The Debt-Free Spending Plan: An Amazingly Simple Way to Take Control of Your Finances Once and for All

Good, back to basics, doable advice

Great book. For a while it was my financial bible, but after doing the debt-free spending plan for awhile EXACTLY as outlined became cumbersome. I still do it initially, before payday and allocate what's needed, but I don't do the daily ledger anymore. There was only one item I regret doing. JoAnneh recommends closing your credit card after you pay it off which of course drops your score. I closed two after paying them off, and even though my score dropped dramatically and it started to climb back up to almost 40 points from where I initially was I wish I would have kept them open.... But for a lot of people, like my husband, they should close the account. My husband did a loan consolidation for all his credit card debt, kept the credit cards open and almost six months later, I learn by accident that he started using the cards again and now on top of paying for the loan he has 7,500 in new credit card debt. So, for most of us, close the dang card, lol, she's right we are debtors do what you need to not repeat your past mistakes, but I'm slightly different, I'm learning and researching about personal finance all the time and have more self control. So evaluate what type of person you are and proceed from there. Also, just a note about personal finance advice in general, after getting on track by following the Debt-Free Spending Plan, I started listening to the Clark Howard podcast (clark.com). He gives great advice about money and it is a nice complement to the teachings of this book for those of you who are trying to do better financially.

This book gives you easy to use principles to learn how to stop creating more debt in your life. It's a lot like Dave Ramsey's Total Money Makeover, but it is more focused on just creating a simple budget than paying off debt. This is a useful tool and encouraging in how it lets you know that you are not alone.

I bought this book because I was in serious debt. I have student loans, credit card debt and I wasn't saving anything. I felt out of control with my finances which lead me to buy this book. I wasn't sure at first it would work for me, but it ended up being my savior. This book completely changed my outlook on budgeting and finally got me serious about my finances. I have been using the methods in the book for a little over two years, and I am proud to say I am finally credit card debt free! I was in a ridiculous amount of credit card debt and I paid it all off in two years! I am very proud of this accomplishment and I have this book to thank!

Foremost, if you're in "debt", The Debt-Free Spending Plan makes you feel accepted. And acceptance is in every way a wonderful way to recover from addiction. I rated this book about average because the author repeatedly mentions her disdain for mathematical calcuations and unreasonable time spent working over numbers often required by other get-out-of-debt books. In all fairness, I've just done a quick read so my impression is that understanding the time and effort to "do the numbers" isn't as quick or easy as I thought it would be. As mentioned in the book, this entire effort once understood should take no more than 5-minutes (for a typical sized budget. I guess more time if you have a more detailed budget). My premise, is that if within a quick read, the quick effort to do your budget would similarly follow. Ohh well, maybe not, so to each their own. I am not giving up on this book as I will have to read it again, but my initial impression is that numbers are numbers so you have to learn how to do the numbers, and the faster you can, the better you can get on with your Debt-Free spending. To the books credit, the author's personal references to her own life experiences, really hits home, She knows what it feels to be in debt, hitting bottom, wondering what do I do now. It IS reassuring, that she apparently has been there and done that. Getting off the floor with her Debt-Free Spending Plan is pretty practical and exciting, it's the sustaining part that may for some be challenging especially if you can get by her explanations of the "whys" of the mathematical movement of funds from here to there, and there to here. Basically, get a bunch of envelops, mark it GAS, FUN-MONEY, SAVINGS, FIXED EXPENSES, etc. Define your Revenues - Fixed Expenses, figure out your net and distribute it to your envelops. Max out on what you have in your envelop, that's it. No cash, No movement. But she's not cruel. You can take some funds from another envelop and move it around if you need to. JUST DO NOT MESS With your cash to pay or Fixed Expenses and DO NOT USE your credit card unless it's life and death. Solvency after death? That might be a good Title to follow up on. A helpful book but probably need to re-read to fully understand and work it.