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25 Insider Tips From Dave's Financial Coaches

There’s no big secret to getting out of debt. It just takes willpower and a solid plan.

But it’s hard to keep your eye on the prize during the tough days. That’s why we asked Dave’s in-house team of financial coaches for their best advice on eliminating debt and building wealth.

These guys are the experts when it comes to money. And they’ve seen, heard, and handled it all. So take our advice and pay attention to their top 25 insider tips.

You may just learn something.


1. Consistently talk to your spouse about money. Make it an ongoing, open dialog.
2. Sit on the same side of the table when you discuss finances—you’re on the same team.
3. Be patient: Getting out of debt is like turning a sailing ship, not a speedboat.

Budgeting and Spending

4. It takes 3–6 months to get your budget right. So don’t give up!
5. Your spending plan will succeed (or fail) based on your spending behavior.
6. Don’t envelope yourself to death. Create basic categories for cash purchases.

Irregular Income

7. It’s a myth that you can’t budget an irregular income.
8. List your expenses first then see how far your income stretches. Priorities will rise to the top.
9. When times are good, put money aside for leaner months.

Creditors and Bankruptcy

10. Talk to your creditors. Work out a realistic repayment plan rather than ignoring the issue.
11. Don’t make a promise to a creditor you can’t keep.
12. The majority of people who think they’re bankrupt are actually just scared. Fight the fear.


13. Don’t invest until you’ve paid off your debts and have 3–6 months of expenses saved up.
14. Stick to growth stock mutual funds.
15. Focus on the controllables—for example, how much you’re investing. You can’t predict the market.
16. Plug your current debt payments into a retirement calculator for extra motivation.


17. Guilt spending will get your family nowhere.
18. Don’t enable your children. Take a deep breath and say no.
19. It won’t hurt your adult children to pay rent. It may actually inspire them to move out.

Student Loans

20. Don’t count on having your student loans forgiven—they probably won’t be.
21. Create an aggressive repayment plan instead of paying the bare minimum for 20 years.
22. Student loans are a high-priority debt. Not even bankruptcy will erase them.


23. Know the difference between a sinking fund and an emergency fund.
24. Your emergency fund is not an investment—it’s a buffer between you and life.
25. Understand what a true emergency is. Christmas is not an emergency.

Lead others to financial peace! We will show you how. Click here.

Still need some one-on-one attention? We know some great folks who’d love to help. Get in touch with a Ramsey-trained financial coach today. 

Have a specific money question? You can ask a coach here and get a free consultation.

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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