Debt Free Freedom
In today’s economy or the economy it’s important to have a personal financial plan. Being debt free and living debt free is not easy, but with some simple steps you can be on your way to become debt free. Many of these steps, you’ve heard before, but if you follow these guidelines, will your life be less stressful and a lot happier.
1. Save 10% – That’s right, you \ have heard it a million times, but it’s true. You must save at least ten percent of your income. When you have an amount equal to 4 months of your salary in a savings account, then put money in companies 401k and invest little in equities and / or mutual funds (get professional advice if you need it).
2. Pay Off Your Credit Cards – Pay by credit card balances each month and gradually pay any balances that you may already have. Use credit cards only for convenience of buying without cash or check and get out of debt. Try to keep a running total, or check online often to see what your balance is under way. Additionally you could use the help of debt consolidation companies.
3. Give 10% to Charity – I have found that giving 10 percent to a charitable organization (church, not for profit organizations, or just someone in need) will get back to you tenfold. Whether it be a contact for a new job or other opportunity, and gives really tend to get back to you. In addition, it makes you feel good about yourself which is always good for your health.
4. Exercise – Here’s one you don’t look at the economic forefront list very often. If you exercise 20 to 30 minutes a day I promise you will feel better and feel better about your life. This positive effect will lead you to a better understanding of the financial path and goals in your life.
5. Use coupons – So funny, or trivial as it may seem, if you cut coupons or print the online coupons products you use, you will reduce a portion of your monthly expenses. I personally save 20 to 40 percent every time I go to the grocery store. Try it and you will find it to be a challenging game to see how much you can save and you will no longer need anything else to become debt free.