Jonathan Vowles Chartered Accountants

01234 752 566


How To Get Debt Free ... Quicker!

It's all about mathematics ...


I run a firm of accountants and part of what I do is give people advice and some of that is about finance. So I thought I would share a tip for getting your debt under control ...

Get debt free quicker with a little bit of crafty mathematics!

Get debt free quicker with a little bit of crafty mathematics!

copyright: konradbak / 123rf stock photo

Probably, if you review your budgets and finances, you can squeeze a bit of money somewhere. You might forgo spending on one thing to pay for another thing, but the key is to find some money that you can spend in a different way.

"Not everybody has debt, but if you have it you need to deal with it!"

If you are really up against it, this might be £10, if not it might be £100 or £200 or more, and it might be that much per week or per month. The point is to find that bit of money that you can spend in a different and more positive way.

Then rank your debts by interest rate, and work on the one with the highest interest rate. Then you spend that £10, £100 or £200 extra, regularly each week or month, on repaying a little bit extra of that debt. Mathematically, you know that this is a good choice.

If you have a credit card you are paying 30% interest on, then that £10 not only saves you some interest for that month, but for the remainder of your contract. And you have reduced the balance by a bit more than the payment you have paid to them as well.

All this means that you are paying off your debt that little bit quicker, but also you are saving interest, not just for this month, but for the life of your debt.

"£10, £100 or £200 extra this week or month might not seem like a huge deal, but this really works!"

Then in a few months, when you have dealt with that debt, take the amount you would have paid off that debt and the £10, £100 or £200 extra and use them both to help deal with the next debt.

Don't fall into the trap of thinking you have more money to spend just because you have paid off one of your debts! Keep spending the same amount of money to pay off the next debt. What this means is not only are you making your normal payment but now you are paying the same amount you were before, but this time to pay off a different debt. This means that you will pay off the next debt much quicker.

And then when that one is paid off, the amounts you were paying to the first two get added to the amount you are paying off your third debt, and so on.

"And pretty soon you will be
debt free!"

If you are a business owner looking for advice that can make a real and positive difference to your business and your life then do call me on 01234 752 566 or click here to send over an email enquiry and let's see how I can help you.

Until next time ...


More about Jonathan Vowles ...

I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.

My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.

I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.

I relax by reading fiction and by getting away from the office in a campervan.


01234 752 566