I have been working on becoming debt-free because I see it as God's will for his people to live debt-free. I follow the teaching of Dave Ramsey and Crown Financial Ministries. Both teach very similar ways of managing you finances. I highly recommend both as resources to use for money matters.
Steps to Debt-free Living |
- $1,000 to start an Emergency Fund
- Pay off all debt using the Debt Snowball
- Three to six months of expenses in savings
- Invest 15 percent of household income into Roth IRAs and pre-tax retirement
- College funding for children
- Pay off home early
- Build wealth and give! Invest in mutual funds and real estate
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First you want to get yourself on a cash flow plan (budget). A budget help you know how much money you can spend on what. Once you get I working budget you fell like you got more money. I am currently on step two. I already feeling a little Financial Freedom.
Useful Forms
Recommend Reading
- The Total Money Maker by Dave Ramsey
- Financial Peace Revisited by Dave Ramsey
- Debt-Free Living by Larry Burkett
- Money Matters by Larry Burkett
- The Complete Financial Guide for Young Couples by Larry Burkett
- Using Your Money Wisely by Larry Burkett
- Your Money Counts by Howard Dayton
Money Saving Tips
- Turn lights off when you leave room.
- Unplug electronics when you not using them. Many electronic equipment use power even when turn off for clock diplays and for stand-by mode for the remote.
- Unplug Cell Phone changer when not changing your cell phone.
- STOP SMOKING! Not only will you save the money that you use to buy cigarettes and cigar but you be healthier. Health and Life Insurance is cheaper for non-smokers.
- Drive the speed limit and use cruise control when driving.
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