Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | Webster
Davis Motor Sales banner ad

Dave Says – Nov. 10, 2013

dave says2 300KENTUCKY (11/10/13) – This week Dave discusses 'Single and staying on track' and 'A prodigal daughter'
 
Dear Dave,
Do you have any tips for how a single person can stay on track with their finances? - Debbie

Dear Debbie,
It’s really pretty simple. The first thing is the same advice I give to married couples, and that is to live on a monthly budget. Sit down at the end of each month and write down—on paper—all your expenses and income for the following month.

When you think about it, budgeting really isn’t that difficult. Some of your expenses, like your rent or mortgage payment, will be the same. If you have a car payment (which I really hope you don’t), it will remain constant, as well. Things like groceries and utilities may fluctuate based on the time of year, but you can make a pretty accurate estimate by looking at past months.

The second thing I’d recommend is that you find someone to be your accountability partner. It should be someone who is wise and good with money and a person who loves you enough to call your bluff or hurt your feelings a little when necessary. They can be a close friend, parent or even your pastor. Just sit down together over a cup of coffee once a month and talk about your finances. You could even go over your budget together line by line.

Ideally an accountability partner is someone who’s ahead of you on a particular journey and can help direct you along the path to wisdom. It’s their job to hold you accountable for what you’re doing and the decisions you’re making, for your own good! - Dave
 
Dear Dave,
My daughter used to live an irresponsible lifestyle and was bad with money, too. While she was in college she also took on $20,000 in student loan debt. Since that time she experienced a serious illness. She’s recovering now, and it has really changed her behavior and her outlook on life, spiritual matters and money for the better. I could pay off the loans for her, but I’m wondering if there’s a better way to help. - Eddie

Dear Eddie,
If I were in your shoes, and I had the means to pay off her student loan debt without putting myself at risk financially, that’s exactly what I’d do.

Sometimes the best gift you can give a person is to let them wallow around for a while in the mess they made. Being forced to work your way out of bad decisions and irresponsible behaviors is a great remedy in lots of cases. But in this situation, with what you’ve told me about her previous health issue, and the fact that she’s now being responsible with money, behaving and making better life choices, I’d want her to be as free as possible as she takes up this new walk.

My advice is to try and be a huge blessing to your daughter. Right now, she’s a lot like the prodigal son. She’s come around in her thinking and realizes what’s right and what really matters. Give her the biggest hug she’s ever had, Eddie. Then, throw a party and write a check to knock out that student loan debt! - Dave

*Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at www.daveramsey.com.


Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Most Read This Week (Site-Wide)

July 18, 2014 2805

Madisonville Man Arrested for Meth in…

in Top Stories by Sheriff Curtis McGehee
July 18, 2014 1864

Hopkins County Health Department Food…

in News by Lisa Miller
July 18, 2014 1769

K9 Unit Helps Find Meth in Muhlenberg…

in Top Stories by Sheriff Curtis McGehee
July 18, 2014 1682

Man Injured in Depoy Accident

in Top Stories by Trooper Stu Recke
July 21, 2014 1526

Five Sent to Hospital After Two-Vehicle…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Hopkins County

July 18, 2014 2805

Madisonville Man Arrested for Meth in…

in Top Stories by Sheriff Curtis McGehee
July 19, 2014 958

Local Hip-Hop Artist, Marack, Talks About…

in Top Stories by Amber Averitt, SurfKY News
July 21, 2014 775

Three Injured in Three-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 19, 2014 772

Riddle Insurance Inaugural Flight

in Top Stories by Ron Sanders
July 21, 2014 610

Madisonville Fire Chief Announces…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Owensboro

July 18, 2014 1509

Owensboro Police Department Reports…

in News by Dennis Beard, SurfKY News
July 21, 2014 555

Portion of Southeastern Parkway Closed…

in News by Beth Cecil
July 18, 2014 398

Owensboro Begins Year-Long, Long Range…

in Top Stories by Dennis Beard, SurfKY News
July 21, 2014 349

Strahan Selected as Cravens Elementary…

in Top Stories by Julie Ellis
July 21, 2014 159

ODC 14-Year-Olds Win West State, Move on…

in Top Stories by Steve LeMaster

Most Read Stories from Muhlenberg County

July 18, 2014 1769

K9 Unit Helps Find Meth in Muhlenberg…

in Top Stories by Sheriff Curtis McGehee
July 18, 2014 1682

Man Injured in Depoy Accident

in Top Stories by Trooper Stu Recke
July 21, 2014 1526

Five Sent to Hospital After Two-Vehicle…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 18, 2014 1231

From New York to Greenville, Iron Beam…

in Top Stories by Charles W. Riley II, SurfKY News
July 19, 2014 1159

Cash Mob Descends on Muhlenberg…

in Top Stories by Rita Dukes Smith, SurfKY News Director

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03