Becoming financially independent: Steps to shed away debt

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Financial planner and author of "The Money Queen's Guide" Cary Carbonaro has steps to help you break away from debt.

4 steps to be free of debt 

1.     If you already are in debt,  make a plan and goal to pay if off aggressively.  For example if you owe 2,000 and can save $150 a month have that go towards the card and it will be paid off in just over 1 year.

2.     Know what is coming in and going out every month. Use your smart phone,  computer or paper and a pen to track every week.  This is step 1 and you can’t achieve financial freedom without it.

3.     Don’t use those credit cards if you can’t pay them off in full when the bill arrives,  use your debit card or cash instead.

4.     Pay off your higher interest cards first.  See if you can use a balance transfer offer.  They have fees to do this even if it is a zero percent for 12 months.  You have to do the math to see if it is worth it for you.  There is a great calculator online to help you figure it out. http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx

To save money and enjoy this holiday weekend,  stay home and go to our award winning beaches.