I grew up in a home that did not teach me how to manage money or budget, and I did not learn it in school. A few years ago, I had gotten into debt and felt like I was drowning. So, I turned to Dave Ramsey and eliminated my debt in 3 months! But I didn’t stop there. Since then, I have picked up tons on books and have watched a countless amount of YouTube videos. Here are a few things that I have personally done in my finances that have changed my life!
1. Treat your home like a business. Write down all of your incoming and outgoing money for the month.
When you can compare what you are bringing in to what is going out, it will become
easier to adjust where needed. I had to sit and write everything, and I mean everything down to see where my money was coming in and where it was going out. Think about it this way, would you hire yourself to manage your finances?
2. If you have debt, eliminate it fast.
Debt keeps us from adding money into savings, 401K’s and sinking funds. If you have not
picked up Dave Ramsey’s Total Money Makeover, you should order it. Dave teaches you
how to create a debt snowball and eliminate it once and for all. Eliminating your debt will give you a wonderful feeling of freedom. We are 100% debt free, even the house and it’s been such a relief, especially through the whole pandemic.
3. Budget. Budget. Budget.
Yes, this sounds easy, but many people do not budget. I find it easier to follow another one of
Dave’s tips and that is to create an envelope system. This lets you put money up for groceries,
clothes, car repairs and so much more. (Don’t worry, not all of the tips are Dave’s).
4. Invest in your 401K, real estate, and in yourself.
If your boss matches anything on your 401K, meet it. If you have been thinking of buying a
piece of property, do it. Make sure you are investing in your health. Keep up with you doctor
appointments make healthier food choices, and exercise.
5. Track your progress.
Make sure you are writing a monthly budget and checking it off as you go. If you are
eliminating debt, hang it on your fridge or somewhere you’ll be proud. Keeping track helps you reach your goals faster and keeps you motivated to achieve it. Keep in mind, every month is different so what works in July might not work for September.
6. Negotiate everything.
Need to buy a new car, negotiate. New home, negotiate. I negotiate almost everything
except services, that’s when I price shop. There are tons of YouTube videos that show you
how to do this. Start negotiating.
7. Live below your means.
If you can’t afford to buy something out right, do not buy it. Used items are okay when you
are starting to build a wardrobe, just moving into a house, or have kids that didn’t play with
their toys very much. I grew up buying used items and my sister and I thrift all of the time. In fact, she has made a business out of it.
8. Watch YouTube Videos.
I started following Dave Ramsey on YouTube about 3 years ago and now follow all of his team. A few others I follow is Mr. Money Mustache, Our Rich Journey, Graham Stephan and Dave Ramsey’s team Rachel Cruze, Dr. John Delony, Chris Hogan and Anthony O’Neal. See which
YouTubers you like and get inspired by their stories and tips.
9. Think of ways to create extra income to either get out of debt faster or to start saving for retirement.
What do you like to do? There are tons of ways you could be making extra money without
getting a second job. Sell on eBay, bake on the weekends, Uber, become a shopper on Shipt,
seamstress pull out your camera and photograph families, or network market. I personally
photograph families and network market. This helps me stay home with my son and
homeschool.
10. Change your mindset.
Read “Think and Grow Rich” by Napoleon Hill. I have yet to find a book as good as this one. It
will not only change your mindset, it’ll help you come up with ideas that’ll change your life. Anything from Tony Robbins is great, Les Brown, the list goes on and on.
When you’re getting out of debt or finding extra income always remember why you are beginning this process. For me, it’s to change the direction and path for my family.
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