How to Complete Dave Ramsey’s Baby Step 1 in One Week

For the past few years, I’ve been volunteering at my church to coordinate Dave Ramsey’s Financial Peace University course. It’s a 9-week course that helps people get out of debt and get into strong financial shape. We just started a new session and our class is focused on Baby Step 1 (save $1,000 in an emergency fund).

This step can sometimes feel daunting when you’re just starting out, but it’s a very important one. When you have money in the bank, it keeps you from going further into debt when emergencies happen.

A few of the class participants inquired how to get through Baby Step 1 fast so they can get right into Baby Step 2 (eliminating all of their non-mortgage debt). I developed a list of 10 suggestions that worked well for me in the past and sent them an email so they could get after it. Here they are:

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Financial Peace University – Why I Coach It (Even Though I Don’t Believe in All of Dave Ramsey’s Principles)

When Nicole and I got married, we were young, in love and … in debt.

I had a luxury lease car, a mortgage balance more than the value of my home and nearly $30,000 in student loans.

Nicole only had a $20,000 car loan. Yeah, I married up.

Needless to say, we were prime candidates for Financial Peace University (FPU). This course was developed by Dave Ramsey, the best-selling author of the Total Money Makeover. The goal of FPU is to learn how to “dump debt, budget, build wealth and give like never before.”

Dave’s book, the course and daily radio show encouraged Nicole and I to live on a monthly budget for the last 7 years, pay off all of our debt and even eliminate our mortgage by age 35.

I’m very grateful for everything I learned from Dave and his team. For that reason, I wanted to give back and pay it forward to others by coordinating Financial Peace University classes … even though I didn’t exactly agree with all of Dave’s teachings.

Continue reading “Financial Peace University – Why I Coach It (Even Though I Don’t Believe in All of Dave Ramsey’s Principles)”