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Any Dave Ramsey fans out there??
I just finished reading his book, Total Money Makeover, and I'm currently waiting for Ryan to finish reading it so we can discuss whether or not we think his plan will work for us. Those of you who have read anything written by Mr. Ramsey know how tough his theories are, and how much work it will be to REALLY grasp what he teaches and to be good stewards of our income.
So my question for you... ARE any of you, my charming readers, fans of Dave Ramsey? Have you read his books, have you practiced his teachings, do you HATE his ideas?! Tell me SOMETHING. I need input!
Wednesday, August 27, 2008
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14 comments:
I can't say that I have read the book, but I heard him on a talk show one day talking about how much money people could save by just cutting out Starbucks. He did the math for the average full-time worker who gets Starbucks at least 3 times a week (which I was...working full-time going to Starbucks at least 3 times a week) and it was MIND BLOWING how much money I was actually spending on that stuff. I only treat myself to Starbucks now every once in a great while. Anyway, that is the only experience I have with him and I was a fan of that suggestion. I have been way more concious. Although, I am afraid I would be overwhelmed if I read the book :-)
P.S. Those shoes come in many shades of blue :-)
I have read his book, well I should I barnes and noble read his book (meaning I read it over two different trips to the store for free...I think he would approve.)
Overall I think he has great ideas. Why put toward retirement when you are paying more in interest thus canceling each other out? I also like is snowball idea, but I think either working toward the higher interest is just as good. I like the smaller payoff first as it is more of a mental thing/check off then it is saving more money.
I tried to summarize it for Rob and he liked the ideas. We are trying to use the envelope system but since we are still at my grandma's we pay her one lump payment a month so our budget right now is not a real budget. We are hoping though to pay off our cars, the girls hospital bill (STILL!) and then use that money that was paying off debt to go toward college for the girls/retirement/bigger house.
However, I do NOT like how he has two books that seem pretty much the same (even though he says in his second book that it is different info). His web page is full of things to buy and he offers a total money makeover plan for just 89.99 a year. If he really wanted to help people he would offer it for free.
I guess I said all of that to say overall we really like his ideas. I just went and got frozen yogurt. I spent 3.64 and now I have 11.14 left of my fun money for the week :)
Jen... Starbucks is a HUGE drain, I agree! What on EARTH to they put in their stuff to make it so darned delicious though?! I've never listened to Dave's Radio Show... but I know it's available online. I'll have to check it out.
Kelly... you're right, Dave WOULD approve of you reading the book at B&N, LOL! I found myself nodding at each of your points and statements... so to say I agree pretty much sums it up! The envelope system is one of my biggest stumbling points... it makes me nervous!
Envelope system scares me too! I was telling my husband, "but what if I need 500 for something and I don't have it in cash.." Then I realized I haven't ever needed that much money and the whole point of envelopes is to control your spending.
I am still nervous about that though. We use our debt card and I just like knowing I have access to our money and not a specific amount.
What I am confused about is money markets, different savings plans, IRA, ROTHS (if that is even what it is called).
Uugh... Kelly, I couldn't agree more. Savings accounts are about as far out as I'm willing to stick my nose. Everything else confuses me and just makes me want to bury my head in the sand. I think, if we really get on board with this plan, we'll have to do some SERIOUS research and learning before we get to any sort of investment stage.
hey lady! how are you? the envelopes didn't work for us. we tried. then we got cash out of the ATM twice a month and that didn't work either. i think we just didn't take it serious. i did read his books from the library and we watched a seminar that he did. i can't cut out my fun coffee unless i really have too. but i used a coupon this week. that's good, right? and we are vacationing at our family's lake house for free. that totally counts as being money conscious. and we don't have car payments. but i love me some starbucks. :)
Okay I'll stop bothering you after this post but budgeting/saving money has really been on my mind lately.
I have been reading money saving mom's blog (I think you were the one who posted about it) and the whole CVS shopping thing is CRAZY. Are you doing that? Do you guys have car payemnts? I know you have SL. We are on step 2 right now of paying off debt (not debit...haha...I re-read my post!) So at this point we really shouldn't be budgeting for anything extra, just the basics and the rest goes toward debt?????
By the way I just came across Dave Ramsey last week so this is ALLL new to me. However, my grandma uses the envelope system (for 40+ years )and it has worked for her!
My brother got that book for me for xmas a couple years ago. He totally preaches to it. I read the first half and got bored. Personally, I don't have enough debt to worry about that piece of it (THANK GOODNESS, but probably why I got bored since the first half is all about that), but I'm currently working on building up my savings account like he suggests. With as rocky as the financial industry is right at the moment...working at a bank is scary so I figure that buffer is necessary. I'm no good at creating myself a budget and keeping to it, though. The envelope idea just plain wouldn't work for me. I've only recently started carrying any cash at all and that's more dangerous for me than the debit card.
Maggie, I'm afraid I'll be pretty bad about giving up my Starbucks treats as well. Scratch that.. I KNOW I"ll be bad about it, and probably my budgeted 'fun money' will often times go to cover said treats. Coupons and no car payments are maaah-velous, IMO!
Kelly, why on earth do you think you're bothering me? LOL! I so l.o.v.e. the interaction this blog brings me, and love that there are people out there who actually CARE enough to have these conversations with me! I don't shop at CVS because we don't have them here, but I DO shop at Walgreens. I haven't paid much for toiletries and things lately... and I LOVE it! I feel SO good walking out of there, knowing I did everything in my power to keep the costs to a minimum. We do have student loans and we have one car payment, which, at $250/month isn't TOO bad in my opinion. I just came across Dave recently myself... we can learn together! :o)
Shara, the book IS worth reading, if you ask me. If nothing else, being in a good situation like you are, it could just be some great knowledge for your future. Friends tell me the secret to the envelope system is that you KNOW you can't take out extra cash so you HAVE to make it work... very different than just having a few extra bucks in your pocket and blowing it on a Frappucino.
I actually just had a friend give me his book on cd and I have been listening to him at work! I am currently doing the envolpe system and it is working soooo well with us!!! We used to use our debit card like CRAZY!!! Then I started listening to Dave's cds and I went online...looked at my account activity for a month...and wooow!!! It was crazy how much we spend on stupid stuff like eatiing out and starbucks...walmart for needless things! So I had a TOTAL freak out...then sat down with my husband...we did the budget sheet that you can print free off his website and we have been sooo good! Its been about 3 months now and every month we have had money left over in our gorcey(i use coupons like crazy now) and eating out eveoples! Also we give ourseleves a 100 bucks every 2 weeks in cash just as spending money...well its time to get out cash again and I have 40 buck left over and my husband has 30 left!!! Its amazing how much we DON'T spend now that we have a "plan" and we don't use the debit card at all anymore except for gas!!!
I haven't gone all out and got an emergency fund or have all these stocks or any thing like that...but I have done some of his suggestion and it has worked soooo well!! My husband was sooo happy that my friend suggested i listen to his book becuase he was the "nerd" and I was the "free spirt" haha...I would just use the card and never think twice! But I am sooooo not like that now! Its amazing ....we actually put have money now! haha!! Imagine that!
lol... Ashley, who is doing the saving, you or Sean?! *wink*
I'm so excited to hear that you're into DR as well... seems more and more of my BBC girls are interested! Could it be the new babies and new expenses that come home with them from the hospital??
I'm really going to have to give this envelope system a try... can't WAIT for Ryan to finish reading TMMO!
I found this budget craziness on a nest board and thought you might like to see it!
http://community.thenest.com/cs/ks/user/page.aspx?username=spreadsheetbio
chritina-lol! I even logged on to Sean's blog and tried to chenged it but i guess it was too late! lol...I don't know why it poted twice though! oh well! yea I wish Sean could learn to save money...haha ....he would be super talented then!
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