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Work out how much you owe.

Step one on my journey to financial freedom was working out exactly how much we owed, and the best tools for doing this are either Microsoft Money or a spreadsheet. Dig out your credit card statements, your loan statements and start gathering all the figures together.

The moment you see just how much you actually owe, you’ll start to feel better… even though at present you might feel like you’re drowning in it all and can’t cope, just getting it on paper or into a spreadsheet is one of the best and quickest ways to focus your mind.

List everything, make a column for the outstanding amounts, interest rates, monthly minimum payments and anything else you have. Pull no punches… It’ll help get yourself organized.

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