Raise an Emergency Fund
Save $1,000 in a beginner emergency fund to reduce risk immediately. Once you eliminate debt bump it up your emergency fund up to 3-6 months of living expenses. After you have figured out a budget the next step toward gaining financial freedom is to raise an emergency fund to help reduce your risk. An emergency fund will help reduce the turbulence in your financial state immediately. Having 3-6 months of living expenses is the goal for an emergency fund, but first you should get $1,000 saved today.
Save $1,000 today!
Setting aside $1,000 will help guard you against some emergencies without giving you too much security. Experiencing financial freedom requires us to get out of debt. The best way to get out of debt is to attack it with great intensity. Get $1,000 saved today and start attacking your debt. If you know that you have emergencies pending then start saving for them. For instance if you know the refrigerator is about to quit then start saving for a good used one.
Getting out of debt will be your next focus after saving $1,000. Once you get your debt paid off then build up your full emergency fund of 3-6 months of living expenses. This will help ensure that you are able to stay out of debt under normal circumstances. 3-6 months of living expenses will also provide you with a cushion to live on should you lose your job or become unable to work for a period of time due to an injury.
Earning interest with your money will come as you work through each step with focused energy. Each of us are able to multitask on some level, but we actually see better results when we are singularly focused. In order to get $1,000 set aside you need to get serious and start selling stuff, adhere to a strict budget, and even take on a part time job if you can. These things will continue to be beneficial even after you get you beginner emergency fund saved and start knocking out your debt.
Experiencing FREEDOM with your finances will not just happen, it requires a conscious effort and focused intensity. If you do not approach this goal with intensity the process will become prolonged and you will start to lose energy. Engaging in the process of experiencing financial freedom will almost certainly cause others to look at you like you have two heads. You will likely experience people trying to discourage you to get you off of track, but if you create a plan and stick to it you will see changes.
You CAN change your financial situation today and experience FREEDOM. You have to make the decision to change your actions in your mind, in your heart, and in your spirit. When you are ready to start the process toward financial freedom then start by doing the steps one at a time. Surround yourself with encouraging people and learn as much as you can. If you would like some help during the process please contact me. I am glad to help you no matter where you live or where you are in the process. You can call 573-208-4266. You do not have to do this alone! Even if you are just looking for some encouragement please call me or email me, I am here for you!
Good luck in your journey toward financial freedom!