Step #5: Save Money For Children
As it is very important to ensure that your children gain a proper education, you can start saving to help your kid through college.
Your kids can also take up part-time jobs to minimize the burden of your debts.
Apart from all that, you can seek scholarships that might reduce most problems easily.
Step #6: Pay Mortgages, If Any
After you have taken care of everything, you will be able to execute this humongous, final step.
It is recommended that you get out of your debt quickly and adopt a strategy of pre-paying your mortgages. However, I do understand that this might not be sensible to everyone. So, stick with what you’re comfortable with and you’ll end up with no debts.