Previous generations lived a much different life than we do now. Those who grew up in the era of the Great Depression witnessed fortunes disappearing overnight. The struggles of society during this time period left an impact on anyone who lived during that time. Banks became a place not to trust, replaced by coffee cans stored in the kitchen cabinet. Clothing was handed down from one child to the next until they were threadbare. Meals were prepared and eaten with no waste. This generation approached their lives with a plan.

The current generation has become accustomed to spending versus saving money. Society today consumes and disposes at an amazing pace. Credit cards have replaced savings and are used in both emergencies and for instant gratification. The lack of planning for future events has created a tipping point. Current unemployment rates and the state of the economy have provided a glimpse into the possibility of hard situations in the future. These conditions emphasis the need to take a proactive approach to personal finances and savings for emergencies.

Initial steps to providing a sound financial future should include discarding credit cards and beginning a savings account. When faced with high credit card debt, take immediate action to begin paying down balances. Start with the smallest debt first and once it is paid off, transfer the cost of that balance to the next lowest balance. Continue with this strategy until you are free of all debt. During the time spent becoming debt free, start a savings plan. If the budget only allows for $25.00 per month for savings, use this amount as a starting point to begin a saving habit. Once all debt is paid the monthly expense of these bills can be added to your savings plan.

Becoming debt free is not an easy process, but necessary during the times that we live in. Once you have taken control of your spending and have learned the lessons of frugal living, you cease to be a slave of the system.