Yep, you read the post title right. I am done with Baby Step 2 on my Baby Steps to Financial Freedom (no debt, solid savings, etc)!
Yes, yes... please join me in another happy dance.
I got my Tax Return this weekend. I applied almost all of it to my Short-term savings account and hit my goal! :-) So here is how my Baby Steps look at this point:
1) Save $2000 in long term, high-yield savings account.- DONE!
2) Save $1000 in short term, (emergency) savings account.- DONE!
3) Pay off three remaining credit-card debts- getting closer
a) Bank of America Card- DONE!
b) Wachovia Credit Card- DONE!
c) Northwest Credit Card- working hard. It is my goal to have this paid off by my 26th birthday...
d) Chase Credit Card
4) Pay off car
5) Save 3 to 6 months worth of expenses in high-yield savings account
6) Start investing 15% of income in retirement (either Roth IRA or pre-tax retirement plan)
7) Buy a home, build wealth and give freely!
Exciting :-). Now, as you can tell (and as I mentioned in this post), I have added a credit card to Step 3. Why? It was paid off before I started following the baby steps, but I felt like it was something I did accomplish and I should celebrate that effort. So, that is why you see the change.
Anyway... hope you all are working on becoming debt free, too! I know it is only through God's help that I am getting this far. Thank you, Jesus for motivating me, convicting me and growing me in how I approach my finances. It is freedom knowing that I will be without debt soon enough.
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