Live like no one else: The Dave Ramsey Show appreciation thread
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"The what will come to you, and the how will come to you when the why is important enough." - Dave Ramsey
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Compas check equifax they got hacked
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As I talked about a lot in this thread, I want to get out of debt. It is certainly tougher when you have a newborn son and added expenses such as your car breaking down. I did my budget again and by the end of the year depending on how much of a tax return I get and put in to my debt which is my car, I would still be between two and $3,000 short.
I welcome any suggestions regarding part time work because if I can make at least $500 a month that would be massive because the more I make in the part-time, the better obviously. I could be out of debt by Thanksgiving or ideally sooner. -
Im not exactly sure of your situation and im not really 100% sure what Dave Ramseys economic ideology is but a car loan isnt the type of loan you really have to go out of your way to be paying off. I mean unless your APR is really really high. Dont get me wrong, there is definetly no feeling greater than not owing anything and being at 0 but there are other things that should take precedent over paying off a car note.
Now again, I dont know about your situation so I have to start by asking, do you have rainy day money? Meaning, if you were to lose your job, or get sick and cant work for a week or two, do you have enough money on hand where you can make do for 6 months?
With a new born baby and a family to take care of your primary focus should be building a safety net first, not paying off a car. Now if you already have the safety net than much respect and im just posting this for no reason.
Just a quick bit if advice. When people are in a situation, they get tunnel vision, obsess with a single idea, and cant see the bigger picture. It happens to all of us depending on the situation. Could be financial, a girl, whatever. Its always good to ask advice from a person that is outside of your situation and doesnt have an emotional connection to your situation.
I say that to say that you should really consider having cash on hand. Having 10k in cash and a 10k in manageable debt is more beneficial to your family than 0 and 0. Because the way tunnel vision works is you get so focused on paying off that car note that you throw all your money in there, get really excited that you get your debt down to 2k, and then ? forbid you lose your job, have no money on hand, and find yourself 12k in debt by the time you get one.
Just an outside perspective from someone who got caught up in that tunnel vision before. -
^^^ thats some real ? .
I have a safety net of about 3 mos right now and im tempted to pay off all my bills and the IRS quarterly taxes in advance then pay my rent early but then i'd spend the next month hoping no emergencies happen.
I think as long as u are very aware of your budget, stick to your plan, peace of mind is better than an early payoff...bc if something happens n u spent all that money ull be beating yourself up -
^^^ thats some real ? .
I have a safety net of about 3 mos right now and im tempted to pay off all my bills and the IRS quarterly taxes in advance then pay my rent early but then i'd spend the next month hoping no emergencies happen.
I think as long as u are very aware of your budget, stick to your plan, peace of mind is better than an early payoff...bc if something happens n u spent all that money ull be beating yourself up
Having cash on hand is very important. Paying off debt and getting to 0 is important too, but spending all your cash on your bills would mean you made a plan in which you didnt account for the fact that something might go wrong. Those are never good plans.
I think you have to budget and putting money aside should be a part of the budget. Throwing money aside should be looked at like a bill in your budget. A few hundred a month, more if possible.
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^^^ thats some real ? .
I have a safety net of about 3 mos right now and im tempted to pay off all my bills and the IRS quarterly taxes in advance then pay my rent early but then i'd spend the next month hoping no emergencies happen.
I think as long as u are very aware of your budget, stick to your plan, peace of mind is better than an early payoff...bc if something happens n u spent all that money ull be beating yourself up
Having cash on hand is very important. Paying off debt and getting to 0 is important too, but spending all your cash on your bills would mean you made a plan in which you didnt account for the fact that something might go wrong. Those are never good plans.
I think you have to budget and putting money aside should be a part of the budget. Throwing money aside should be looked at like a bill in your budget. A few hundred a month, more if possible.
Great advice...a lot of people can't save cause they try to save what's left after paying everything else. Gotta pay yourself first. -
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"The things that you care about accomplishing.. you do them more successfully when you do them with extreme focus." - Dave Ramsey
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