Dave Ramsey-Cash only system

[Vertnut]

We try to handle our finances like anything else in our lives...in moderation.

[Denny]

My wife and i have some friends that are hardcore on a financial plan similar to ramseys.

They have a newish honda van that's been sitting in the driveway for over a year with a bad transmission.

So, they are down to 1 car now that has to serve the whole family. They have a couple of kids with licenses that have nothing to drive, and they have to ferry the wife down to love field 2-3 times a week so that she can go to work. They are literally hanging by a thread on this one car, because they don't want to go into debt.

A simple credit card to be used only for emergencies would solve their issue. It's ridiculous for a car to be sitting there undrivable because they never have the $3-4k on hand at one time to have it fixed.

I have an emergency card and the balance is higher than I would like, but we don't spend foolishly either (had a bunch of bad luck recently and it went on the card). I've paid it off before and i will again. We buy used cars for cash now, and watch our money.

I think that people get hung up on the details of ramseys plan, and don't listen to his message, which is to basically live within your means.

Ya, emergencies happen and if they are not addressed, they will end up costing more over time (like that case).

[mikeb]

My wife and i have some friends that are hardcore on a financial plan similar to ramseys.

They have a newish honda van that's been sitting in the driveway for over a year with a bad transmission.

So, they are down to 1 car now that has to serve the whole family. They have a couple of kids with licenses that have nothing to drive, and they have to ferry the wife down to love field 2-3 times a week so that she can go to work. They are literally hanging by a thread on this one car, because they don't want to go into debt.

A simple credit card to be used only for emergencies would solve their issue. It's ridiculous for a car to be sitting there undrivable because they never have the $3-4k on hand at one time to have it fixed.

I have an emergency card and the balance is higher than I would like, but we don't spend foolishly either (had a bunch of bad luck recently and it went on the card). I've paid it off before and i will again. We buy used cars for cash now, and watch our money.

I think that people get hung up on the details of ramseys plan, and don't listen to his message, which is to basically live within your means.

[Broncojohnny]

That's true! Last time I saw Al P he barely had two nickles to rub together!

As long as I can get some hoes to rub two nipples together, that is all the happiness I need!

[MattB]

I've noticed that people who say "Money can't buy happiness" are normally broke.

That's true! Last time I saw Al P he barely had two nickles to rub together!

[red95gts]

Remember kids, money can't buy happiness because money IS happiness.

I've noticed that people who say "Money can't buy happiness" are normally broke.

[red95gts]

I use a modified Dave Ramsey plan, which doesn't involve keeping a shitload of cash on hand. Similar to what Lason mentioned earlier, we have 4 accounts: savings, mine, hers, and main (for bills mostly). Every payday, my full check gets dumped into the main account and set amounts are transferred to each account, to include savings.

I track everything using a "virtual envelope" system with the software at www.youneedabudget.com . Corny name, but great software. It's like Quicken or Microsoft Money without all the added complexity and bullshit that most people don't need. Overall, it's worked very well as we've shed a tremendous amount of debt this year and are close to being debt-free besides the mortgage.

Ford? Or your company stock?

Company stock.

[MattB]

IBslow99. lolz @ Elvis. I've got everything I own in one stock, but its been working in my favor for 4 years, and should continue for at least another 2. Completely inadvisable, I know, but everyone does something that works for their own life.

Ford? Or your company stock?

[Denny]

Wow some of the people here crack me up.

I won't be a slave to the corporate banking and financial world so I won't have a bank acct and stuff my money and gold under a mattres !!!

Cash only/debit is pretty easy to follow. I put online purchases and major purchases on a cc and pay the balance instantly with my savings/checking.

Day to day debit card. I wouldn't change my spending habits if it was cash only because I am not an idiot and have self control.

Glad I can entertain, while securing my wealth.

[fordracing19]

I thought debt was the American way? Thats what i tell my wife.

[Nate]

Wow some of the people here crack me up.

I won't be a slave to the corporate banking and financial world so I won't have a bank acct and stuff my money and gold under a mattres !!!

Cash only/debit is pretty easy to follow. I put online purchases and major purchases on a cc and pay the balance instantly with my savings/checking.

Day to day debit card. I wouldn't change my spending habits if it was cash only because I am not an idiot and have self control.

[Snatch Napkin]

... plan ..... quadruple .... Sticky is best.

See, folks? Sometimes planning works.

[centexchick]

Heh... Only if you doubled up everything to have on hand for after we come home.


That's a very small portion of the list.

Muff, I always plan for at a minimum quadruple the amount. To stuck to the topic, I always budget extra.

Food is always an option. Sticky is best.

[black2002ls]

My truck will be paid off either next week or the week after, and my personal loan will be paid off by the end of January. Other than my other car that my mom is driving, all of my debt is paid off, and all I'm left with are my daily expenses. This will be the first time since I graduated High School 10 years ago.