Dave Ramsey Has No Idea How Broke You Really Are
You have been in debt for so long that you have probably read Dave Ramsey’s baby steps to financial independence multiple times. Now that you are a grown adult, a member of the generation on whom everyone depends, it is painfully obvious to you that “baby step” is a subjective term. For example, Dave recommends that you start by building up your savings account until it has $1,000, and then focusing on paying off your debts using the snowball method. In today’s economy, you would have to be a trust fund baby to have income so high and expenses so low that you could find $1,000 to deposit into a savings account. How do you get out of debt when you are the only person in your apartment complex who has a bank account? If you want to see how the other half lives, read Dave Ramsey’s blog, but if you want practical solutions, contact a Boca Raton debt lawyer.
Good Luck Making a Debt Snowball in Florida
Dave Ramsey recommends using the debt snowball method to pay off your debts. To do this, you choose one debt to pay off first. It can be the smallest one, the one with the highest interest rate, or just the one that annoys you the most. Then you reduce your spending or increase your income as much as possible and put as much money as you can each month toward paying down that debt, while paying the minimum payments on your other debts. Once you have paid off the first debt, you choose a different debt. It gets easier from here, because now you have one less debt to make payments on each month.
In Florida, where prices are sky high and every adult needs a car, good luck finding even five dollars per month to pay above the minimum payment on your smallest or most annoying debt. In one of the nation’s least consumer friendly states, you have a snowball’s chance in Florida of reducing your expenses unless you have a financially stable family member who will let you move in or co-sign on a refinance on your car loan.
Publix Is Not a Guilty Pleasure
Another one of Dave’s favorite sayings is that people who are serious about getting out of debt should never see the inside of a restaurant unless they are working there. Meanwhile, in Florida, one can easily go broke simply by laying eyes on the inside of a supermarket. You can, however, get creative when it comes to saving money on food. For example, you can invite a few frugal friends for a potluck. Therefore, each friend can buy ingredients in bulk, which is cheaper. At the end of the potluck, you can trade leftovers, so that everyone has food for the whole week. Likewise, a group of friends can partake of meal deals from restaurants when these are available. Your family of three can’t finish five pizzas, but invite two other families, and eventually everyone will have a few bucks to put toward a debt snowball.
Work With a Debt Lawyer About Manageable Steps to Get Out of Debt
A South Florida debt lawyer can help you find realistic solutions to your debt problems. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.