Rachel Cruze and Dave Ramsey: 8 Things To Do Differently With Your Money in 2024

Choreograph / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

A new year is an opportunity to get back on track with your finances. If you’re looking for a fresh start, now is the time to create a plan for your money. Rachel Cruze and Dave Ramsey outlined eight essential steps that will help you take control of your financial destiny. Here’s what they had to say.

1. Get on the Same Page With Your Spouse

Cruze says she gets a lot of negative social media comments when it comes to this piece of advice. However, she says it’s important for spouses to align financially by combining their finances.

“People hate this idea of combining money with your spouse,” she said during an episode of The Rachel Cruze Show. “In 2024, I would encourage you, if you haven’t already with your spouse, to get on the same page. Have a goal that you’re working toward together. Combine your accounts. See yourselves as one team because that’s a key part of winning financially and it helps your marriage.”

Ramsey adds that it’s important to get on the same page with your spouse so that you can not only grow your wealth but also have a harmonious union. Money issues tend to cause relationship tension.

“Our study of millionaires found that out of all the millionaires we studied, one of the key things they said that caused them to be able to build wealth was working together with their spouse,” said Ramsey. “The data says the number one cause of divorce in North America today is money fights and money problems.”

2. Get a Budget

Regardless of income level, having a budget is vital. A budget helps in managing finances effectively, ensuring that your money is being allocated toward important goals and not wasted.

“No one accidentally wins the Super Bowl, the World Series, or the World Cup,” said Ramsey. “It’s not an accident. No one is accidentally successful at business. No one accidentally has a successful marriage. No one accidentally builds wealth. It’s with a plan, and the plan on a monthly or weekly basis is called a budget.”

3. Pay Off Your Student Loans

The focus should be on eliminating student debt as quickly as possible. This is often a type of debt that people tend to overlook or delay paying off. However, addressing it can free up significant financial resources.

“It’s one of the types of debt that I feel like people do just kind of hang on to,” said Cruze. “It’s just there, I think, because it’s so normal. Everyone has it.  Get motivated to get this out of your life.”

4. Protect Your Emergency Fund

It’s important to only use your emergency fund for actual emergencies. This fund is not for discretionary spending but for unforeseen and necessary expenses.

An emergency fund can cushion you during tough financial times. If you don’t have an adequate amount saved for emergencies, you’re not alone. Roughly 49% of survey respondents said they’re not prepared for a $1,000 emergency, according to a Lending Tree study.

5. Try Out a New Side Hustle

Generating additional income through side hustles can accelerate achieving financial goals, especially in the early stages of Dave Ramsey’s Baby Steps plan.

6. Prioritize Contentment

Avoiding the endless cycle of materialism by practicing contentment can lead to better financial health. Being content reduces the urge for unnecessary spending and debt accumulation.

7. Be Aware of Lifestyle Creep

As income increases, there’s a tendency to increase spending proportionally, often called “lifestyle creep.” It’s important to remain vigilant about this and live below your means to ensure financial stability and growth.

8. Buy a House Only When You’re Ready

Homeownership should be pursued only when you’re out of debt, according to Cruze and Ramsey. You should also have an emergency fund in place. They recommend choosing a 15-year mortgage with payments not exceeding a quarter of take-home pay.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

Share This Article: