2022
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Forget everything you know about money-management plans. With Dave’s 7 Baby Steps, you don't need a degree in finance to take control of your money. Anyone can do it! With each step, you’ll change how you handle money—little by little.
- Save $1,000 for your starter emergency fund.
- Pay off all debt (except the house) using the debt snowball.
- Save 3–6 months of expenses in a fully funded emergency fund.
- Invest 15% of your household income in retirement.
- 9 min
- Save $1,000 for Your Starter Emergency Fund. Only 32% of Americans say they can pay cash for a $400 emergency.That means 68% of them are borrowing, selling or going into debt when life happens.
- Pay Off All Debt (Except the House) Using the Debt Snowball. Debt’s good for one thing and one thing only: holding you back. But you don’t want to be held back.
- Save 3–6 Months of Expenses in a Fully Funded Emergency Fund. The debt is gone. Goodbye, debt. Talk to you never. Now, you’re going to build up that emergency savings fund so it’s strong enough to stand up to bigger problems, like job loss.
- Invest 15% of Your Household Income in Retirement. For some people, retirement can seem like tomorrow’s problem. But that kind of thinking will leave you working for the rest of your life.
You win with money the same way you learn to walk - one step at a time. That's where the 7 Baby Steps come in. Here's the process: Baby Step 1: Save $1,000 for Your Starter Emergency Fund. In this first step, your goal is to save $1,000 as fast as you can.
- Save $1,000 for Your Starter Emergency Fund. In this first step, your goal is to save $1,000 as fast as you can. Your emergency fund will cover those unexpected life events you can't plan for.
- Pay Off All Debt (Except the House) Using the Debt Snowball. Next, it’s time to pay off the cars, the credit cards, and your student loans.
- Save 3–6 Months of Expenses in a Fully Funded Emergency Fund. You’ve paid off your debt! Don’t slow down now. Take that money you were throwing at your debt and build a fully funded emergency fund that covers 3–6 months of your expenses.
- Invest 15% of Your Household Income in Retirement. It's time to get serious about retirement—no matter your age. Take 15% of your gross household income and start investing it into your retirement.
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Sep 20, 2021 · 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ https://ter.li/6h2c45 📱Download the Ramsey Network App ⮕ https://ter.li/ajeshj 🛒 Visit The Ramsey Sto...
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May 29, 2024 · Overview: The 7 Baby Steps. Dave Ramsey’s seven Baby Steps are: Baby Step #1: Save $1,000 for your starter emergency fund. Baby Step #2: Pay off all debt (except your mortgage, if you have one) using the debt snowball method. Baby Step #3: Save three to six months of living expenses in a fully funded emergency fund.
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