Having a close look at where our money is going each month is a great first step toward taking control of the money leaks we don’t even notice happening.
After reading Caitlin’s post, I recommend having a look around her blog at Born Again Minimalist. It is refreshing, and not at all what I expected!
The most effective way to achieve your goals is to set 90-day objectives instead of looking at a looming annual goal or even a 5-year plan. You need to take small action steps so you don’t get overwhelmed and lose your motivation. This applies to anything from losing weight to planting a garden to renovating your bathroom to planning your finances.
I’m a huge proponent of Dave Ramsey’s baby steps program, which includes saving for emergencies (steps 1 and 3), paying off your debt (step 2), investing for retirement (step 4) and kids’ college funds (step 5), and paying off your home early (step 6). The reason this program works is that it breaks things down into small steps. You need to focus your energy – and money – on one goal at a time. People have their consumer debt paid off in an average of two years using…
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