Financial Freedom Book Club: The Total Money Makeover Intro

Welcome to our virtual book club for Dave Ramsey’s book, The Total Money Makeover! This week I’ll be introducing the book and assigning some challenges for the first week. Let’s get started!

The Total Money Makeover Book Club Intro

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This book is going to give you a road map, some babysteps, to get your finances in order. But this isn’t going to be like a lot of finance books. Dave doesn’t spend a ton of time talking about types of investments or complicated financial theories. The Total Money Makeover is going to require you take a long, hard look at where your money is going right now. Following the instructions means you will probably have hard conversations with your spouse or kids about things that need to change. To really see the benefits of this system quickly, you are probably going to have to try doing things differently (like carrying cash only to the grocery store)!

I’m not really excited about that one either.

The point is, this book isn’t really going to tell you a lot of things we don’t know. It’s going to tell us that our finances are a lot like our food: we don’t lose weight when we eat more calories than we burn. Likewise, we won’t pay debt off quickly without a written plan.

Week 1:

  1. Read the book (yes, the whole book!!) – We will dig back into the details over the coming weeks, but get an overview and see the big picture this week. Even if you’ve read the book before, re-read it this week (unless you started last week and you’re already done)
  2. Complete your January Budget – Dave Ramsey offers a free online budgeting tool called Every Dollar, some people love You Need a Budget, and the book has basic budgeting forms included that you can copy.
  3. Track your spending for one week – This can be as simple as putting all your receipts in an envelope for the key areas we over spend like food, clothing, etc. Our bank allows us to assign every transaction in our account to a budget category, see if this technology based option is available to you.
  4. List all your debt – Let’s be clear, we are going to list all our debt. Whether or not you agree with everything about the book, whether it’s debt to a bank or debt to family, whether it’s personal or business – all. the. debt. I like the calculator at crown.org for help in creating a debt snowball list online.

You can get a copy of the book at most local libraries for free, you can purchase it here, or get the audiobook with an Audible Free Trial [Digital Membership].

Comment below, what’s your biggest obstacle in reaching your financial goals? What tools do you love?

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