(ARA) - Retirement may still be a few years, or even decades away, but there's no time like the present to start planning for your future. However, not enough people are doing it.

According to a recent GoodLife survey by Stowers Innovations, Inc., less than 20 percent of adults over the age of 18 have a definite plan for retirement at a specific age. Now is the time to take control of your financial future and declare your personal financial independence.

"The only person you can count on for your financial security is you," says James E. Stowers, founder of American Century Investments and author of "Yes, You Can… Achieve Financial Independence." "When you count on yourself, you are in control of your own circumstances and with this control comes peace of mind. With unwavering determination, anyone can achieve financial independence."

Month One - Make a commitment and determine your priorities. The first step toward financial independence is making a commitment. Sign your own Declaration of Personal Financial Independence as a reminder of your personal pact. You can find a Declaration of Personal Financial Independence at www.afiweek.com/si.asp.

Once you've committed, establish your priorities. Determine what is truly important to you and how to live your life in a way that allows you to attain these things. Financial priorities can encompass many things including education, family unity or fulfilling basic needs like transportation. Once you set your priorities, form a plan to meet them. For example, you may start saving for college, a family vacation or a car.

Month Two - Eliminate debt and establish a budget. Debt is an American epidemic. More than 70 percent of surveyed adults reported living with debt. Thirty-five percent had over $8,000 in debt. Analyze your current payments and find ways to pay down your debt as quickly as possible. Options range from borrowing money at a low interest rate to pay off high interest credit card debt, to stopping all other investments and using that money to bring your unpaid balance to zero.

After you establish a plan for eliminating debt, create a budget and be determined to live within your means. This can help you achieve your goals and stay debt free in the future.

Month Three - Audit your finances. Take stock of your progress to-date. Each week, perform an audit on a different area of your finances. Review your spending pattern and make certain your spending matches your priorities. Re-calculate your debt to determine the impact of your debt elimination plan. Analyze your budget to see if it is working for you. Lastly, look at your complete financial picture to view your financial puzzle as a whole instead of individual pieces.

Month Four - Increase your financial IQ. From children to newlyweds to retirees, continued financial education is important for people of all ages. Increase your financial knowledge through a variety of outlets including newspapers, financial books and seminars. Learning about mutual funds, investment opportunities and savings plans can diversify your finances and put you in a better financial position for the future.

Month Five - Start thinking long term. Now is the time to plan for your financial future by paying yourself first and setting up an emergency reserve.

The concept of paying yourself first is one of the most effective ways to save and begin building a foundation for your future financial security. Each month, before you do anything else, put a set amount of money into a high yield savings or investment account.

Since life is full of risks and financial pitfalls, build an emergency reserve to sustain you during hard times. It is advisable to save between three and six months of living expenses in an easily accessible saving account. The amount of your reserve will depend on the flexibility of your budget and your comfort zone. Remember your emergency reserve is not intended to cover all possible risks. For complete protection, take advantage of the many insurance options available to you.

Month Six - Resolve to stay focused. Congratulations on making it to the sixth month. Take time to reassess your finances and your complete financial picture. Determine what has worked well during the previous five months and what you can do better. Then reconfigure your financial plans to take these things into account.

For more personal finance tips, log on to www.stowers-innovations.com.