5 Steps To Financial Survival

5 Steps To Financial Survival by  for Modern Survival Blog

5-steps-to-financial-survival

Financial survival is a legitimate aspect of modern survival. Striving for financial independence will lead you to freedoms you may have never known existed.

Even if you’re buried in debt, once you’ve made the decision to make your way out – ‘the process’ will be self-liberating and uplifting (even though it may take a long time to get there).

I wrote this 5 years ago during 2015. It is just as valid today. I’m republishing it for your benefit:

Five Steps To Get Started Towards Financial Freedom

Stop Borrowing.

Stop the bleeding. Regardless of your current debt, you must (I mean, must) stop sinking further in debt. You will not be able to change anything until you stop spending borrowed money. Period. It is THE most important first thing to do.

Trim Your Budget.

Be honest with yourself and your budget. Chances are that there are only one or two categories where you tend to break the budget. Think about it. You know what they are… Maybe you go out to eat too much. Maybe you buy too many new clothes. Maybe you spend too much on gadgetry. Whatever it is, the point is to simply STOP spending too much where you know it to be your weakness. It takes will power. Need versus want.

Save.

Even though there is relatively little interest paid on cash savings these days, this is no excuse not to save and you will miss out on one motivational technique while overcoming your debt burdens. As you begin to save a few dollars here and there, your motivation will grow as your ‘cash stash’ grows. Consider not utilizing ‘every’ extra dollar on paying off your debts. Instead use some of it to build up a savings of cash. Keep it at home where you can watch it grow (get a Safe).

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