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Financial Security Steps

The Financial Security Steps are the basics of personal finance. Whether you're interested in getting out of debt, budgeting, or saving, these simple steps will guide you to financial security.

FSS works with Dave Ramsey's baby steps, with some modifications, but they're broken down even more. That makes FSS more accessible to beginners.

The Financial Security Steps: Welcome!

The Financial Security Steps give you beginner’s guidance

Financial Security Step 1: Track Your Expenses

Track your expenses to show where your money has been going and where you need it to go to meet your goals.

Financial Security Step 2a: Save a Mini Emergency Fund

A mini emergency fund is crucial to your financial stability, especially when it is the only thing keeping you from reaching for a credit card.

Financial Security Step 2b: Begin Saving for Retirement

The beauty of saving early for retirement is in compound interest. Your small contributions grow over the years to fund life after work.

Financial Security Step 3: Save for Recurring Expenses

Save for recurring expenses to ease the stress of timing bill payments and paydays. Paying some bills annually can also save money on fees.

Financial Security Step 4: Calculate your Net Worth

Calculate your net worth to track your financial progress. Net worth goes up as assets increase and debts decrease.

Financial Security Step 5: Create a Debt Payoff Plan

Create a debt payoff plan to take advantage of every extra cent and build momentum to get out of debt more quickly and strategically.

Financial Security Step 6: Create a Budget

Create a budget to intentionally take control of your finances. Adjust your budget every month to better reach your goals as you pay off debt.

Financial Security Step 7: Pay off Debt

Pay off debt to free up money every month and feel financially free. A strategic debt payoff plan will help you stay focused long-term.

Financial Security Step 8: Save a "6 Month Expense" Emergency Fund

An emergency fund is a critical tool in the journey of staying debt-free. You won’t need a credit card to pay for emergency expenses.

Financial Security Step 9: Increase Retirement Contributions

Early, monthly retirement contributions are the single most important part of your long-term savings plan as you prepare for life after work.

Financial Security Step 10: Choose Your Next Financial Goal

Depending on your choice of goal, you can accomplish multiple over the years. You can, and likely will, pursue more than one goal at a time. How you prioritize is up to you & your family and will depend on what you value.

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