Book Review: The Debt-Free Spending Plan by Joanneh Nagler

Can you really get out of debt in five minutes a day? The Debt-Free Spending Plan might be your ticket.

One of the most common financial New Year's Resolutions is to get out of debt. If you are in debt, chances are that you are struggling with your budget, and trying to figure out how you can change your habits to pay off debt. If you are looking for a little encouragement in that area, The Debt-Free Spending Plan by Joanneh Nagler might be able to help.

Debt Free in Five Minutes a Day

The point of?The Debt-Free Spending Plan?is to help you create a plan that will get you out of debt in just five minutes a day. The book helps you change your spending behaviors a little bit at a time so that you can manage your debt more effectively — and get out of debt permanent.

The very first thing that Nagler does in this book is make it clear that you are not creating a budget. A budget can be a daunting task. Instead, she encourages you to create a spending plan. I prefer to use the term “spending plan” as well, since it has more positive connotations. A spending plan is about directing your resources. A budget seems to be about restriction, and that turns a lot of people off.

Once that is out of the way, Nagler jumps right in to encouraging you to first analyze your habits. How did you get into debt? Where has the money been going? She encourages you to take a daily approach as you stop debting, and then recognize the hurdles that could stop you in your efforts.

After your self-evaluation is done (and you really should be brutally honest with yourself), Nagler takes you step-by-step through the process. She breaks it down simply, and that has a lot of charm, since it gives you the feeling that you really can do this. On top of that Nagler asks you to look at what you want to accomplish, and to be realistic about what is affordable.

With?The Debt-Free Spending Plan, you have the opportunity to put together a plan that works for you. It's a very personal approach, based on your needs and wants, and your desire to get out of debt. Nagler finishes out the book with helpful hints on staying on track with your plan, as well as how to decide whether or not to file for bankruptcy. The end result, though, is that you can get out of debt and build a life of financial integrity with the help of this practical spending plan.

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