Happy Wednesday evening, Friends. This is the moment I've been waiting for. I have been wanting to share with you something that may just change your life forever. Let me just ask you: Are you sick and tired of being sick and tired? Are you ready to take control of your finances? If you are ready to make changes to your spending and saving habits that will not only impact you for the rest of your life, but will also have a lasting impact on your children, I want to invite you to join the millions around the world who are following Dave Ramsey's 7 Baby Steps to financial freedom.
I am sooooooo excited to share the plan with you that is making a HUGE impact on so many and which has made such a huge impact on my mindset and our finances. Each week for the next month or so I will be taking an in-depth look at each of seven baby steps and breaking them down to the best of my knowledge for those living in the UK.
Why the UK? Dave Ramsey's 7 Baby Steps is written for a US audience, and so far, isn't written for those living in the UK. "But Lauren, I'm sure there are some big differences between the UK and the US in terms of taxes, savings and retirement." There are some differences, but there are also similarities, especially when thinking of mindset. No matter which country you live in, you must have a money-saving mindset. You must want to make a change. You have to be committed. But most importantly, this plan works... no matter which country you're in... as long as you do the work.
As I've said many times before, I am not a qualified professional. I am simply a friend who wants to help you, no matter who you are and no matter where you are in your financial adventure. I want to give you hope that you can get out of debt (if you have any), build wealth and reach your goals. I truly, truly believe that by combining Dave Ramsey's 7 Baby Steps, advice and guidance from Martin Lewis, Pete Matthew, Ken Okoroafor (and many others) and penny-sized mindset changes that I share with you, you will be able to accomplish big things with your money.
It's tough love time. If you have been spending money like there's no tomorrow, it's time to stop doing that. If you don't have a fully-funded emergency fund saved, it's time to save for one. If you haven't been saving for retirement and believe the money will simply be there when you retire or that you can rely on the government to support you - ha! - it's time to get your head out of the sand. It is up to you - no one else - to get your finances in order.
I am here to share with you what I know to the best of my ability. I invite you to message me with any questions you have or guidance you need, and I will do my best to guide you in the right direction. If you don't feel you want to make a change, that's fine by me. If you don't think this is worth your time and energy, that's fine, too. But if you have that desire deep down that now is the right time and now you are ready to make a change or even just make sure you're going in the right direction, please keep reading.
Let's get started: Dave Ramsey has created these 7 Baby Steps as a guide to financial freedom. What does financial freedom mean? To most it means to live your best life without debt and finance-related stress and worry. You can find Dave's Baby Steps on daveramsey.com by clicking here and as follows:
Baby Step 1: Save £1,000 for a beginner emergency fund
Baby Step 2: Pay off all debt, except your mortgage, using the debt snowball
Baby Step 3: Build a fully-funded emergency fund of 3 to 6 months of expenses
Baby Step 4: Invest 15% of household income into retirement
Baby Step 5: Start saving for your children's university/college
Baby Step 6: Pay off your home early
Baby Step 7: Build wealth and give generously
Oh yeah, and there's Baby Step 0: Commit
I will be breaking these baby steps down into smaller penny-sized sub-steps every Monday over the next few weeks, again, combining information from various UK-based sources.
Below is an animated, yet informative, overview of the Baby Steps on YouTube.
Until next time, take care. Lx
P.S. If you're a woman who wants to join a community of other women who are seeking to honor God with their finances, check out the Upward! community on Facebook.
I am so excited to share with you a new Facebook page I've created with the aim to create a community of women - Christian or not - to band together to support and encourage one another with a Biblical perspective on their finances. This new group is called Upward!
Money and personal finance is a taboo topic. We simply don't talk about it. But WHY?! Why is money and what we choose to do with it such a hush-hush topic? Everyone spends money and everyone, I believe, can benefit from learning about ways to save money, ways to stretch every penny, to be good stewards of not only money, but other gifts God has given us, save for the future and give generously.
Titus 2: 3-5 states, "Likewise, teach the older women to be reverent in the way they live, not to be slanderers or addicted to much wine, but to teach what is good. 4 Then they can urge the younger women to love their husbands and children, 5 to be self-controlled and pure, to be busy at home, to be kind, and to be subject to their husbands, so that no one will malign the word of God" (NIV).
Paul writes in his letter to Titus about the importance of older women to teach what is good so that they can then impact the lives of younger women. This can only happen in a community. Thankfully, in today's modern age, we have technology to help us to create community despite our geographical location. By becoming part of the Upward! community, women can encourage women - no matter the biological age - to help guide each other in making wise decisions in regards to their finances in order to glorify our Father.
We are surrounded by messages of me-me-me and now-now-now, and we don't often hear or learn much about God's perspective on money. Hey, He gave it to us, right?! God has also given us instruction in the Scriptures, too. Our money is not our own, but we often treat it as "my precious" (think: Gollum from The Lord of the Rings).
With Upward!, this group of Believers look upward to Him, the provider of everything (Genesis 22:14). We bring honour and glory to Him by being good stewards of what He has provided to us and entrusted us with. My hope is that we all contribute, we ask questions when we don't know, we encourage each other and we give Biblically-based advice.
Oh, and by the way, I don't have all of the answers... not even close. That is why I want to encourage you to join the group and invite other women to join who want to seek Biblical encouragement in their day-to-day living, spending, saving and giving. Simply click here to join the Upward! community.
Take care, Lauren xo