10 Ways to Improve Your Financial Health (Even If You Only Do One)

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MaggieLin
MaggieLin

Quick 7 step process to get your finances in order -


Step 1: Create an emergency account of $1000

Step 2: List all debt SMALLEST to LARGEST, and Pay off THE SMALLEST FIRST. Then, you snowball the payment (once paid off) into the next biggest, creating a SNOWBALL EFFECT.

Step 3: Save 3-6 months of monthly expenses and at the same time, lower them! Cut car insurance to $25/month (check 4AutoInsuranceQuote), cut gas to less than $50/month (check Gasbuddy), get rid of cable TV (check netflix and aereo).

Step 4: Stash away 15% of income for Retirement

Step 5: Save for KIDS' college savings (at 12%, accounting for inflation rate).

Step 6: PAY OFF THE HOUSE

Step 7: Give, Invest, and Spend your Accumulated Wealth