Alabama Nesties
Leah678
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
My stupid question of the day...
...hopefully this will be the only one. 
I think I have been hiding under a rock when it comes to our finances. I want to be more proactive so I need some help.
Okay, so I know who Dave Ramsey is and I've think I pretty much know the spill, but I have some questions.
What is an e-fund and how do I get one?
Tell me about this debt snowball worksheet.
I know I should probably be posting this on the MM board but yu ladies are so much nicer than they are and you seem to know all about this stuff.
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Re: My stupid question of the day...
Ok...LOL. These are totally not silly questions! And although there are other methods for doing this type of stuff...I have just found in my personal experience, this his ideas make the most sense....and they can definitely be tailored to your individual needs and goals.
The E-fund is baby step 1 of his financial plan: http://www.daveramsey.com/etc/cms/baby_steps_2867.htmlc
It basically calls for a savings of 1000, set aside in case of emergency.
And the snowball is baby step 2 and that is simply where you start attacking your smallest debt first, with whatever you can squeeze out of your budget (after you have paid all the expenses required to live...like mortgages, lights, food, etc.). After you pay the smallest debt off, you roll that payment into a larger "snowball" and attack your next smallest debt...until you basically have a giant snowball in which to attack your largest debts in the end.
Here is a snowball calculator that (I think) Rachel posted a long time back....and it is nice to use to see how your snowball can work for you.
http://www.whatsthecost.com/snowball.aspx
Leah! It's not stupid..
Dave Ramsey is a somewhat polarizing financial expert who is very conservative in his ideals. People generally love him or hate him. His biggest claim to fame (and probably one of the most polarizing things about his views) is that he believes that people should be 100% debt free... even including paying for education, cars, and houses.
An e-fund is an emergency fund, something where you put a certain amount of money away for emergencies (blown out transmission, health problems) so you don't deplete your savings.
The debt snowball is something heavily endorsed by Dave Ramsey, and it's a way to reduce debt. I'm in the process of making a spreadsheet since no one seems to have one =P
I hope I helped!
Girl....I am in the process of doing his Financial Peace University....and I am lovin it
Since the pp's told you the main parts....get on over to his website (daveramsey (dot) com) and see what it is all about. It will rock your world! You can even do his free Financial Reality Check-up on the website....the link should be in his homepage!
Dave Ramsey does have a lot of ideas that seem to be kinda outlandish, yet he's someone that is very smart. I'm of the mindset that if you've been in a bad situation, these are the types of people to learn from, i.e dave had filed for bankruptcy twice, I think. So he has definitely gotten it figured out.
I followed his plan early on last year. I was working 2 jobs and anything extra I got went to pay off CC debt. I was debt free in 6 months. I did it once again after our wedding and it worked out perfectly, once again.
One of my best friends followed his plan to a "T". He's got a reference in his book that refers to "gazelle intense" that means you get down to business, planning and saving. She followed his plan for about 2 years and BOY did it pay off. She saved up about $30,000. for the down payment of a house, she also was debt free by this time. Not to mention saving up/and paying for a wedding at the same time.
It really does work. I kind of tailored it to fit my needs and it still worked.
GL.