Dave says

Dear Dave,

I let my fiancée use my car to get back and forth to work, and it has a lot of miles on it and a few mechanical issues. The money we’ve put into the car to fix the issues is about the same or more than the car is actually worth. We just started your plan a couple of months ago, and we’ve almost got a beginner emergency fund saved up. We also have very little consumer debt to pay off. I’m afraid, though, if we get into a second $1,000 to $2,000 car, we’ll just experience the same kinds of issues and it will turn into another money pit. I bring home about $5,000 a month, and she works part-time and goes to school. How do you think we should handle things?

Thaddeus

Dear Thaddeus,

Well, if you’re serious about following the plan, you don’t really have a choice right now. But you’re bringing home a nice paycheck, man. You ought to be able to buy a better $1,500 to $2,000 car with cash in a month or so, just to give you some relief. Then, stick some money aside each month until spring and get something that’s a big step up in the $5,000 to $6,000 range.

Listen, I don’t want anyone driving around in a rust bucket longer than they have to. And it sounds like you really need to get up out of the junk. But if you do some research and buy wisely, you can get a good year or two out of a $1,500 car. The car may not look like much, but you’re not trying to catch a girl’s eye. You’ve already got a fiancée. If you find an old Honda or Toyota that’s still mechanically sound—and yes, they’re out there—it’ll get you by while you save up for something a lot better.

But remember, you and your fiancée don’t need to own anything together until you’re married. The kind of arrangement you have now can cause real problems. If you guys get married and combine your resources and dreams, it’ll be better for everyone relationally and financially. You’re playing house already, so you might as well go ahead and get married and combine your lives on every level.

It’s time to paint or get off the ladder, dude!

—Dave

Dave Ramsey is a seventime #1 national best-selling author, personal finance expert, and host of The Dave Ramsey Show, heard by more than 16 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.

Black Friday is coming! Everywhere you look there’s a good deal to be had. And this year, most people aren’t even going to the stores, but that won’t stop the sales from coming to you. They’re showing up in your inbox, just sitting in your pocket waiting for you. With the click of a button, items will magically show up on your doorstep.

After a roller coaster of a year, we need to be more intentional than ever with holiday spending. Now, don’t get me wrong. I want you to enjoy this season. I want you to have some nice stuff. I just don’t want stuff to have you. Here are a few tips to avoid an overspending holiday hangover:

Have a list of wants vs. needs

It’s easy to spend money on the wrong priorities, especially around Christmas. Keep all your items in two categories: wants and needs. Take care of your needs first, then see what money is left over in the budget. Be grown up enough to tell a want it needs to wait.

Make a budget

Write out a budget for what you can afford to spend, not what you want to spend. When it comes to Christmas shopping, make a detailed list of who you’re buying for and put a specific dollar amount by their name. And don’t forget all the extra parties and travel expenses that come up this time of year.

Don’t sign up for a guilt trip

Christmas might look different this year, and that’s okay. If you lost your job, don’t feel guilty because you can’t spoil the little ones like normal. On the flip side, let your friends and family off the hook if they can’t afford to exchange gifts or travel to see you. Let’s choose to support each other. Watch out for emotional

Watch out for emotional spending

The holidays bring up all sorts of feelings. It’s the easiest time of year to justify overspending, because we’re in a celebratory mood. But there’s also a lot of stress. Don’t go shopping if you’re feeling lonely, feeling sorry for yourself, or you’re just plain bored. Also, if you think you want to drop a lot of cash on a big purchase, wait at least 24 hours before you make your decision to avoid impulse buying.

Be on guard when you’re online

Marketers are smart. But remember, seeing the same ad over and over for that fancy watch you’ve had your eye on doesn’t mean it’s meant to be. Don’t let their target marketing knock you off your target goal of making your financial dreams a reality.

If 2020 has taught us anything, it’s that we need to focus on what we can control. This is a chance to regain some lost ground, and do things differently. By being intentional with holiday spending, you’ll avoid waking up to an empty bank account in January—and you’ll make progress toward your wealth-building goals!

Chris Hogan is a two-time #1 national best-selling author, financial expert and host of The Chris Hogan Show. He is a frequent guest on Fox News, Fox Business, Yahoo! Finance, and the Rachael Ray Show. Since 2005, Hogan has served at Ramsey Solutions, where he gives practical money advice on retirement, investing and building wealth. Follow Chris on Twitter, Instagram, Facebook, and YouTube or online at chrishogan360.com.