As a popular radio host – and author of ‘The Total Money Maker’ – Dave Ramsey has helped tens of thousands of people become debt free.
Through his advice, methods, and plans, he’s helped break down the complicated world of financial planning into easy-to-follow steps.
One of his most popular plans is ‘The Dave Ramsey 7 Baby Steps’ plan, in which you will find a complete and FREE financial beginners guide.
If you’re interested in taking up Dave Ramsey’s advice, then you’re going to need an easy way to track exactly where your money’s going.
That’s why I’ve gathered 8 of the best apps that’ll help you achieve each and every baby step of Dave Ramsey’s plan.
So read on to start saving and investing towards your financial freedom.
Table of Contents
- Step 1 ~ Save $1,000 to start an emergency fund.
- Step 2 ~ Pay off all your debt by using The Debt Snowball Method.
- Step 3 ~ Save 3 to 6 months of expenses for emergencies.
- Step 4 ~ Invest 15% of your household income into Roth IRAs and pre-tax retirement funds.
- Step 5 ~ Save for your children’s college fund.
- Step 6 ~ Pay off your home early.
- Step 7a ~ Build wealth…
- Step 7b ~ …and give.
Step 1 ~ Save $1,000 to start an emergency fund.
If you want to build an emergency fund, you need to stick to a tight daily budget.
Left to Spend makes it easy to see at a glance how your day-to-day expenditure adds up.
Use this app to stay under your daily spending allowance, so that you can quickly grow your emergency pot.
Step 2 ~ Pay off all your debt by using The Debt Snowball Method.
Once your emergency fund’s all set it’s time to tackle your debts one at a time.
The Debt Breaks Pro app is designed specifically for use with the Snowball Method.
You can even tweak the strategy and try a range of Snowball Method alternatives available on the app.
Step 3 ~ Save 3 to 6 months of expenses for emergencies.
With your debts cleared you’re now ready to begin the next step in your financial journey.
That’s where the Good Budget app comes in.
This app lets you manage your family’s budget by seamlessly syncing up your budget plan across multiple devices.
Which means this is the perfect app for couples wanting to share their budgets with one another.
So now you and your spouse can help keep each other accountable to your financial goals.
Step 4 ~ Invest 15% of your household income into Roth IRAs and pre-tax retirement funds.
Designed for stock market beginners, the Acorn app is a user-friendly way to invest in over 7,000 different stocks.
You can even automate your investing and watch it all grow from the comfort of your phone-screen.
Step 5 ~ Save for your children’s college fund.
With the cost of higher education rising every year now is the time to begin saving a fund for your little ones.
And if you want an effortless way to turn your spending habit into a savings habit, then the Moneybox app may provide a solution.
Moneybox rounds up your everyday card purchases to the nearest pound, and then invests the spare change.
Here’s how it works;
- A). You purchase a cup of coffee for £1.60 at your local coffee shop.
- B). Moneybox rounds up that purchase with an extra £0.40 to bring it to £2.
- C). Moneybox then transfers the £0.40 spare change and invests it into one of three tracker funds of your choosing.
As one reviewer puts it…
A very friendly approach to investment, making it very easy to start saving and building a folio. It is all made very clear in the app, from set up to managing your regular contributions.
Note: The Moneybox app is currently only available to UK tax residents.
Step 6 ~ Pay off your home early.
By this step you probably still have one last debt to pay… your mortgage.
So you’re going to need an app that lets you keep a careful eye on your mortgage payments and other bills.
The free Bills Monitor app from Maxwell Software let’s you do just that.
With its colorful range of charts and reports, you’ll have no issue keeping track of the monthly mortgage bill.
Step 7a ~ Build wealth…
This seventh and final step in the David Ramsey 7 steps guide is more of a two-parter.
The first part’s concerned with continuing to grow your investments and savings into even greater wealth.
So if you want to take your investing out of beginner mode then the Fidelity Investment app is for you.
This free app will help you perform more rigorous stock research.
Whilst its customizable phone notifications will keep you on top of all the different market goings on.
Step 7b ~ …and give.
The second part of this final step is about leaving a charitable legacy.
And with the One Today app you can do just that.
This app lets you privately donate money to nonprofit causes right around the globe.
The app also lets access project details, photo’s, and stories about the causes you’re donating too.
You could even start giving today, donating as little as $1 towards each project.
Plus 100% of your donation goes directly to these U.S.-based nonprofits.