Are there any Dave Ramsey followers on here? If so where are you at in your plan, what are your goals, what are you doing to deal with your debt? I’m trying to get back on the Dave Ramsey “drink the kool-aid and shave my head” mentality. I’m hoping I have a few folks with me on this.
I’m currently setting up a real budget, hiding my debit card from myself and going to use the envelopes this time.
My goals are to pay off a nasty back child support bill that DH2B has hanging over him. Sell my truck that I’m upside down in. And pay off my two credit cards. Once we are out of consumer debt we are going to start going back to school using grants and paying cash.
I bought two of his books, as well as the workbooks. I lent one book to a colleague. Since reading one of the book I moved to a less expensive apartment, sold some expensive artwork, cutup most of the credit cards except one, started shopping for groceries with debit cards instead of credit cards. I started the debt snowball, paying those with smallest balance first. The target for completing paying those the credit cards is about May of next year. Sometimes I slip and use a credit card, for training seminars. I have half of the emergency fund of $1000 saved.
We have made a budget, using envelopes, no credit cards all pai doff and closed accounts, debit card only for emergencies. So far so good. We have paid off 2 cars. Now we have a house and my student loan left. We are still working on house and trying to save money for a car in case of of ours dies. So feel free to share thoughts, problems or tips abouit his program.
Maybe Dave Ramsey needs to set up on or near college campuses and give some common sense advice. Hard for me to believe these Co’s are trying real hard to “educate” students about the responsible use of credit. After all, they are making big bucks off those who make mistakes with credit.
This is a good article and several links to read more on this subject. At the college I teach, I saw a student buying a cup of coffee with a credit card! Remember, most debit cards have cc logos on them. One of mine takes right out of my checking account. If I use it as a cc, no fee. If I use it as an ATM, .25¢ ‘transaction fee’. If that person isn’t careful, it could be a very expensive cup of coffee!
I’ve listened to Dave off and on for a couple years now but haven’t started following the plan yet but by golly its time! I think I’m about to sell the SUV I bought 6 months ago and get a cheaper kid hauler. I’ve got a realistic budget together but implementing it is scary. In order to pay every bill, I have to juggle them.
What are some of the most hard core things you did to get things paid off? Besides my truck which is upside down, I don’t have anything of value to sell. I’m thinking of taking a second job but when would I see my kiddos and would I be able to find someone to watch them in the evenings? Sigh… Just looking for some ideas of how to get it rolling.