Wishing you all an awesome Monday!
If you know
Dave Ramsey and his work then you are aware that "get a part time job"
is one of his most famous lines when you call in about money issues.
I am NOT the most ardent follower of Dave Ramsey and ALL his principles
BUT i do subscribe to most of them especially the one about getting a part time job.
Dave Ramsey is one of those guys:
you either like him and his money principles and listen to his radio show regularly (Mrs. Pancakes)
OR you find him annoying/hypocrite at times but appreciate his principles and radio show (Mr. Pancakes)
Or you just don't like him or his principles o his radio or his books.
He is unconventional.
A little rough.
And just a good 'ole Southern finance adviser that believes in his opinions
because they are his!
which i will talk about more specifically another day but in the meantime...
i wanted to talk about his other principles
which i ascribe to and hope will help someone during March Money Madness!
Here are the principles i practice regularly:
1. Get a Part Time Job
This one i have always done because i have always liked spending money.
And learned quickly if i wanted extra things i needed extra money |
(which some refer to as their "cake and ice cream" money) hence the part time job.
BUT when you follow Dave Ramsey, he speaks specifically about
getting a part time job as a way to make extra money to PAY OFF debts and nothing else.
Testimony: In 2010, i got a part-time job and was able to pay off my car,
student loans & credit cards in less than two years.
There is something about watching your debt decrease
that increased my desire to work harder, make more money and pay off my debt.
In between paying off my debt, we were able to pay cash for our wedding and honeymoon.
2. Use Cash, NOT Credit Cards
Oooh this one was hard! Dave says to use cash because it hurts more
when you spend cash versus credit cards.
With credit cards you don't feel the pain because the money is not tangible.
When you use cash, you are more likely to be more careful with how you spend it.
With credit cards, you spend money mindlessly.
Testimony: I was the queen of using my credit card and paying later.
Of course, paying later would end up being later and later.
Let's reminisce for a moment, before i GAVE UP the CREDIT CARDS...
i traveled to Houston one year and spent over $1K on clothes, shoes, bags, jewelry.
I felt like i was on an episode of What Not to Wear, i shopped so much.
Oh the fun!!
But it took me forever to pay that money back and the interest.
One year, I traveled to Europe like three times.
Ahhh the good credit card days.
Needless to say, credit cards were killing me and my finances.
But it really hit home when i realized every time i received extra money from somewhere
(work, income tax, sale of my condo), i had to use it to pay bills (credit card, student loan or car).
That's when it dawned on me...there was so much money i could be saving BUT i was using it to pay off bills.
At this rate, i would never have money IF i am always paying off credit cards.
After cutting up and closing all my credit cards, i have not looked back.
And now when the bank tellers try to convince me to get a credit card, my answer is simply,
"No Thank you!"
3. Make a Budget
Everyone knows budgets help to keep you on track
and if you do it diligently and regularly, it actually does.
Testimony: This one i have NOT mastered as of yet but i am working on it.
Most months, we have monies that are allocated to things like:
rent, utitlies, phone, tithes, saving, spending money.
The most important thing about making a budget is making sure you know what is coming up on a monthly basis and making sure your money lasts until the end of the month.
This usually works IF there aren't emergencies that occur
(but that's where your emergency funds comes in, more on this another day).
One has to follow in the principles of Dave Ramsey and his money principles at their own pace.
It took me a long time to become a believer BUT since i bought into it...it's helped me a great deal.
Both Mr. Pancakes and i ascribe to these three principles without fail
and it's helped us individually and as a couple.
My suggestion, for the rest of March Money Madness
try one of the following principles:
1. Get a Part Time Job
2. Use Cash, NOT Credit Cards
3. Make a Budget
and see what happens with your money!
