I am very slowly working my way through Dave Ramsey's Financial Peace Planner. I made a halfhearted attempt some time ago, but utterly failed. This time feels different though. I hope that blogging about it will keep me on track.
Have you worked through The Financial Peace Planner? What helped you get through it? What was difficult? Any tips to share?
One of my struggles with the book is that some parts are quite religious. I am not religious. So, I'll have to make some adjustments as a result.
Anyhow, I've read chapter one, "Call Me Weird--Just Don't Call Me Broke," several times over the last few days and each time I feel a pit of despair begin to open up in my stomach. Ugh! A significant part of this chapter is about determining just how deep in the hole you are and some of the habits that got you there.
It can be difficult to face such truths.
I've reminded myself several times lately that there is hope. If so many others can have success with Dave Ramsey's plan, I can too.
I CAN turn around my money story.
Dave Ramsey's plan of attack involves seven crucial steps, but not all at once! The book breaks them down into manageable chunks to help you succeed--of course, time will tell if I actually DO succeed with this (I'm working on my mindset to shift from "hope to succeed" to "will succeed"!).
Dave Ramsey's Seven Financial Baby Steps:
- Save $1,000 in an emergency fund.
- Pay off all of your debt except for a mortgage by using the debt snowball.
- Complete your emergency fun by saving three to six months of expenses.
- Fully fund your pre-tax retirements savings.
- Save for your kids' college.
- Pay off your home early.
- Build wealth and give like crazy.
Chapter One ends with two tasks: taking stock of your money fears and setting some goals.
Here are my top five money fears:
ONE: I won't be able to fix my financial situation.
TWO: There will never be enough money.
THREE: My son will be stuck taking care of my financial needs later in life.
FOUR: I'll lose my home due to lack of money to pay the rent.
FIVE: My debt will grow instead of shrink.
I'm determined to NOT allow any of those fears turn into reality!
The other task is to set some goals for the week in four areas: spiritual, physical, mental, and relational.
The goals I've set for this week are:
SPIRITUAL: Do yoga Tuesday, Thursday, and Saturday and focus on my breathing and clearing my mind.
PHYSICAL: Exercise daily beyond yoga -- a walk or bicycling.
MENTAL: Read a business, personal development, and social or political article every day.
RELATIONAL: More hugs for my son and putting down whatever is in my hands and focusing on him when he has something that he wants to talk about.
Interested in following Dave Ramsey's plan? You can buy your own copy of The Financial Peace Planner HERE.
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DEBT TRACKING:
Original total: $110,000
Paid off yesterday: $0
New total: $109,940
Original total: $110,000
Paid off yesterday: $0
New total: $109,940
***SET ASIDE TOWARDS MY CITY TRAFFIC TICKET DEBT: $13 -- $47 to go to pay it off!***
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