Wanted to re-post this from last year. Thought it fit well with a message on financial margin. Really encourage you to pick up Dave's stuff…7 Steps to find financial peace…where are you?
- Pay minimum on everything until you get $1000 in savings. (rainy day fund)
- Debt snowball – pay off all personal debt except your home.
- Create 3-6 month nest egg of your monthly expenses.
- Save 15% of your gross household income in retirement plans.
- Start college funds for kids.
- Take all the extra you can scrape together to pay your house off early.
- Spend time giving it all away.
The only step I'm not so sure I agree with my friend Dave about is step number 7. I've seen and experienced that the quicker you start to give significant finances away, the quicker God replaces it and brings more blessing. I would hate to think that I have to wait until the seventh step until I start giving extravagantly to my local church and God's kingdom! What do you think?