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Budgeting, or Who's doing the "Dave Ramsey" plan or similar?

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  • breakingcontact

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    I make a decent amount of money. I dont live fancy, but im not getting ahead like id like. I dont do credit cards so i have that going for me.

    How do you run your budget? How do you stick to it?

    How has the Dave Ramsey plan or similar worked for you? (i know Dave says you "work the plan")

    How have you stayed motivated to stick to your budget and what tips do you have for that?

    Thanks for the honesty and encouragement in advance!
    Guns International
     

    txinvestigator

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    Dave Ramsey all the way. Zero debt but for the cars. Paying those down.

    Baby steps, EVERYTHING in the budget. Dinner, movie, etc, all in the budget. Wanna buy a TV? goes in the budget and we save.
     

    TexasRedneck

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    Started w/Dave's plan about 5 years ago. We'd always tried to be frugal, but it wasn't enough. You have to focus, and having someone like him to keep you on the "straight and narrow" helps a LOT.

    9 years ago, we built a $180k home. I buy a new vehicle every 2-3 years, as well as for Schoolmarm on about the same time frame - and they ain't stripped-down versions. All told, we were about $3-400k in the hole when we built the house. Today, my 2 year-old F150 an' Schoolmarm's 2 year old Lincoln MKS are paid for in full. The only debt remaining is about $50k on the house, which we're scheduled to pay off over the next 35 months. I drop about 25-30% into retirement accounts. Schoomarm retired 2 years ago - put a hurtin' on the income, but she was fed up with the education field, and I couldn't blame her. Slowed us down a bit (we were scheduled to pay off the house by the end of next year), but well worth it to see her happy.

    You have to dig down inside at times to keep up the drive, but it's doable. Ignore everything your "mind" tells you, and follow his plan - pay the smallest off first, every extra penny goes towards it. The APR you're paying really doesn't matter - it'll come its' turn eventually, and then be done. When we got serious about this 5 years ago, we were doing good to have an extra $3-400/mo to "blow". Since getting the vehicles paid off about 18 months ago, we can freely go out and spend....but seldom do. It's SO much fun watching the balance on the mortgage drop by over $1500/mo that it makes you want to put even more in.

    You'll slide back here and there - it's human nature. And I sincerely believe that, yeah - once in a while you DO have to "go nuts" a bit. But get it outta your system and get the nose back on the grindstone. For us, it's the plan for ME to retire in 3 years that's really putting the push on. I plan to go to Dave's studios, scream "Debt Free!!", then fax my resignation in to my employer.
     

    stdreb27

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    We are out of debt (besides the house). I haven't paid interest on a credit card on 3 years.

    Dave Ramsey had made a living telling people this simple thing.

    Don't spend more than you make...

    I personally didn't employ the Ramsey stuff, but it's a good technique and it works.
     

    breakingcontact

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    We are out of debt (besides the house). I haven't paid interest on a credit card on 3 years.

    Dave Ramsey had made a living telling people this simple thing.

    Don't spend more than you make...

    I personally didn't employ the Ramsey stuff, but it's a good technique and it works.

    I know hes kind of folksy and has made a fortune off his shows and selling his programs but ive tried my way and it sucks. I have the humility to admit i need to get on a different plan.
     

    stdreb27

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    I know hes kind of folksy and has made a fortune off his shows and selling his programs but ive tried my way and it sucks. I have the humility to admit i need to get on a different plan.

    Don't get me wrong it works, for me personally with my specific situation it was cheaper another way, (much more complicated).

    So I did it differently.
     

    breakingcontact

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    Don't get me wrong it works, for me personally with my specific situation it was cheaper another way, (much more complicated).

    So I did it differently.

    Right. I understand. His way isnt the only way and not that original really. I listened to him on the radio before he went national. Ive read multiple books on personal finance. I know what to do i just need to get on board a system and do the damned thing. I think emotions and life get in the way. Excuses are made. Money is spent.
     

    GlockontheRocks

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    As a recent Ramsey FPU "Graduate", it opened my eyes to many things. We are starting to re-evaluate all expenses. I've been self employed for the past 14 years. It has had it's roller coaster ups and downs, twists and turns. Never seemed to get ahead, PERIOD! We've been hemorraging $$'s on all kinds of things. The 9 week course helped us get on track. I'm down to $ 1,500 total credit card debt left on 5 cards. Will be destroying them all as soon as they are paid off. 3 payments from paying off 1 car. All that will be left will be the house and 1 vehicle. One of my best friends is a Dave Ramsey endorsed provider. He had been pushing me for 5 years to do this. I wish I would have listened when he first and for the 19th time asked us to see the program. I'd be 5 years ahead of the game right now. It's not too late. Do it.
     

    stdreb27

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    Right. I understand. His way isnt the only way and not that original really. I listened to him on the radio before he went national. Ive read multiple books on personal finance. I know what to do i just need to get on board a system and do the damned thing. I think emotions and life get in the way. Excuses are made. Money is spent.

    I just can't help but wonder what absolutely simple thing I could pitch to make millions of dollars. Lol.
     

    Elbe

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    Dave Ramsey's 7 steps are a great road map out of debt. The Financial Peace class is great. Like TR said, you will need a lot of focus and have to stick it out. The program will give you opportunities to tame the flesh and really learn what your wants and needs are. :p

    With that said, if your spouse/future spouse is not on board, it is hard to do and you won't achieve the objectives.
     

    AcidFlashGordon

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    I learned how to set up a budget and stick with it from my Mom. My Dad spent 30 years in the Marine Corps so while I was growing up, we didn't really have a lot of money. Marine sergeants didn't make a whole lot back in the late 50s and early 60s so my Mom only spent money on things we really needed --- food, clothes, utilities --- the usual household stuff. We didn't have anything fancy but there was always food on the table, a roof over our heads and clothes to wear.

    So, even though over the last 20 years I've had several jobs that paid quite well, I never blew money on things I didn't need. Just remembering how my Mom didn't waste money made it pretty much second nature for me to not waste money. In fact, each month I was transferring $1,000 to $1,500 from checking to savings --- paychecks were direct deposited. Now that I'm retired and living on a limited income, I have no problems because I never really changed my spending habits over the years.
     

    F350-6

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    Dave Ramsey had made a living telling people this simple thing.

    Don't spend more than you make...

    This is the whole key right here. Regardless of income level, don't spend more than you make. Part two involves figuring out how to get yourself out of the debt hole you've dug. Don't ever dig the hole and you're a lot better off, but the key here is to stop digging.

    Edit: I've listened to Dave before but never followed his plan. I use a credit card almost daily, but I pay off the balance in full each month. I still have a mortgage because I bought some more land, and I financed a baler for 3 years because they offered it at 0% interest and I just don't see the need to write the check if I can make small payments at no charge.

    Now if there was only a way to share this same message with Congress and POTUS, we might actually get somewhere.
     
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    breakingcontact

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    I caught a financial break just today so baby step 1 will be quickly completed. I need to really work the budget as i have a few small loans that i should be able to knock out quickly and snowball that money. In the past i often made the mistake of trying to pay off too much too quickly. Now with the emergency fund and going small to large i think my debt reduction will meet with some success soon. I know there will be set backs but being determined to stick to the plan and having that structure is encouraging.
     
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    TexasRedneck

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    Hey - I was much the same.....thinking about "all that interest"......took it small to large, and it worked. Hardest part is now, in some respects. With nothing else left to pay off, the remaining 3 years seem like forever.....BUT more and more I find myself "passing" on "deals" just to have some extra $$$ to toss at the mortgage balance, so it DOES get into your mindset.

    Now, what keeps me going is the additional plan of havin' that sucker paid off in the same month I turn 62, so that we'll make that last payment, and I'll inform the boss that I am DONE. Then again, we may have it paid off even sooner - if so, then I'll just hafta to be patient an' wait on the quitting part.....maybe <evil grin>.

    One other thing - while much of his advice is sound, for us waiting to restart retirement until everything but the house was paid off would have been a mistake - so, yeah - I've been pumping in every cent we could afford to into retirement accounts, simply because I didn't have the time to wait (when you lose a 401k to an ex that drains out every cent from a previous 21-year job, you have nothing). But, it's cool - we're gonna be fine. Looking forward to retirement, if for no other reason than I'll have more income THEN than I do NOW.
     

    35Remington

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    Dave Ramsey saved my financial life long ago. He seems to be a good man. Let me make this distinction clear: his plan is simple, but it is not easy. It will require true sacrifice for most people. However, now that we're on this side of the coin (Step 4), I can say it's been completely worth it.

    The hardest part for me has been watching others, who make the same money I do, spend exorbitantly like I used to. It's very easy to go to a place of "that's not fair," but you have to realize that YOU are responsible for YOUR future, and that other people will reap what they sow, eventually. It's easy to say, "Just stop caring what other people do," but another thing to live that out, every day, as you eat yet another can of tuna while the boys go out for BBQ at lunch.

    Lastly, if you are married, getting your spouse on board is critical. Without that, it's going to be almost impossible to be successful. You can do it, though; it just requires a good dose of humility and a desire to forge ahead together.

    God bless you. I wish you the best, and keep this thread updated as you make progress.
     

    Mreed911

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    Paying off our last credit card in January, then starting on my stupid student loan which should be done by the summer, leaving us debt free except the house at the same time the daughter starts at college, which we'll cash flow.

    Didn't follow Dave's plan to the letter and never did FPU, but listening to him widened me up tremendously and we're seeing the results.
     
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