Finding that financial freedom is not easy, but then again what is. If you are looking to not only get out of debt, put also find the means to help others who maybe struggling, then I challenge you to follow the steps below. Now you don’t have to save $1000 dollars, but each week take $5 from your earnings and set a side.
- Save $1,000 in an emergency fund
- Pay off all debt using the Debt Snowball
- Save 3-6 months worth of expenses for a larger emergency fund
- Invest 15% of your income into Roth IRA’s and pre-tax retirement
- Start a college fund for children
- Pay off home early
- Build wealth and give
I know easy said then done, some don;t understand when you are already struggling that $5 can go a long way, here it will give you almost 2 gallons or gas, it will purchase milk, and cereal, it will pay part of a bill. So trust me I know, the feeling. However just try, if you don’t think that will be possible go even lower, put a dollar a side, then on weeks you can afford more do so. With the economy changing from good to bad, back to almost good and so forth, we can never be certain when we will have a steady income coming in.
My husband often tells me to always plan for the worse.