Any Dave Ramsay Money Makeover fans here?

[nevergooogle]

Wondering if any other mumsnetters working through the baby steps to get a handle on finances and interested in a support thread?

Well done!
In a strange twist, just as we went into lockdown I was just a few weeks away from completing baby step 2,
As I'm self employed and my income vanished overnight I massively reduced all of my expenses. With what was left in my account I saw 3-4 months of emergency fund already there! )DH's salary covers mortgage, bills and food and is far he's still in a job).
It feels like it would be cheating to call that baby step 3 complete so when my income starts again I'm going to build that emergency fund back up to proper numbers of usual 3-6 months of expenses.
In a way the lockdown has helped, but need my income to return soon. The whole thing has made the anxiety of losing my income much more manageable.

Yes, found Dave beginning of 2017. Became debt free later that year. Officially at BS7 as I don't have a mortgage but I consider myself to be at BS4 as I am focusing on retirement savings.

There are several good unofficial facebook groups for those following Dave Ramsey plan in the UK.

For BS4 I am following Meaningful Money podcast more than Dave as that is by a UK financial planner (who likes Dave) and some adjustments need to be made as we don't have 401k, Roth IRA... we have DC pension, DB pension, SIPP, ISA, LISA.

Going into lockdown with a fully funded emergency fund has certainly made lockdown easier. Job security has been lacking for several years (was made redundant in 2017 and 2019) so FFEF (BS3) has been a comfort blanket and is again now.
Being out of debt is the best thing I have done.
Once you are debt free you will do whatever it takes to remain there.

Yes I was wondering what the equivalents are in the UK of all the things he talks about like 401k? I feel like I need a conversion chart or something.

@nannynick what podcasts from meaningful money do you recommend?

@tootiredtoclean All of them
Given that things change over time, the newer ones from the past 3 or so years.

How to choose a platform:
meaningfulmoney.tv/2016/08/03/choosing-a-platform-season-2-episode-5/

How to choose a multi-asset fund: meaningfulmoney.tv/2017/01/18/how-to-choose-a-multi-asset-fund/

Season 14: New Accumulators
This has good episodes for those just starting out in Baby Step 4, including an episode about risk.
meaningfulmoney.tv/category/podcast/season-14-new-accumulators/

Quick conversion chart for US to UK... in my view

401k = workplace auto-enrolment pension (defined contribution pension scheme)

Roth IRA = Stocks & Shares ISA

Pension = I think Dave means similar to our Defined Benefit pension schemes, such as those for Civil Service, Teachers, NHS.

503b = we don't have anything similar. You could use a Junior ISA but that is in your child's name, in their control at age 16 and totally theirs at age 18. So you need to teach them about finance before then so at age 18 they spend it wisely, or transfer it to their own ISA.

If you want to learn about the different types of pension in the UK, then this season of the MMPodcast is useful: meaningfulmoney.tv/category/podcast/season-11-pensions-masterclass/

That's all really useful information thank you nannynick

Thank you! I haven't had chance to look today, I feel so motivated listening to advice regularly so it'll be nice to have something different