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Which Dave Ramsey Baby Step Are You On?
If you haven't read Financial Peace/Total Money Makeover, Dave Ramsey's Baby Steps are listed here.
Share which Baby Step your family is on, and how you passed each step!
We're on Baby Step 3: Save 3-6 months living expenses.
I think we'll go with the minimum 3 months, since I'm a SAHM now--in a pinch, I could pick up a waitressing job pretty easily.
My husband just got an unexpected and huge promotion, so we're routing about 75% of the raise into our ING savings account--hope to accumulate enough in savings by the end of the year and move on to step 4 then.
Baby Step 1--$1000 emergency fund--many years ago when we first started working Dave Ramsey's program, my husband and I picked up extra shifts in our restaurant jobs to quickly save the $1000 minimum. Now that my husband is on salary, we have to be careful to add money back in to the emergency fund within a month or 2 of using part of it or it goes back down to $0 quickly!
Baby Step 2--Debt Snowball: we were working really hard on the Debt Snowball, and had been using an all-cash budget for a couple years when my husband changed careers and we sold our home to move closer to his new job. We were really lucky to get out just before the real estate bubble burst, and sold our home for double the price of the mortgage loan. We were able to pay off all debt, including $60,000 in student loans--if it wasn't for the home sale, we'd still be so deep in debt, so I'm so grateful for that blessing.
Share which Baby Step your family is on, and how you passed each step!
We're on Baby Step 3: Save 3-6 months living expenses.
I think we'll go with the minimum 3 months, since I'm a SAHM now--in a pinch, I could pick up a waitressing job pretty easily.
My husband just got an unexpected and huge promotion, so we're routing about 75% of the raise into our ING savings account--hope to accumulate enough in savings by the end of the year and move on to step 4 then.
Baby Step 1--$1000 emergency fund--many years ago when we first started working Dave Ramsey's program, my husband and I picked up extra shifts in our restaurant jobs to quickly save the $1000 minimum. Now that my husband is on salary, we have to be careful to add money back in to the emergency fund within a month or 2 of using part of it or it goes back down to $0 quickly!
Baby Step 2--Debt Snowball: we were working really hard on the Debt Snowball, and had been using an all-cash budget for a couple years when my husband changed careers and we sold our home to move closer to his new job. We were really lucky to get out just before the real estate bubble burst, and sold our home for double the price of the mortgage loan. We were able to pay off all debt, including $60,000 in student loans--if it wasn't for the home sale, we'd still be so deep in debt, so I'm so grateful for that blessing.
Tags: baby steps, dave ramsey
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