7 Steps to Taking Control of Your Finances and Being Debt Fr

In today's economy, it is vitally important that we make every dollar count. Frivolous spending has become all to common and we wonder where all our money has gone. It is so easy to just swipe the bank card anywhere and everywhere, only to find out later that we have spent way to much money on things like eating out, movies or that great 50% off sale we just couldn't pass up.

For so many average folks, even the thought of becoming debt free is way beyond anything they could imagine to be possible. We live from paycheck to paycheck, trying to balance the day to day living expenses with the rent, car payment, insurance, credit card bills, and the list goes on. Having to choose between paying the electric bill or buying groceries this week is an all to familiar situation for some.

I'd like to offer 7 simple steps for your consideration toward taking control of your finances and being debt free. I know that half the battle toward accomplishing anything in life is feeling confident that you are doing the right thing or "in control" of making it all happen. If you feel confident that you can accomplish your goal or task at hand, then that's the motivation you need take action.

These 7 steps are simple to follow however they do require that you work each of them in order and remain committed to seeing it through. Keep in mind, as you read through these 7 steps, that you didn't get into debt overnight and it will take some time for you to get out of debt. Here are the 7 steps:

1. Keep track of where you spend every dime of your paycheck for one month.

2. Establish a budget and determine where you are overspending.

3. Determine where and how you need to cut back.

4. Take the money you are saving, as you cut back on overspending, and begin getting all your bills caught up and current.

5. Assign every dollar you bring home a purpose so your money works FOR you. This will allow you to see how much money you have left, above and beyond your monthly bills, for any extra expenses you might be faced with.

6. Cut up your credit cards and begin to pay off those balances. List all your bills from lowest balance to highest balance and begin to pay extra on the lowest bill till it is paid in full, working your way through your list of bills owed.

7. Begin to save for emergencies. Try to save $1000 as quickly as you can. Saving money out of each paycheck, even if it is only $20 or $25 a paycheck, is essential if you want to have money set aside for the things that "surprise" you, like replacing that hot water heater, replacing the fuel pump on the car, etc. Having an emergency fund promotes a sense of security as well. With your emergency fund in place, you will find you can sleep better at night and you will have a greater sense of feeling "in control" of your finances.

I know this sound like a lot to do and somewhat inconceivable, but I promise, if you will start with step one and work your way through each step, you will realize that it is not as hard as you imagined. Getting started on a plan and working toward a goal is something that you

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