Checklist of basics for Financial Freedom

Here are some steps to follow that will lead you to financial freedom:

  • Stop creating more debt.

  • Rank your debts in order of fastest payoff and follow that priority.

  • Set aside 10% or more of your income for savings.

  • Do not take on any more debt until you have cleared what you owe to an acceptable level.

  • Once you have cleared a particular debt invest the same amount to reduce another debt even faster.

  • Make sure you have a written plan of how to achieve being debt free.

  • Determine the essentials for living and spend only for that until you are free.

  • Always think before buying.

  • Immediately discontinue further credit buying.

  • Practise the habit of saving.

  • Avoid signing contracts for personal services. E.g. never co-sign on a credit card or loan for anyone.

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