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baby step #1


Forum: Financial Planning and Budgeting

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  #1  
July 14th, 2011, 10:33 AM
JessP's Avatar Lovin life and family
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So Dave Ramsey baby step #1 is to have $1000 in savings.

Do you have baby step number 1 completed?
If not why not?
If so congratulations!

If you aren't following his plan that is ok. An emergency fund is good to have no matter what. So just apply your situation.
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  #2  
July 14th, 2011, 12:31 PM
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Quote:
Originally Posted by JessP View Post
If so congratulations!
Thanks
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  #3  
July 14th, 2011, 02:13 PM
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We've got more than that in savings, but nowhere near what I'd like.
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  #4  
July 14th, 2011, 02:55 PM
JessP's Avatar Lovin life and family
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Way to go ladies. I have to admit we had it then used it and are working to build it back up.
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  #5  
July 16th, 2011, 03:18 AM
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Step #1 completed (and then some)

I have my salary for a year in a liquid savings situation. I am hoping we dont need to use too much of it while I am on maternity leave. So my answer might be different in Oct.
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  #6  
July 17th, 2011, 03:00 PM
Happy Song's Avatar Nicole
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Nope not right now. However we have had the money cash in hand to pay $900n in car repares, $700 to buy a new pump for our well as well as several $300 to $400 emergencies. Right now we are living on $600 cash a month and it doesn't leave much for building up savings. But we usually have a few hundred bucks on hand in case of emergencies.
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  #7  
July 17th, 2011, 03:53 PM
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So Dave Ramsey baby step #1 is to have $1000 in savings.

Do you have baby step number 1 completed? Yes, quite a bit over. We're working on getting 12 months worth of bills into savings in case something were to happen and we had no income for a full year. It came in handy last year too as our air conditioning compressor crapped out in the middle of summer (which is 115-120 here), so we had to replace it and it was $1,500 to replace. Thankfully we had it because not like we could live without AC as hot as it is here. Then my g'pa passed away unexpectedly last month and it was around $400 to make an emergency try to California to say good bye. We've replaced both.
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  #8  
July 19th, 2011, 06:51 AM
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Working on step one but have had a lot on unexpected things occuring lately. Can't wait until it is completed so I can move forward
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  #9  
July 19th, 2011, 08:50 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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we do but it is saving up for a car
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  #10  
July 29th, 2011, 08:17 AM
luvmygirls333's Avatar Super Mommy
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We do, but it might be used up soon b/c DH's car needs some work
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