CONSUMER
Save More, Worry Less: Money guru Dave Ramsey offers tips to kick start a budget plan
Apr 25, 2023, 11:15 AM | Updated: 1:17 pm
SALT LAKE CITY — He’s made his career on getting people out of debt. Money guru Dave Ramsey talked with KSL TV and offered some tips on how to kick-start a better budget plan.
Ramsey’s been fighting debt for 30 years and even in this crazy economy, he’s sticking to a formula that has proven results: Live within your means, save, and cut up those credit cards.
Money mentor Ramsey doesn’t hold back on his popular radio show.
When a woman called in to tell him she and her husband have $1 million in debt, he was stunned.
“Are you both on this? Or is it just one of you that’s completely lost your mind?”
The best-selling author preaches building wealth despite the current economy.
- Have a plan
- Create a zero-based budget
- Save $1000 for a starter emergency fund
And then pay off all of your debt, except your house.
“You’re going to pay a price to win, you’re going to live on less than you make. It’s a little painful, oh well. Get over it.”
George Kamel is Ramsey’s co-host.
“As I take calls on the Ramsey show, the general sentiment is people are feeling overwhelmed,” he said.
He was once right there with them. Saddled with thousands of dollars of debt, he regained control over time. Now, he’s teaching people about the SMART spender guide:
Five questions to ask yourself before you spend:
- S – Self Awareness: Will this add value to my life?
- M – Motive: Am I buying this for the right reason?
- A – Affordability: Is this in my budget?
- R – Research: Is this the best option, retailer, and price?
- T – Timing: Is now the time to buy it?
“There are things we can control. We can control the guy in the mirror, the gal in the mirror, we can control our spending,” Kamel said.
With mixed financial messages on social media, Ramsey said your best investment is sticking with the boring basics.
“We’re doing a crockpot, not a microwave. This takes time,” Ramsey said. “Anyone who wants you to get rich quick, they don’t know what they’re talking about.
Ramsey said the ultimate goal is once you pay off debts, you invest your money, so you can give generously, and have joy.
