So, what is one of your New Year’s resolutions? Losing that last 10 pounds, finding the perfect job, or perhaps like me finding some financial peace…? I like to think that I am responsible when it comes to my money but I would like to know that I am being smart about what to do with it as well and have a plan for my future. When I was in Charleston last week visiting my parents for the holidays a friend of theirs reminded me of Dave Ramsey’s book, Financial Peace. I had read that book years ago but it encouraged me to download the audio book and start listening to it again. There is such happiness and freedom in knowing that you have a game plan in place. So, what am I going to do for my game plan? Well, I am going to take a Financial Peace class starting in January. There are classes available all over town and in multiple locations. In the meantime, here are some of Dave Ramsey’s top 7 pointers that I will share with you!
1. Make sure you have an emergency fund of at least $1000
2. Now is the time to pay off all debt except your mortgage
3. After paying off your debt add 3 to 6 months worth of living expenses to your emergency fund and keep it in a money market or bank account
4. Fully fund all pre-tax retirement savings. Also, make sure you have sufficient insurance for yourself or your family
5. Start a college fund only after you have fully completed steps 1-4
6. Pay any extra you can to pay off your mortgage early
7. Get Rich! With no debt or payments you can focus on saving money and make sure to give some away as well!
For more on Financial Peace go to www.DaveRamsey.com
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Tags: ally may, Dave Ramsey, Financial Peace
Great way to start the New Year !!
Good luck on your resolution!
I’m trying to do the same
Dave Ramsey was the first interview I did when I moved to Nashville! Luckily, Dennis LIVES by what he says. I may drive a ’97 SUV, but we definitely have financial peace!