David Bach’s DOLP Method to Pay Down Debt

by Kay Lynn

Debt Free for LifeFinancial author David Bach is out with a new book that focuses on those that can’t get rich yet  because they’re in debt.  Debt Free For Life: The Finish Rich Plan for Financial Freedom is the title and I’ll be focusing on chapter 5 which introduces the DOLP method.

What is the DOLP Method?

DOLP is the acronym for “Done on Last Payment” and it’s the foundation for becoming debt free with the author’s plan.  It’s a  simple six step process if you’re ready to pay off debt.

Step 1: Figure out how much debt you have.  This can be an eye-opening practice for people who haven’t added it up all up before.  Bach has worksheets to help you organize the bills, amounts, etc.

Step 2: Complete the DOLP worksheet which is self-explanatory but needed for the next steps.

Step 3: Calculate the DOLP number for each debt.  Divide each debt by the minimum monthly payment.

Step 4: Assign a ranking.  Rank the debts highest to lowest based on the DOLP number.  The debt with the lowest DOLP number is ranked 1.

Step 5: Put the due dates on the calendar.  Make sure you put a reminder for several days before the due date for payment.  This will keep you from incurring late fees and higher interest rates because of late payments.

Step 6: Pay debt off fast.  Pay at least twice the minimum for the highest ranked debt until it’s paid off and then move that strategy to the next debt.


The DOLP plan is very similar to Dave Ramsey’s ideas in The Total Money Makeover: A Proven Plan for Financial Fitness but I don’t think that’s a bad thing because it works.

Maybe Bach’s DOLP plan will resonate with someone while the seven baby steps won’t.  I’m going to add this book to my list of recommended personal finance books.

For another take on the same chapter, read the article at  Barb Freidberg Personal Finance .

You can buy this and any of the Finish Rich book series at Amazon. However, I will give away a copy to one reader.

Debt Free for Life Giveaway

You can enter the giveaway for this book  one or all four ways listed below. For each entry, leave a separate comment.

1. Leave a comment with your tip on paying off debt.

2. Subscribe to Buck$ome Boomer and leave a comment saying if it is via RSS or email.

3.  Follow me on twitter and tweet the giveaway.

4. Become a fan of Bucksome Boomer on Facebook.

This giveaway is open to those 18 or older and with an U.S. mailing address.

Entries close on April 6 at 5 p.m. Pacific Time and the winner will be selected via And the Winner Is… plugin. If there is not a response within 48 hours to request for mailing address another winner will be selected. Remember to leave an email address that you’ll be checking. 

Good luck!



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krantcents March 21, 2011 at 9:18 am

Just like the diet book industry, there are a lot of methods or strategies to reach the same goal. Whether it is necessary or not, we will never know. It is personal choice! I like David Bach’s approach better because it is closer to my own. Maybe that is what makes it work, you pick the one you like!

Barb Friedberg March 21, 2011 at 12:15 pm

Hi Kay Lynn, I liked your write up! And, I think the method is sound. Good synopsis!

Keith Dennis March 23, 2011 at 7:27 pm

Hi Kay Lynn, Thanks for the post!

I was thinking about getting this book so perfect timing. It does sound like Dave Ramsey’s idea and hopefully it was an little more detailed. I like the debt free idea and teach this idea to control spending but I am an advocate of more income. I like the make more and spend the same idea, fits my lifestyle a little better I guess!

For a debt reduction tip. Make the decision to never go into debt again. Never buy anything through a loan and never charge anything on credit cards. Keep the credit cards if you can control yourself enough to not use them but if you can’t then cut them up. Or you could try sealing them in a couple of envelopes and giving them to a trusted friend or relative for safe keeping.

The only time I advocate debt is when the debt is designed to earn you more money. A business investment, real estate, and so on are fine. If you are sure it will make money then go for it! But for you business owners out there – not just any business expense counts. Only the expense will specifically help to increase your income counts.

Mary J March 26, 2011 at 2:11 pm

I really don’t have any good advice. Try to have a rainy day emergancy fund , so as not to have to charge a purchase.

Mary J March 26, 2011 at 2:12 pm

Email subscriber..

Mary J March 26, 2011 at 2:13 pm

FB fan- Mary Jaco

Linda W. March 30, 2011 at 6:14 am

I’m throwing everything i have at my smallest debt-when that is done i just take what i was paying for that monthly and putting it extra into my next smallest debt. This has worked wonderfully for me. [email protected]

Linda W. March 30, 2011 at 6:14 am

email subscriber [email protected]

Shelley C. April 5, 2011 at 12:47 pm

Make sure you can still do something fun–even if it’s cheap or free so you don’t give up on your goal of paying things off.

Shelley C. April 5, 2011 at 12:52 pm
Diana Bradford Hatch April 6, 2011 at 9:41 am

Always try to make a little extra on all your payments – you will pay debt off faster

Diana Bradford Hatch April 6, 2011 at 9:42 am

I like Bucksome Boomer on fB

Karla T April 6, 2011 at 10:06 am
vickie April 6, 2011 at 10:22 am

I’m becoming a cash only person as I pay down my debt.

Kristi S April 6, 2011 at 10:44 am

Get on a budget and stay on it :)!


pamela james April 6, 2011 at 10:45 am

By the time you need the tips, you are in over your head. Start by living within your means and don’t worry about the Jones’s.

pjames330 at aol dot com

Kristi S April 6, 2011 at 10:46 am

I follow you on twitter: @eksummits
and I tweeted: http://twitter.com/#!/EKSummits/status/55687508708704256


pamela james April 6, 2011 at 10:47 am

email subscriber
pjames330 at aol dot com

pamela james April 6, 2011 at 10:47 am

FB fan
(pamela j)
pjames330 at aol dot com

Kristi S April 6, 2011 at 10:48 am

I follow BucksomeBoomer on facebook!

Mandy Hatch Agnello April 6, 2011 at 11:04 am

Pay off your credit card balance each month!

Mandy Hatch Agnello April 6, 2011 at 11:04 am

I follow on twitter

Mandy Hatch Agnello April 6, 2011 at 11:05 am

I like you on FB

Dana West April 6, 2011 at 1:22 pm

I don’t have great advice which is why I need this book! We are just trying to keep our debt as small as possible. Thanks for the giveaway!

Dana West April 6, 2011 at 1:24 pm

I subscribe to you via email and google reader
[email protected]

Dana West April 6, 2011 at 1:24 pm

I follow you on Twitter and tweeted!
[email protected]


Dana West April 6, 2011 at 1:25 pm

I like Bucksome Boomer on FB

Jessica Davis April 6, 2011 at 3:19 pm

Learn to be resourceful!
[email protected]

Lesli April 6, 2011 at 4:53 pm

My tip is buy everything on sale!

Lesli April 6, 2011 at 4:54 pm

I am a subscriber via email

Lesli April 6, 2011 at 4:56 pm

I like you on Facebook.


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