![]() If you asked Dave Ramsey for tips for cell phones, he’d probably tell you that so long as it still works, it doesn’t need replacement. Have you ever thought about that when doing the typical 2-year upgrade on your phone? Keep Your Current Cell Phone & Skip The Upgrade Keep things simple and buy a comfortable house your family can afford and give you a good quality of life. You will also naturally buy more things to fill the space in the house. If you fall into the trap of buying too big of a home all of your other expenses will follow. Better yet give yourself some more wiggle room and keep it under 25% of your take-home income. Dave’s advice is to buy a small modest home so you don’t overextend yourself.Ī good rule of thumb is keeping your housing expenses under 30% of your take-home income. The biggest expense most people have in their life is their home. Buy A Modest Home You Can Afford- Downsizing & Minimal Living Is Key ![]() Out of your monthly budget, assuming it’s within your budget to do so, set that amount of cash aside in a cookie jar until you’ve saved up the cash value of that car. The best way to avoid falling for this common pitfall is this: when you decide you WANT a new car (but you don’t, in fact, NEED one), find the car you want (at the best deal you can find), then figure out what the monthly payment would be. If the average brand-new car depreciates in value by 18% in its first year alone, it clearly makes far more sense to try to buy a 1-year-old car for 18% off the sticker price instead! The baby steps listed above cover the basics of his concepts, but not everyone has the time necessary to consume all the material Dave has.īelow we’ve summed up the best money hacks and tips Dave Ramsey wants everyone to know to get their finances in order and start living their dream life.Ī huge key to accruing less debt is not buying a new car- or, honestly, don’t buy any cars for as long as you can, new or otherwise.ĭave Ramsey’s concept is this: as soon as you drive off the lot, your “investment” depreciates (i.e., loses value). With financial advice on everything from emergency funds, side hustles ideas, and destroying debt, you’re bound to find the answer to just about any financial question by listening to his podcast or reading his book Total Money Makeover. He started Ramsey Solutions to bring you real tips that solve your money problems and became famous for his easy-to-follow baby stepsto financial peace. Make Saving A Goal, Not A Wish!ĭave Ramsey may be an outspoken financial guru, but his advice and teachings are solid. Unsubscribe From Emails With Discount Offers Go For Free Stuff Whenever Possible (Cash Back Apps & Rewards Programs) Increase Your Income With Side Hustles- Or A New Career! Minimize Your Expenses & Start Saving Money All Over ![]()
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