@Waitingbee57: Hey girl! Well, Dave Ramsey is a personal finance guru, one of the many, but one of the more conservative ones. He has a couple of books out but we took his class – Financial Peace University – which was I think a 12-week program. It cost $100, but one thing I really adore about Dave is once you pay that $100 for the materials (a book, a workbook, and DVDs) you can take the class over and over again. If Fiance and I want to retake the class in, say, five years when we’re closer to buying a house, we can just go online to find the info on where to attend the local lectures. One thing to be cautious of is Dave is quite religious and likes to reference the Bible frequently, which grated us a little, but it was still tolerable.
Here are a few of the fundamental beliefs of the Dave Ramsey program:
– The first thing you do once you begin his program (no matter if you’re in debt or not) is to save $1,000 for a short-term emergency fund. This is for stuff like if your car breaks down or something happens in your house you have to fix. Rather than put more money on your credit card and potentially dig you deeper in debt, you pull from here and replenish it later.
– Pay for everything that you can in cold, hard cash. He recommends keeping money for gas, groceries, pocket money, entertainment money, etc etc etc in envelopes. Then when you guys decide to go on a date, you pull a fifty from the entertainment money envelope, and this way you don’t spend as much because you SEE the money in your hand, it’s not just arbitrary numbers being pulled digitally from your account.
– He has some really great methods of getting out of debt that thankfully Fiance and I didn’t have to do because we’re not in any debt, but my father did this program to get out of debt and now the only payment he has to make is his mortgage. Awesome!
– Dave Ramsey ultimately does not believe in credit cards or personal loans. We bend this rule to have a credit card to build credit so purchasing a home is easier. He talks about how to purchase a home with absolutely no credit, so it’s possible, but he also acknowledges that it takes twice as long. If we had serious credit card debt I could see cutting up the cards and swearing them off forever, but we don’t so we are just careful.
– He has seven baby steps that you conquer slowly, one-by-one, to ensure financial peace and we plan on following them all!
It’s worth looking into! Let me know if you have any more questions.