How can we manage our family's debt effectively?

How can we manage our family's debt effectively?

Managing family debt involves budgeting, communication, and prioritizing payments. Have you created a family budget yet?

Not yet, but we want to start. What should we include in our budget?

Include all sources of income, fixed expenses like rent, variable expenses like groceries, and debt payments. Would you like help creating a template?

Yes, that would be great! How do we prioritize our debt payments?

Prioritize debts with the highest interest rates first, or consider the snowball method, where you pay off the smallest debts first for motivation. Which method sounds better for your family?

The snowball method sounds good. How do we stay motivated?

Set small, achievable goals and celebrate milestones together as a family. Keeping each other accountable can also help!