A lot of people find the prospect of looking at pensions and retirement investing pretty daunting. It's something people (including myself) put off looking into because they are worried it'll be confusing but putting money towards your retirement is arguably one of the most important things you can do to ensure wealth when you are older, and the sooner you start the better off … [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 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...]
Baby Step 0 – Dave Ramsey Baby Steps UK Version
I'm just going to come out and say this straight away, Baby Step 0 (BS0) is the hardest step! It's a lot to get your head around and a lot of changes to make but once you commit to changing bad habits you have already won half the battle. Baby Step 0 is 'Commit to not borrowing for anything ever again (except for maybe a house in BS3b)' It sounds so simple doesn't it … [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...]
