Football is the Answer for Your Budget
One of the best things about this time of year is football season is here. You can use this to your budget’s advantage. The beauty of football season is that you can have a get together every weekend at yours or someone’s house where you can enjoy free football and cheap food and drinks. Do this instead of going out to eat with friends while not sacrificing the social time. Here are the advantages of home football watching parties:
- Most local football games are free on your tv packages.
- Football food is very cheap compared to eating out.
- More Beverage choices for less.
- No babysitters required.
- More hours of entertainment than just eating out.
So load up on the nachos and pull out that new Buffalo Chicken Dip Recipe. Get on the horn to your friends because there is probably game getting ready to kick-off.
Now don’t forget to enjoy the Georgia Tech-Miami game tonight on ESPN and watch Georgia Tech go “Reck Style” on Miami.
Dave Ramsey’s Baby Steps
In honor of Dave Ramsey’s upcoming live show coming to Atlanta on Sept 19th, let’s discuss his system to winning with money. Seven steps to that will simplify your financial life. These steps are called the baby steps because they’re incremental steps to
help focus you efforts. Well here they are:
Baby Step 1: Save $1,000 to start an emergency fund. This step should take between 1-2 months at the most. Tighten down the budget and get the dreaded 2nd job if necessary. This fund will help buffer you from Murphy in the short term. This is also where you would pause your long-term investments for retirement.
Baby Step 2: Pay off all your debt using the debt snowball. Order your debts (minus your home mortgage) smallest to largest and start throwing money at the smallest debt first and work your way down the list. You will build psychological momentum as your see those smallest debts get knocked out. If you have a 2nd mortgage, you include in this step unless it is over half your annual income.
Baby Step 3: Save 3-6 month living expenses for a fully funded emergency fund. Now that you have no debt but your house; take all the money that you were paying towards debt and stash it into your emergency fund. Now your talking serious Murphy repellent.
Baby Step 4: Invest 15% of your household income into Roth IRA’s and 401k retirement funds. Now your back on the investing train and you have some breathing room in your finances. And I am sure you sleeping more soundly with the emergency fund in place.
Baby Step 5: Start a college fund for your children. Your kids will appreciate this one. You can do this concurrently with Baby Step 4.
Baby Step 6: Pay off your home early. Now is the time you systematically start paying extra on your mortgage. Who wants to pay off a house in 30 years? 10 years sound much better and think of all the interest you will save.
Baby Step 7: Build wealth and give! You have now achieved financial peace. You have a paid for house, no debt, and a fully funded emergency fund. Now you can invest your entire house payment per month. While your investing; how about giving to others; you can afford it.
These steps are simple, but effective. And if you follow these steps you will be in control of your finances and have financial peace.
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