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

breakingcontact

TGT Addict
Oct 16, 2012
18,315
38
Indianapolis
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!
 

txinvestigator

TGT Addict
May 28, 2008
14,119
113
Ft Worth, TX
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

1911 Nut
Lifetime Member
Jan 23, 2009
12,591
113
New Braunfels, TX
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

TGT Addict
Dec 12, 2011
3,826
63
Corpus christi
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

TGT Addict
Oct 16, 2012
18,315
38
Indianapolis
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

TGT Addict
Dec 12, 2011
3,826
63
Corpus christi
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

TGT Addict
Oct 16, 2012
18,315
38
Indianapolis
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

Active Member
Jan 17, 2010
510
16
McAllen, TX
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

TGT Addict
Dec 12, 2011
3,826
63
Corpus christi
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.
 
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