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Go Banking Rates’ Jennifer Calonia Reveals Secrets for Achieving Dave Ramsey’s First Baby Step
In her latest installment of the Breaking Up with Debt series, Go Banking Rates personal finance expert, Jennifer Calonia, shares her personal savings strategies to help those in debt successfully overcome the first step of Dave Ramsey’s debt plan.
But Dave Ramsey’s debt reduction plan encourages followers of his “Baby Steps” to start paying off their debt by saving money toward an emergency fund first and foremost.
The Importance of an Emergency Fund
In the feature, Ms. Calonia (https://twitter.com/
“Last year, I admittedly tried to take the fast-track approach to Dave Ramsey’s debt plan by skipping straight to step two… my problem was paying down my debt, not saving money,” Ms. Calonia says.
“Two months later, I regretted it. My 16-year-old car, which I heavily relied on for my daily commute of 66 mile s, gave out on me. I still only had a $100 emergency savings fund…”
How to Save Up Emergency Savings
To help Baby Step program followers reach the $1,000 starting emergency fund goal, Ms. Calonia shares five ways savers can cut costs and earn more money each month.
Recommendations include cost reductions, like cancelling pricey fitness memberships and dropping TV cable subscriptions.
But Ms. Calonia takes her advice a step further by explaining a helpful way readers can determine which expenses constitute tapping into emergency savings funds, using the highly popularized Covey-Quadrant method.
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