Step 1: Build A Budget
In order to get out of debt successfully you’ll need to know where you’re going and with a good budget in place it will allow you to measure your financial growth. The simplest way to do this is with Mint.com. With Mint.com
they can help you put an automated budget together and manage it with ease all from one place. In fact with Mint they can let you know when bills are due and when account balance get low.
Tools
- Start your budget now with Mint.com
Need Help? Read This
Step 2: Save $1000 Fast
The next step is to save up a $1000 as a start to your emergency fund. The reason you need to save first is to prevent yourself from falling any deeper into debt. To do this open up a separate savings account and start saving any extra available money you have into this account. However I recommend an account that is not easily accessible, this way you don’t fall victim to spending the extra money.
Tools
Step 3: Build Your Debt Plan
Once you have $1000 saved up you need to get to work and set up your debt plan. The best way to pay off your debt is to use the debt snow ball plan. The great thing about this plan is that it will show you the easiest and most inexpensive way to pay off your debt. In this step you’ll want to pay off all of your debts except your mortgage. On top of that one of the best ways to plan, manage, and pay off your debt is with SavvyMony.
Tools
- Start Your Here and Enter your credit card issuer and your balance to see how much you could save by negotiating a lower APR.
Step 4: Complete Your Emergency Fund
Once you have your immediate debt paid off it’s time to put your full attention toward finishing your emergency fund. At this point you should have a $1000 saved up in this fund. To finish it out consider how much money you need to survive each month and times that by 6 months. For example if you need $4000 a month to live comfortably times that by 6 and you’ll need a total of $24,000.
Tools
- If you haven’t done so yet sign up for The Orange Savings Account℠. Earn high interest. Great rates, no fees, no minimums. Start saving in under 5 minutes
- Use Mint.com to track your emergency fund as it grows.
Step 5: Set Up A Protection Plan
With a good emergency fund in place it’s time to complete your protection plan. One of the most important pieces to a protection plan is life insurance. This will ensure that you don’t lose everything that you’ve worked so hard for in life. To get started check out the tools section below.
Tools
- Run a Life Insurance
quote using the form to your right.
Step 6: Save For Retirement
Once you’ve got a protection plan in place the next thing you need to do is start investing for retirement. To do this you’ll want to save at least 10% of your income back for retirement. Next you’ll want to consider where you should save your money at. One place I suggest looking into is a No Fee IRA with Lending Club
. The great thing about this option is that they have a great track record, in fact their average returns have been around 9.6%.
Tools
- Start a No Fee IRA with Lending Club and start saving for your retirement today.
- Use Mint.com to track your retirement funds.
Step 7: Pay Off Your Mortgage
Now that you’re savings plan for retirement is setup and you have a protection plan in place it’s time to pay off your mortgage. To do this don’t pay any extra money towards your mortgage, instead setup a mortgage payoff fund in a savings account. Once the account has enough to pay off the mortgage, do it. Doing this instead gives you more control over the money at hand and if you would happen to have a financial setback you would have the funds available.
Tools
- To set up your mortgage payoff fund use the The Orange Savings Account℠. Earn high interest. Great rates, no fees, no minimums. Start saving in under 5 minutes.
- Use Mint.com to manage and track your mortgage payoff fund.
Step 8: Build Wealth
The final step once you’ve paid off all of your debts, set up a protection program, and built a 6 month emergency fund, is to begin building wealth, not only for you but for future generations and others to come. On easy way to do this is by starting an online business. One place I’ve been working with for years to learn about internet marketing is with the Affiliate Marketers SUPER BootCamp . This business has allowed me to build a great online income for over the last 3 years. To learn more check out the link below.
Tools
- The “SUPER BootCamp” as its affectionately nicknamed, is continually updated, and boasts an unique blend of recorded and live online events with an expanded curriculum, weekly video lessons, expert audio interviews, interactive 24/7 member community, twice a month live Q&A and personal coaching sessions, making this paced online e-learning experience a *must* for every serious website publisher wishing to succeed with affiliate programs.