This is another guest post from Joe Plemon from Plemon Financial Coaching. Joe is the Money Columnist for The Southern Illinoisan.
Q: Joe, we have just filed our taxes and are going to receive a $4,800 refund. Should we use this money to pay off credit card debt or invest it for retirement?
A: The “Baby Steps” approach, touted by Dave Ramsey, will not only answer your question, but will give you a methodical money plan for the rest of your life. Let’s walk through these steps in order.
Dave Ramsey’s Baby Steps
- Baby Step One: $1,000 in an emergency fund. If you don’t already have $1,000 set aside for small emergencies, you should do so with the first $1,000 of your refund. […]
