• Develop an Initial Budget

Your initial budget will let you know where your money is going each month. It is the first step.

 

• Take Control of your Income and Spending

Your initial budget probably identified a number of areas where you might be able to take control of your monthly expenses. It may also have identified the need for additional income. Take action.

 

• Develop a new Monthly Budget

Your Monthly Budget should be your guide, but it should be re-evaluated each month. Some expenses and incomes vary by month or season and should be accounted for.

 

• Establish an Emergency Fund

An Emergency turns emergencies into financial inconveniences rather than piling on to the problem.

 

• Clear Debt with the Fury of a Raging River

When small streams combine the river gets more powerful. The same goes for debt reduction. Pay off that debt and add the payment to the next debt, and the next, and the next.