I am in debt.... I need to do something radical to get myself out of this hole that I have put myself into. I decide to do the Dave Ramsey Baby Step Plan because it strict. And that is exactly what I need.
What Are Dave Ramsey’s Baby Steps?
Ramsey’s personal finance philosophy is based on seven steps. The steps are meant to help people get out of debt, stay out of debt, prepare for a financial emergency, and plan for their financial future. The plan is broken down into seven steps The Baby Steps are straight forward. They aren’t always easy to accomplish, but they are simple to understand.
- Baby Step 1: $1,000 cash in a beginner emergency fund.
- Baby Step 2: Use the debt snowball to pay off all your debt but the house.
- Baby Step 3: A fully funded emergency fund of 3 to 6 months of expenses.
- Baby Step 4: Invest 15% of your household income into retirement.
- Baby Step 5: Start saving for college.
- Baby Step 6: Pay off your home early.
- Baby Step 7: Build wealth and give generously.
Today, I just calculated all my debt for 2019. The Seven Baby Steps will help me stay on tract. I will uses a Happy Planner keep track of my expenses and also prepare me for those big expenses throughout the year. I decided to implement this plan for two years to see how much I save and how much debt I actually pay off because I am looking to buy a home for me and my son.
I'm so excited to see how well this helps me this year.
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