Dave Ramsey Check in

DebbieJ

I know many of us follow Dave Ramsey's plan, so I thought I'd do a check in thread!

Post if you want!

DebbieJ

We are on step 2 and our snowball amount is a little smaller this month. While I was at Leadership DH went to Trader Joe's with the debit card!!!! So the grocery budget is shot this month. Grrr. Actually, our budget is a constant struggle. But it's improving.

We should be out of debt by the end of 2009.

I just got the envelope system (free with a one year sub to www.mytotalmoneymakeover.com) and I LOVE it!!!!

I have also listed more stuff on Ebay this month (nothing PC of course) to try to get some more cash for our snowball.

wadesgirl

I need to read his book again that I have at home. I started PC to pay down my credit cards and save for our house. I need to really kick it into high gear - I do have 1 credit card that is down to $600. That means I should have it paid off by March/April if I get some shows going good. I take half my PC paycheck every payday and put it on my card (when I'm dicaplined enough to remember). I also just paid off my card so every month I'll write that check to the credit card company too. But I really do think I need to reread to figure out some other things.

janetupnorth

Never read his stuff...will have to look at it more. However, we are on a VERY strict budget and are refinancing right now to get rid of high interest rate loans and start paying things off.

Sometimes it is hard for us when things break being partially on missionary support and not being sure of the income. We try to live under it but things happen...like furnaces going, water heaters going, cars breaking down, unexpected medical bills...basically life in general!!!!

I'd be interested in reading his stuff though.

One rule in our house is to be sure to give to God first.

DebbieJ

Janet, I think Dave's approach would really jive with you. The first step is to save a $1000 baby emergency fund! That would mean when murphy hits, you are prepared.

Dave also preaches tithing 10% first before anything else.

He has some great budgeting tools on his website, too.

GeorgiaPeach

Janet,

"Dave Ramsey says" the reason your grandma said to save for a rainy day is because IT'S GONNA RAIN!! I thought that was funny.

Our church is starting the Financial Peace University on Feb 11th. We began using the envelope system (kinda) last week. I deposited enough to cover outstanding checks and then was going to use cash for everything else.

For the FIRST time in 9 1/2 years of having two accounts (joint and PC) I deposited the money in the wrong account!!! We were out of deposit slips and I had to write the number on a generic deposit slip. I won't say how many checks bounced last week....let's just say when I realized the error on Friday night I got physically sick when I totaled the bank fees.

I can't wait til 2-11 and get this party started

Janet, Dave's stuff is biblically based and from what I've learned about you through your posts...his thinking should fall right into line with what you believe.

wadesgirl

Our bank has a safety net plan to help with this. You tie a savings account into your checking account. Then if you go over, it will transfer $100 at at ime to cover the bounced money with only a $3 transfer fee (instead of a $30+ charge). We signed up after I forgot to deposit a check from DH but wrote it in my check book since I was balancing it. Luckily the bank waved my fees if I signed up for the safety net plan. 10+ years with my own checking account, first time I ever bounced a check. You better bet I learned my lesson!

janetupnorth

My bank has that too but there is still the overdraft fee if your account is elsewhere.

I had that happen once on accident. Talk to your bank. Mine reversed ALL the fees except for one for me (of course it was a credit union). I was SOOOOO glad!

sfdavis918

We are doing really good. We are on step 2. We are trying really hard to stay within our budget, but still have a ways to go to get it perfected. Like, I just realized that I need new contacts and didn't budget for it this month. I'm gonna have to make up some money to cover that one!

I am going to sell my 2005 Honda Odyssey. I am so bummed about this, but if we do it we will be debt free in 6 months! I have to keep my eye on the prize. We want to buy a house and this will get us on that road a lot faster. I'm hoping to have it sold by this time next month. And actually, if I can get a bunch of shows on the schedule we will use all that money to get out even faster!

janetupnorth

I may check it out. I can't justify spending $9.95 each month though for a plan where I know all the basic principles and use many of them.

If you saw my budget spreadsheet you'd probably laugh or start calling me a nerd (again...)! It has EVERYTHING listed it seems and budget vs. actual and monthly and end of year totals...

I am not as anal as my mom though. She has the filing system of things...account records and passwords and all kinds of stuff all organized and locked up in a cabinet which leads you to the safe deposit box.

She won't die rich, but she won't die with debt either. She budgets to the penny! She will NEVER go over budget. She will stash overages for a few months though then treat the grandkids with a toy or two.

janetupnorth

Anyone hear Brian Kluth speak? Generosity Biblical Stewardship Tithing Christian Stewardship Biblical Tithing Church Stewardship Bible Tithe Christian Giving Philanthropy Fundraising Scripture Verses 40 Days Annual Stewardship Help Campaigns Drives Church Offerings Financial Minis

He is former staff of the camp we work at, a friend and he gave my DH a vehicle a year ago - great guy!!!!

DebbieJ

Janet, you don't have to spend the $9.95. You can do a 7 day trial, get all the info you need, and then move on. He has a TMMO book and workbook that are wonderful, as well as the book on CD.

I'm sending you a PM.

finley1991

I'm still on Step 1... I had been working on step one but used some of that to go to Leadership. I had a preprinted budget for leadership which I kept track of every time I spent anything. Came home with $240!!!! Overestimated on gas and got my $50 hotel deposit back. So all was good!

I'm finding the budget challenging a bit... being single I'm sure it's so much easier since I don't have to worry about anyone else... just me touching the $$$.

Here is something super funny (and those of us who do DR will totally get this!). Last Wednesday Ann and I checked into the hotel... I paid with cash like I normally do for hotel stays. A little while later, we see the rep from Experient (I think that was the housing company) and remember that I had made my $50 deposit so I approached him to ask him how I would get my money back. Here's what happened:

ME: Hi... just wondered how I will get my deposit back that I did for our room?

HIM: When you check out, they will credit your credit card.

ME: I paid cash.

HIM: We don't take cash.

ME: I paid my deposit with my DEBIT card. I paid for the room in cash.

HIM: Cash?

ME: Yes.....

HIM: Cash? For your ENTIRE stay?

ME: Yes....

HIM: Cash?

ME: Yes... the green stuff?

HIM: Well, I don't know... no one pays cash.

ME: Will you be around here somewhere on Saturday in case I have a problem?

So I went to the desk and asked the nice lady who checked us in and she said, "No problem! We'll give you your cash back when you check out."

It was very funny!

So now back to refunding my BEF!!!!!

Thanks for having us check in Deb!!!

DebbieJ

Colleen, that is too funny!!! Now if I could get my DH to use cash more, my budget would be awesome!

janetupnorth

Got it - thanks a million!!!!

...and Brian Kluth I mentioned above speaks from the other angle...generous giving. I think the two concepts really tie together well.

janetupnorth

That is so funny! I think they don't picture a single woman carrying around cash either!

So what does Dave Ramsey think about debit cards IF and BIG IF you keep diligent track of them. I feel comfortable carrying my debit card but not cash in large quantities.

SilverCeladon

Please tell me the name of the Dave Ramsey book? I'm really interested in this!

DebbieJ

Dave has several books. I've only read The Total Money Makeover. He has them all available on his website Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

DebbieJ

Here's what I say to that--we're talking about personal finance. However it works for you is what you should do. As long as you can stick to your budget with a debit card then do it.

That is probably not what Dave would say, but oh well.

janetupnorth

I am finding what I see online very similar to Larry Burkett too. All great principles!