Prime Time Money

Written on February 12, 2008 – 6:13 pm | by PT |  Print |

If you look to your right you will see my shiny new debt reduction bar chart. It’s currently displaying the auto loan debt for my SUV, along with how much I’ve paid off. This is the debt currently under-fire for Mrs. PT and I. I mentioned last week that our big spending was over and that it was time to focus all efforts on getting rid of our auto loan debt. So here it is, on the Prime Time Money sidebar for all to see. Read more about our debt reduction goals and philosophy here and here.

How I Made the Debt Reduction Bar Graph

As a result of some of our former spending, we have a Macbook Pro. Once I was able to pry it away from Mrs. PT, I used Apple’s iWork: Numbers software to build a very simple spreadsheet and graph. Numbers is just like excel with better graphs. I’m still playing around with the font and colors and hope to get a more readable version up soon and will update it every time a payment is made. The only two numbers I needed for the graph were total payments made since 1/1/08 and total auto loan debt at 1/1/08 less total payments made. I think the actual graph I used is called “split bar graph”. Don’t hold me to that.

The Power of Visual Reminders

One of the reason’s for starting Prime Time Money was to motivate myself to achieve greater success with my personal finances. I think it’s fitting that debt reduction, which is a big goal of mine, is front and center on the site. I look at Prime Time Money on a daily, sometimes hourly basis, and so I hope to be constantly reminded of how I want to get rid of this debt.

If you’re serious about debt reduction, I challenge you to create your own visual reminder. It doesn’t have to be a goofy chart like mine, you could simply draw up a quick bar chart and post it on your fridge or on your computer where you work, or in your wallet taped to your credit card. Every time you make a payment, just fill in a little bit of the bar. The point is to keep the idea of paying down your debt fresh on your mind and motivating you daily.

How do you remind yourself of your debt reduction goals? Post your tips in the comments below.