7 Simple Steps to Financial Freedom

These steps will help you get out of debt, build a savings account, pay off your mortgage, plan for retirement, and be prepared for any emergency. Live a frugal and thrifty lifestyle with these tips.

Save $1,000 for an Emergency Fund

You want to accomplish this goal as quickly as you possibly can. We had a garage sale and de-cluttered our home, which brought in about half of what we needed.

Pay Off All Debt

Once you have your emergency fund, start putting all extra money you get to the smallest debt that you have. Once it is paid off, you move on to the next debt.

Save 3-6 Months of Expenses

Now that your debt is paid off, you can really start saving! Take all of the extra money you have, and start putting into your savings account that has your $1,000 fund!

Invest 15% of Income in Retirement

If you aren’t able to afford to invest a full 15% of your paycheck, just start with what you can do. Each time you get a raise, immediately use it for investing.

Save for Your Child(ren)’s College

Even if your children have a genius IQ, they may not all get full-ride scholarships or be in the position to work and pay for college themselves.

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