Dave Ramsey Check-In: Share Your Progress on His Financial Plan!

[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]

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!!!!t.

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]

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.

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!:yuck:

I am going to sell my 2005 Honda Odyssey.:cry: 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 MinisHe 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]

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.

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]

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!!!

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]

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.

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!

 

[sfdavis918]

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.

Dave is fine with debit cards. When first starting the system he prefers all cash as it is much more of an emotional pull to lay out the green stuff than to just swipe the card.

And now that I think about it I think he would prefer all cash all the time, but is ok with debit cards for things like paying gas at the pump, making reservations, renting cars.

 

[finley1991]

I actually don't carry cash normally... ironically, it's only when I travel!!!! I use my debit card 99% of the time and am able to keep track because it's just me. The reason I won't use it for a hotel is that most hotels will charge double on debit cards to cover their ends.... one year at NC I used a credit card for my stay at the Hyatt... they put a hold on my card in addition to the room fee... so I had about $600 on my card when only $300 should have been there. It took me 3 months to get them to remove the hold and I, of course, was paying finance charges on the extra $300. Grrrrr!I got the TMMO for my mom for Christmas. She's so into it but unsure if she and my dad can start on the all-cash track since they're in their late 70s. I assured her that anyone can start anytime no matter what their circumstances. For the life of me though... I can't get my dad to use his debit card. He INSISTS on writing checks! Oh well... he'll come around eventually!

 

[SilverCeladon]

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.

Thanks Deb! Now, does anyone have a copy they would want to sell before I buy one on Amazon?

 

[sfdavis918]

Thanks Deb! Now, does anyone have a copy they would want to sell before I buy one on Amazon?

Most library's have them in stock.

 

[DebbieJ]

buy it from Dave's site or check it out from your library.

 

[SilverCeladon]

Oh..duh...what a great idea. I haven't been to the library in years. I think I'll go there this evening.

 

[chefjeanine]

Thanks Deb! Now, does anyone have a copy they would want to sell before I buy one on Amazon?

Buy a used one on Amazon. I do that all the time.

 

[Kathytnt]

HI Gang - My hubby Dave and I saw Dave Ramsey last year when he was in Dallas. I am not sure what step exactly we are at. We have all but one debt collector paid off (my fault on the debt) we have our emergency fund already set up and are now putting away money so we can put $25K down when we buy a house. This is part of why you don't see me more on the boards. I am working FT so I have to discipline myself more.

Hope everyone is donig well!

Kat

 

[J.Corley]

We are down to one CC and Sallie Mae. When we started this whole thing a little over a year ago we had like 57k in debt and now we are down to about 21k. I love having an emergency fund and I actualy never have to touch it now. Before we seemed to always have an "emergency." We have struggled to stay on budget with the debit card and will be going to cash envelopes with our next check. We just realize that we don't think as hard about the purchase when we use the debit card, but when using cash we truly see the impact one small purchase makes.
I also am not a memeber of Daves online TMMO. I listen to his radio show and have read his books. That's all it takes. Also you can listen to the radio show online archives for free on daveramsey.com

 

[Kathytnt]

We do have one main credit card - Discover but we pay it off every month. We earn gift cards to go out to dinner. Our one debt i like $500. It's just a matter of reaching the guys. Sometimes debt changes hands so many times it is hard to even verify that it was ever an actual debt. Some of these companies can't even prove you owe them money they just say you do.

Our plan is to put away $1000 a month so we will have 25K for a down payment in 2 years. Would be cool if we could actually beat that. We will sell our mobile home but not sure how much we can get for it so that would be just money for savings after the house. It will be so nice to have a yard for the dogs and a garden.