Big Step: The big step is to create and live by a budget. We talk about this in our class, and provide tools and tips to make it a reality.
7 Baby Steps:
1. Pay tithes and offerings - this is the first baby step for a reason. It shows our faith in Heavenly Father. When we pay our tithes and offerings, the Lord has said that he will open the windows of heaven for us.
2. $1,000 beginning emergency fund.
3. 1 month of food and water storage.
4. Debt avalanche - Pay off all debt except mortgage.
5. Establish your Freedom Fund - when fully funded, your Freedom Fund will be savings equal to 3-6 months of expenses. If you are self-employed, you should increase your savings to 9-12 months of expenses.
6. Save for retirement, mission, college. Take advantage of tax-deferred or tax-free savings.
7. Pay off mortgage.
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