My husband and I have recently started our own Total Money Makeover, as outlined by Dave Ramsey in his book, The Total Money Makeover.
The steps are as follows:
1) $1,000 to start an Emergency Fund
2) Pay off all debt using the Debt Snowball
3) 3 to 6 months of expenses in savings
4) Invest 15% of household income into Roth IRAs and pre-tax retirement
5) College funding for children
6) Pay off home early
7) Build wealth and give! Invest in mutual funds and real estate
My goal, as the homemaker and at-home parent, is to stretch our budget as far as I can to fund the beginning steps faster. I will be posting about the methods I use to bring in extra money or just avoid spending money.
We're currently on Baby Step #1, the $1,000 emergency fund. We've got $697.48 and will be transferring in the rest when hubby gets paid tomorrow, thanks to an unusually high comission check.