HOW DOES DAVE RAMSEY'S BABY STEPS WORK IN THE UK? Dave Ramsey's Baby Steps Explained
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- čas přidán 6. 07. 2024
- So how does dave ramsey's baby steps work in the uk? In this video I'll be walking through his baby steps and working out whether they could be applied to the UK!
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Have you ever heard of Dave Ramsey? Well in this video I'll be explaining exactly who he is and answering whether Dave Ramsey's baby steps work in the UK! Dave Ramsey's baby steps were something I came across when I was on my personal finance journey and I've even gone through some of the baby steps as well! So if you're looking for the baby steps explained or how it might apply to the UK then hopefully you will find this video helpful. Some of the examples are UK based, but I do think there are also some useful tips you can use anywhere!
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Have you ever tried out Dave’s baby steps? Let me know in the comments!
The only step I have done is create a budget but it has been working very well. I prefer one big happy life's plan which allows for reasonable covenience purchases and mistakes. Have you read the colour of money?
I’ve not read that yet but I’ll have to add that to my list!!
This is really good Veronia, thanks so much for sharing!
Of course! Glad you found it useful 😊
Just wanted to say thanks for your informative and authentic videos. Definitely had to subscribe. Have already watched quite a few of your videos. Especially the wedding video was quite interesting and useful 🙏🏾
Wow, thank you! I'm so happy you find the videos useful!
this was a good breakdown. thank u
You're very welcome! 😊
I tried it whilst I was paying off debt, I did the debt snowball method!
Amazing I’m glad you managed to pull it off!
I’m in baby step 2, I’d never heard of the debt tsunami but that’s basically what we’re doing instead of the snowball! Do you have an opinion on what the proportions for steps 5 and 6 should be for the U.K.? I have two young children but not keen on saving for uni for various reasons
I would say it definetly depends on what you value more! Since our student loan system is different it might be that you only save a certain amount for other things other than Uni!
I’m using the debt avalanche. It’s makes more sense! I have a few small debts and one big one (not incl mortgage). One of those small debts are costing us £10 a month and the other two aren’t. So I’ve started on that one. I’ll tackle the larger one once the 3 small ones are paid off.
Good luck with this, I have a feeling you’ll pay it off in no time!!
@@VeroniaSpaine fingers crossed! x
Doesn’t make sense to pay off student loans early in the UK imho
Yeah like I say our system is very different! Although it may also depend on your income as well!
I agree Veronica, following Dave's Baby Steps 1 -3 gets you to a good starting place. You are debt free and ready for an emergency. Putting in 15% to your pension is also good, particularly as you can get some 'free' Company money. Like you, I am not sure Dave's investment advice is applicable to everyone in the UK. Again, like you, I personally prefer 'tracker funds.' But 'horses for courses.'
Yeah there are definitely some good points with the baby steps but it’s all about figuring what works for you personally!
I feel the 7 baby steps needs an uplift. Then again your plan is supossed to be tailored to you. There is also the debt tsunami were a person would pay off the debt that causes the most emotional impact to them.
Yeah I always say it’s going to depend on your personal situation! Debt tsunami is something I’ve mentioned before I think it can be a really useful strategy too!
Great video! Would love to connect as I have a small CZcams finance-related channel and would be nice to network and have a chat!
Keep up the great content!
Good luck on your channel! Feel free to reach out on Instagram too!
I tried it at the beginning of my personal finance journey but the more I learned about personal finance the less I agreed with him. I'm using a more holistic approach to my finance instead of his steps which I found too rigid.
But I do think he's great for some people and obviously has helped a lot of people!
Yeah I always think it will depend on the person! Like you say there are some things that work great but there's others that might not be great for you!
I prefer you're advice. Ramsay's advice is coming from a millionaires point of view I personally find him quite aggressive.
Thank you that’s great to hear you like my thoughts!
However, the people who have used his method successfully were/are regular struggling families