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May 12, 13
  Personal Finance Tips
Control your money instead of letting it control you
  by Pamela Osment


School helps prepare students for life. But many financial advisors believe one key class is missing – money management. Often when young adults get their first job, they don’t have a clue how to handle their money. Worse yet, some college students collect large amounts of debt from student loans and credit cards. This puts them at a huge financial disadvantage as they enter adulthood. 

  The key to money management is learning how to control one’s money. Popular money management expert Dave Ramsey has put together seven steps to help people use their money responsibly.


Dave Ramsey’s Seven Baby Steps

  1. Save US$1,000 in an emergency fund. This money is not to be used, except in the case of a real emergency.
  2. Pay off all of your debt using something Ramsey calls the “debt snowball” method. Begin paying off your bills, one by one. Every month, pay each minimum balance, but apply extra money toward the smallest debt. When that one is paid off, repeat the process with the next smallest debt. Repeat this process until each debt is paid.


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