Anyone follow the plan?
I'm following a modified version of his plan....
I love Dave Ramsey. However, I do not believe being a millionaire means happiness. Happiness comes from inside. My goal is to live comfortably, not live on "rice and beans" for years in order to be a millionaire. If the world ended tomorrow, I wouldn't get to enjoy a glass of wine today, LOL.
However, this is coming from someone who has no debt, except a mortgage.
I think Cathy (mod) followed the plan. I've applied some of the principles, but modified. Example, I don't snowball from smallest debt to largest, I do it based on interest rates, etc.
I follow it a little to I pay off by interest rate not smallest balance also
Yup, we followed it and got rid of all of our credit card debt ($35K) in a year. We've since relaxed and haven't been putting away the money like we should in our emergency fund, but we do have the knowledge now on how to make MUCH better financial decisions.
We follow the Dave Ramsey plan. We got our emergency fund of $1000 first and then we started getting rid of our debt starting with the smallest. Right now all we have left is my school loan and then our mortgage. We also do the envelope system. That was hard to do at first b/c I was so used to just putting everything on credit card. Now I only use cash or check. I'm so glad we got on the Dave plan otherwise we were on our way to getting into some real bad debt. We grew up and started "Acting our Wage"
I'll revive this thread! DH and I took Dave Ramsey's FPU at our church @ 2 years ago...and while I'd love to say we are debt free, we are not...YET! But we're working on it and we learned A LOT from that class! We have had several periods where I worked for 6 months then was laid off for 8 months, worked for 8 months then was laid off again...but using his letters/templates/budgets, we never lost the cars or house during those times! And we learned how to stave off some collection calls! We learned how to negotiate some of our old debt off after we were both working again and now we're paying down on our snowball. We also use a modified version of his plan. His concept is awesome but not feasible for everyone...especially those still on a paycheck to paycheck basis. We'll have one of 2 vehicles paid off in the next few months and we how to take off after that (we plan on paying cash for the next vehicles, whenever that may be)! So, hopefully soon we'll just have the mortgage! Yeah!
buying the book would be an un needed expense for me so i have heard about the plan, read his little article in our local paper, and i know what i should be doing but it is really hard. if i were to save a $1000 emergency fund, i would probably use it to move into a bigger apartment right now, buy a better working vehicle, or pay off nearly 1/3 of our credit card debt. i would consider all of those things emergencies and use the money for that. i am working on the CC debt like suggested (because the smallest one right now is the biggest interest rate) but its not like we make enough money to even save that much, even living on rice and beans (or foodbank food) some months we barely bring home a total of $1000 so thats a whole month worth of income for use to save, and we dont have that much wiggle room, even if we dont have milk for 2 weeks because we cant afford it, and we have only eaten at a resteraunt once this month, and i BF and Cloth diaper the baby.
2 months into it and we have 2 bills paid off both where less then $200 but for us to be paying more then the min $10 and not struggling is exciting. How we did it is DH took a 2nd job working at a fast food restruant everyother weekend and all his money is going to paying down our snow ball. All lunches are noodles or snadwiches and we have stopped all eatting out, and any eatting out we do ($5 on a pazone last week) comes from the food budget it is not extra. I shop at Aldi's, cloth diaper and breatfeed. Carrot sticks, cheese sticks and sandwiches make cheep school lunches. I too have started to keep kids before and after school to bring in some cash.
i should find some kiddo's to watch in my spare time. i might make more than i do working here once i get back to college this fall. or at least i could trade someone to watch Ellie on tuesdays and i could watch a kiddo another day...