Reported about 1 year ago
In a Dave Ramsey Show episode, Preston, an accountant from Dallas, Texas, shared his struggle of living paycheck to paycheck despite earning $190,000 annually. Despite their good income, his family faces difficulties managing money, with debts including a $12,000 car loan, $6,000 medical expenses, $4,500 in student loans, and a $200,000 mortgage. They admitted overspending on food, often exceeding their $1,500 to $2,000 monthly budget by spending $3,000 instead. Ramsey's team suggested budget cuts, starting with canceling subscriptions and cooking at home to save money. Additionally, taking on freelance accounting work was proposed to pay off debts faster, highlighting that managing finances wisely is crucial for financial security.
Source: YAHOO