The four steps I developed that have worked for me to begin my quest for wealth.
1. I Identified how much I make and created a budget. On my budget I set numbers for all of my bills, debts, spending money, and living expenses. My total income is the maximum amount I can spend period, my goal is to spend less than I make. Strictly following a budget has prevented me from overspending and ringing up credit card debt.
2. I identified my amount of debt and started working on incorporating payoff into my budget in order to reduce my debt. Tackling the highest interest debt first is always a good starting place to pay extra.
3. Once I started hammering on my debt I added $5 a week into my buget to automatically go into a savings account.
4. I made it a rule to reevaluate my budget at least quarterly in order to increase the amount I automatically saved. I started with $5 a week and planned to increase the amount saved every quarter once I have taught myself how to live on my reduced leftover income from my budget.
Strictly following these four steps has allowed me to begin and become set in my quest for wealth.
For tools and more advice see my other blogs:
Free Financial Tools and Advice
Debt Management with DueMinder.com
Mint.com and Why I Love it
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