Step 10: Set Your Priorities
Creating a list of needs and wants can help you establish your financial priorities.
Category: Financial Literacy
Step 9: Review Your Debt Situation
Freedom from debt is an achievable goal for every family. The first step in regaining control is to take an honest look at your existing obligations.
Step 8: Identify Your Starting Point
Calculating your net worth is as simple as comparing what you owe (liabilities) and what you own (assets).
Step 7: Make Your Money Count
To develop an accurate picture of the amount of money you will have in the future, take a look back. Decide if your income will be from the same or from different sources and the amount of income you can expect to earn in the future.
Step 6: Clean Up Your Credit Report
If you find an error on your credit reports, you’ll need to know your rights. Your most effective weapon in dealing with the credit bureaus is the Fair Credit Reporting Act (FCRA). Legally, the FCRA protects you by requiring credit bureaus to furnish correct and complete information to companies requesting credit histories for evaluation.