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Welcome to the bi-weekly installment of “Financial Friday” here on Becoming Bailey. On the first and third Fridays of the month, I share about my journey to debt freedom, share financial advice that I’ve received, or review a personal finance book.
Back in May, I completed Dave Ramsey’s Baby Step 1: Save up $1000 for emergencies. And then, I unexpectedly left my job a few weeks later. Because I left my job without another one lined up, I lived off my emergency savings until I got another job a little while later.
Unfortunately, after I started my new job, it took a few months for me to finally decide “Okay, I’m going all-in and committing to this baby steps stuff.” Once I finally reached that point, I had to tap into my emergency fund for true emergencies, so the ball was slow to roll for a little while.
But I’m here. It doesn’t matter how long it took me to get to this point, just that I got here.
Before I start in on Baby Step #2, I have a few other goals in mind. First, to build up my emergency fund a bit more and turn it into YNAB Rule Four. Then, to save $400 for new tires on my car, and $600 for my car taxes due in July. Then, FINALLY, I will be able to get the (debt snow)ball rolling.
Which Dave Ramsey Baby Step are you currently on?