Dave Ramsey explains how woman in 50s with £80,000 debt can retire a millionaire by 70 | Personal Finance | Finance

Dave continued: “Every month before the next month begins, both of you need to sit down and decide where every penny is going in order to accomplish your goals.”

He gave Julie an “exact path to follow,” to better her situation.

The first step is that anything over $1,000 (around £700) goes at debt, so he will use $1,000 from his savings towards his credit card debt.

The next thing is strict budgeting.

He then suggested that after the debt clearance, they start building an emergency fund of three to six months worth of expenses.