So the first thing we have to do is praise God for the finances He empowers us to have. Second, we must get a mindset of living within, and even below, our means. Third, we must physically write out a monthly budget. And fourth, we must think savings! Mr Ramsey calls it becoming a Super Saver. He teaches us how to place this concept at the center of our financial plan by introducing us to his 7 Baby Steps. If you are not familiar with Mr Ramsey’s approach to financial health, here’s a quick overview. I will spend some time discussing each one of these this month, but it is important to state that we should follow each step in order, completing one before we move on to the next, if we really want this program to work for us. So here are the Baby Steps:
Baby Step 1: put $1000 in a beginner emergency fund ($500 if your income is under $20,000 per year)
Baby Step 2: pay off all debt, except your mortgage, using the debt snowball
Baby Step 3: put 3 to 6 months of expenses into a full emergency fund
Baby Step 4: invest 15% of your household income into Roth IRA’s and pretax retirement plans
Baby Step 5: begin college funding for your children
Baby Step 6: pay off your home early
Baby Step 7: build wealth and give, generously
Again, we will be delving deeper into each of these, but for now, understand that this plan will get you out of debt, as well as help you build wealth for a secure and peaceful life. It is not magic. It will require some real work…but oh my goodness the freedom it brings is priceless!
2023’s Got A Minute? Book Club
January: The First & Best Book Ever: The Bible
February: Love Is In the Air: “The 5 Love Languages: The Secret to Love That Lasts” by Gary Chapman
March: Spring Growth: “Secrets of the Vine” by Bruce Wilkinson
April: Living the Resurrected Life: “The Wonderful Spirit Filled Life” by Dr Charles Stanley
May: My Spiritual Mom: “Making Good Habits Breaking Bad Habits” by Joyce Meyer
June: Spiritual Dad: “It’s Not About Me- Rescue from the Life We Thought Would Make Us Happy” by Max Lucado
July: Financial Freedom “Complete Guide to Money” by Dave Ramsey
<>< Peace, Diane
