There are no two ways about it we are in uncertain and, quiet honestly, scary times at the moment both financially and economically. Things are very uncertain for a lot of people and then the best thing to do now for your personal finances is to go into ‘Storm Mode’ … [Read more...]
Baby Step 3b – Dave Ramsey Baby Steps UK Version
This is the Baby Step that I'm most excited for, our house situation is a little different to most other peoples but this is still going to be a super important step for us. Baby Step 3b (BS3b) is to save for a house deposit. According to Dave you should 'put at least 10–20% down on a 15-year fixed-rate mortgage that is no more than a quarter of your take-home pay'...that's … [Read more...]
Baby Step 3 – Dave Ramsey Baby Steps UK Version
This step can be the one that people find difficult to keep their momentum up with. We've had all the awesome wins from paying off our debt in BS2 and now, Baby Step 3 (BS3) is to save 3-6 months of expenses in EF to make it your Fully Funded EF (FFEF) It can be hard to keep pushing yourself when you really feel like you deserve a break after all that hard work in Baby Step 2 … [Read more...]
Baby Step 2 – Debt Snowball – Dave Ramsey Baby Steps UK Version
The Debt Snowball is arguably the most important of the Baby Steps as it not only clears your debt, it changes your attitude towards money. Baby Step 2 (BS2) is to work on your Debt Snowball The Debt Snowball is a debt reduction strategy where you pay off your debts smallest to largest (regardless of the interest rate), this may seem a bit counter-intuitive to some people but … [Read more...]
Baby Step 1 – Dave Ramsey Baby Steps UK Version
So you've committed to not borrowing money again, have got a budget in place and are ready to start kicking debts bum right??...Well, not quite... Baby Step 1 (BS1) is to Save £1000 in Baby Emergency Fund (EF) This may seem counter-intuitive to a lot of people (Martin Lewis says to not have savings if you have debt but I beg to differ) but it really is a super important step. … [Read more...]
