Dave Ramsey Books
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  1. #1
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    Default Dave Ramsey Books

    I am new to this forum and have enjoyed reading the finance forums. I have heard alot about Dave Ramsey and like some of his ideas. I also know he has many books on the market. I would eventually love to read all of them but seeing as I am on a budget, I can't afford to go by all of them.

    Which ones would you recommend to be the most helpful?

    I am doing the envelope system with alot of tweaks that work for us.
    I have a physicall envelope system for gas, groceries, hair and nails. As welll I found a virtual envelope system for everything else. I don't like the idea of having thousands of dollars sitting in my house.

    I have an excel spread sheet with all the sub folders listed. On payday I will transfer the money that would go into those envelopes into one main account. I will keep track on the spreadsheet where the money is allocated. I would love to see how everyone else uses the virtual envelope system. Some of your charts and graphs. I am a very charty person. I will also be doing my budget as a zero balance plan. Every penny will put somewhere. With these systems in affect, it should eliminate the use of our debit card. Keep us accountable for every dime we spend.

    We are new at this so we are hoping it works for us. My main goal right now is paying down debt, filling all my envelopes to max capacity and getting our retirement plan on track.

    Any words of wisdom on these systems would be so greatly appreciated.

    Kathleen

  2. #2
    Registered User Greebo's Avatar
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    The "Must Read" DR book is "The Total Money Makeover". Currently $15.00 online: Dave's Bestsellers

    Don't worry about the other ones - they're good but not mission critical towards getting out of debt.

    And listen to his radio program whenever you can.

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    Registered User Ayanka's Avatar
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    Do you have a library where you could perhaps loan the books for free? Sorry I can't help you on which is the best book, as I didn't read them, but that seems the cheapest possibility for me.

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    Registered User pcaltman's Avatar
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    Look on Amazon.com or half.com. I just got a second Total Money Make Over for $.99 plus $3.95 shipping

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    Financial Peace lays out his concepts.

    Total Money Makeover is the "How To Guide" for those concepts.

    I got both for about $5 each used on Amazon.

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    Registered User Frugal Nurse's Avatar
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    Try the library for free.

    I do the envelop system but it's all virtual, except for the $10/week spending money. I only document that I took it. (which I never take anyway)

    I created an excel sheet that calculated everything up for me and gives me up to the moment of where my finances are. Each payday - a portion of the paycheck gets dumped into the virtual envelopes (or budget items) according to the amount I need for that item divided by 4 weeks. I have about 36 budget items from A-AL columns. I am prepared for the bill that will come due in 6 months. Because the money is there in the account, adding up weekly and is untouched.

    So don't keep your thousands of dollar in your home - but don't be dipping into the bank account envelope either. That will nagate the purpose of the envelope system.

    Another system that others found helpful (I did not because I like the program I built ) is YNAB. (you need a budget) google it. You get a free trial. People swear by it.



    Cheers!

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    When I get paid, I keep everything that comes out automatically in the chequing account. I then withdrawl and put in physicall envelopes at home my grocerie, gas and hair money. Any other surplus is then transfered over to my money master account and divided into my funds. (well it is all in the same account but the virtual envleope lets me know how much of the balance is in each fund)

    So if our surplus was $950 more than the budget amount for that month, $95 would go in the emerg fund ect.

    Emergency fund - 10%
    Buy/Need fund - 10%
    house/car/yard maintence fund - 10%
    Birthday/X-mas fund - 10%
    Freedom fund - 20% (this is our blow money - eating out, movie)
    Additional snowball fund - 40%

    The reason we did these sub funds is because we felt that if the car needs an oil change and there was no fund, it would have to come out of our budget somewhere and if we did not allot for it, it would have to come from a cc, we are just trying to think ahead of the game and think of all the things that will pop up through out the year. It isn't paying of debt but it is preventing debt in my mind. Your not scrambling for every day things

    Another reason I like the subs is so you know if you are spending money on a birthday, it is coming out of the money you saved for birthdays, not out of your oil change money. It will keep us more accountable and know where and what we are spending our money on. At 10% it will take a while to get these funds built up but you have to start somewhere right.

    I had also started the 52 day challenge and save that in a jar. Along with that anytime I got change that was a $5 bill or less, I would put that in the jar as well. I got the jar built up to $420 but thought how silly that was cause of my debt so I just yesterday transfered that to one of my debts. I am not sure how I feel about this cause I was really excited about the 52 day challenge. I was going to use this money for the house renos I desperatly want.

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    Registered User Frugal Nurse's Avatar
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    It sounds like you have a great handle on your budget. that's a great system and it seems to work very well!.

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    I definatly feel like I have it under control. It just gets overwhelming when your supposed to do 10%, retirement, debt repayment and your living budget. I just needed to find out what the priorites should be. I knew what they were all along, I think I just needed affirmation.

    Now to just speed up those pay cheques so I can see progress in all my spreadsheets... LOL

    I am the kind of person that wants everything now. Especially when you know what you have planned is going to work. I just need to be patient.

    thank you all again so much for all your input, you have made me realize I am on the right track and now I can breathe and try to relax.

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    I really got alot out of Total money makeover...but enjoyed More than enough very much as well...it put things in perspective about wants and needs inregard to the rest of my life.

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