adjustment to your budget and a firm commitment to your children's education you can build up a college fund on your current income.

If you want to send your kids to college with ease, you really must first pay off your current debt. You will be able to save more efficiently if you are not juggling savings and debt at the same time. You may feel like it will take too long to pay off your debt but you will be surprised how quickly it will disappear once you have a plan in place.

The first step is to stop over spending. You need to make a list of all of your bills and monthly expenses. Decide what you can eliminate in order to put a little extra money towards paying off your debt. You can give up little things like trips to Starbucks or fast food. You will be surprised how quickly these little expenses add up.

Now write a list of all of your debt. Include the balance, interest rate and monthly payment. Now go down the list. Choose the one with the highest interest and pay as much extra on it as you can until it is paid off. Then move on to the next one. Remember to continue making the minimum monthly payments on all of your cards while you pay them off one by one.

When your credit cards are paid off you can start putting that money into savings for your children's college education. You will most likely be amazed by how quickly you can become debt free and then build up a sizeable savings.

In order to save up to the amount your children will need for college it is a good idea to find out what the average cost of a four year college degree will cost when they are ready. Many schools will be able to give you a rough idea if you call the administration office and ask. Once you have a goal calculate how much you need to put into each savings account every month so that each of your children will have enough money when the time comes.

In this day and age you have to have a college education to make it in the world. You can easily create a savings account that will get them through college with a strict budget. If you need help with the calculations necessary to pay off your debt and budget your spending use an online financial calculator at www.personalfinanceissues.com. Remember if you make the sacrifices now and they will be obliged to care for you in your old age.