You’ve watched her on TV and whether you hate her or love her, you have to admit that she gives you some sound advice when it comes to finance. When it comes to financials, there are two people who I have a lot of respect for in the world of getting out of debt and those two people are Dave Ramsey and Suze Orman. Sure, Suze seems to have a lot energy and may seem annoying at times but if you give her a chance, you’ll really enjoy what advice she has to offer you.
When it comes down to Suze’s advice, there are so many things that you can look at when it comes down to saving on money. From saving on your car to saving on your utilities, let’s take a quick peek at what she recommends most of the time.
Buy, don’t lease: Leasing doesn’t really have many benefits. You’re basically “renting” the car. Once it’s done, you hand it in and you have nothing to show for. The best thing to do here is buy, even if its used.
Upgrade your deductibles: All of us have some sort of insurance. Whether its your home, car, health or whatever. Do your homework or make your deductibles higher. Just by raising your deductible by $250 can save you hundreds each year.
Work on that FICO score: Here’s where Orman and Ramsey differ. Dave Ramsey hates credit cards while Suze doesn’t mind them as long as you can use them right. I agree with Suze becuase yes, it does take discipline but have you ever tried to get a mortgage without a credit score? Trust me, do the research online because underwriting rarely works.
Have a down payment: If you’re looking to buy a home, ALWAYS have 10-20% to put down as well as a nice emergency fund. What happens if you can’t pay off that loan? If you can’t put down a down payment, should you buy that home?
Attack that mortgage: Your mortgage payment is your highest bill and one that you can get rid of. When you have extra cash and you can throw it at your mortgage, you’ll want to do so. This is why Suze recommends that you throw as much money as possible at the mortgage.
Experts are experts for a reason and I truly enjoy Orman’s advice. In a nutshell, these are the five things that she always stresses. It’s great advice and when you want to live a financially stress free life, I would recommend you at least take a look at what shes talking about.