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Denise and her husband earn $150K a year, have no debt, and have built a sizable retirement fund \u2014 so why does money still feel tight?<\/p>\n
With seven kids to raise, this Tennessee mom called into The Ramsey Show [1] to get the experts\u2019 take on her financial situation.<\/p>\n
\u201cWe paid everything off first, and then we had kids. And so we have a sizable retirement fund, and it just feels very strange to still be\u2026 in a situation where my husband’s getting upset about money when we’re supposed to be doing that well on paper,\u201d Denise said.<\/p>\n
When Denise asked if they could ever \u201csave too much,\u201d Dave Ramsey said the real problem wasn\u2019t the savings \u2014 it was the lack of planning. \u201cYou’re throwing money in savings and hoping you can live with what’s left over, and when chaos hits, you dip back into the savings,\u201d Ramsey said.<\/p>\n
When Ramsey dug deeper into Denise\u2019s situation, he discovered that the couple doesn\u2019t have a solid budget set up, which is a big reason for the stress and \u201cchaos\u201d every month.<\/p>\n
Having a budget is critical, especially with today\u2019s unpredictable financial landscape. Inflation continues to cut down consumers\u2019 purchasing power, making everyday essentials like food, gas, and utilities more expensive than they were even a year ago.<\/p>\n
U.S. inflation is projected to go up by 3.1% in 2025, according to the Congressional Budget Office [2]. For many families, like Denise\u2019s, every dollar needs to stretch even further.<\/p>\n
Monarch Money\u2019s all-in-one budgeting app<\/a> is a great way to get all your finances under one roof, from your banking statements to your investments. You can also add separate or joint accounts to your dashboard, which can be great for tracking grocery runs for couples or helping your child get used to big-picture financial planning as parents.<\/p>\n Both Forbes and The Wall Street Journal ranked Monarch Money as their best budgeting app for 2025.<\/p>\n And the best part? Monarch Money offers a seven-day free trial so you can see if it\u2019s right for you. If you like what you see, you could then snag 50% off with code MONARCHVIP<\/a>.<\/p>\n Whether or not you have seven kids, the first thing that families can do is start tracking their spending for a month or two, using statements or apps. This way, you\u2019ll have a clear picture of where your money is going.<\/p>\n Here are some practical budgeting tips:<\/p>\n Zero-based budgeting. Give every dollar a purpose, putting your income towards expenses, savings, or paying off debt. If you\u2019re investing, make sure the money that\u2019s out of the market is earning a return too. With the Wealthfront Cash Account <\/a>, you can build out your investment base with high-interest rates and maintain easy access to your money.<\/p>\n A Wealthfront Cash Account can help you earn up to 4.25% APY on your uninvested cash for your first three months (0.50% APY boost on top of the 3.75% base variable APY) provided by program banks. That\u2019s over ten times the national deposit savings rate, according to the FDIC\u2019s September report.<\/p>\n With no minimum balances or account fees, as well as 24\/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, the Wealthfront Cash Account has balances of up to $16 million insured<\/a> by the FDIC through program banks.<\/p>\n Envelope system. Help control spending by using cash for categories like groceries and entertainment, and keeping a set amount in envelopes.<\/p>\n Buy in bulk. Stock up on non-perishable items in bulk to take advantage of lower unit prices.<\/p>\n Meal planning. Figure out your meals based on what\u2019s on sale and seasonal produce to minimize food waste and costs.<\/p>\n Shop discount. Visit discount stores like Costco for lower-priced groceries.<\/p>\n Review insurance regularly. Shop around for better rates or consider higher deductibles to lower your premiums. OfficialCarInsurance.com<\/a> can help you switch to a more affordable auto insurance option within minutes.<\/p>\n After answering a few questions about yourself and your vehicle, you can immediately compare quotes from trusted brands like Progressive, Allstate and GEICO<\/a>. OfficialCarInsurance.com includes rates as low as $29 per month<\/a>.<\/p>\n Use Health Savings Accounts (HSAs). Contribute to HSAs to save on medical expenses with tax advantages.<\/p>\n By putting every dollar to work, Ramsey assured Denise her family could not only cover expenses but also save aggressively. Platforms like Acorns<\/a> can help you save faster.<\/p>\n With Acorns, you can auto-invest your spare change every time you make a purchase on your linked credit or debit card. Acorns automatically rounds up the price to the nearest dollar and places the excess \u2014 coins that would wind up in your pocket if you paid cash \u2014 into a smart investment portfolio.<\/p>\n Plus, if you sign up now with a recurring deposit, you can get a $20 bonus investment<\/a>.<\/p>\n At Moneywise, we consider it our responsibility to produce accurate and trustworthy content people can rely on to inform their financial decisions. We rely on vetted sources such as government data, financial records and expert interviews and highlight credible third-party reporting when appropriate.<\/p>\n We are committed to transparency and accountability, correcting errors openly and adhering to the best practices of the journalism industry. For more details, see our editorial ethics and guidelines<\/a>.<\/p>\n [1]. YouTube<\/a>. \u201cYou don’t have a plan\u201d<\/p>\n