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Denise and her husband earn $150,000 a year, have no debt, and have built a large retirement fund — so why is money still tight?
With seven children to raise, this Tennessee mother called The Ramsay Show (1) to get expert opinions on her financial situation.
“We paid everything off first, and then we had kids. So we have a big retirement fund, and it’s very strange for us to still be… in a situation where my husband is upset about money when we’re supposed to be doing well on paper,” Denise said.
When Dennis asked if they could “save a lot,” Dave Ramsay said the real problem wasn’t savings — it was a lack of planning. “You put money into your savings and hope you can live with what’s left, and when chaos hits, you dip back into savings,” Ramsey said.
As Ramsay delved deeper into Denise’s situation, he discovered that the couple didn’t have a fixed budget, which was a huge cause of stress and “chaos” every month.
Having a budget is crucial, especially in today’s unpredictable financial landscape. Inflation continues to reduce consumers’ purchasing power, making daily necessities like food, gas and utilities more expensive than they were a year ago.
US inflation is expected to rise by 3.1% in 2025, according to the Congressional Budget Office (2). For many families, like Dennis’s, every dollar needs to stretch further.
All-in-one budgeting app from Monarch Money It’s a great way to bring all your money under one roof, from your bank statements to your investments. You can also add separate or joint accounts to your dashboard, which can be great for tracking couples’ grocery shopping or helping your child get used to major financial planning as parents.
both of them Forbes and The Wall Street Journal Monarch Money ranked the best budgeting app of 2025.
And the best part? Monarch Money offers a free seven-day trial so you can see if it’s right for you. If you like what you see, then you can snag it 50% discount with code MONARCHVIP.
Whether you have seven kids or not, the first thing families can do is start tracking their spending for a month or two, using data or apps. This way, you will have a clear picture of where your money is going.
Here are some practical budgeting tips:
Zero-based budgeting. Give every dollar a purpose, directing your income toward expenses, savings, or paying off debt. If you invest, make sure your off-market funds are also making a return. with Wealthfront Cash Account you can build your investment base with high interest rates and maintain easy access to your money.
A Wealthfront Cash Account can help you earn up to 4.25% APY on your uninvested funds during the first three months (0.50% APY plus 3.75% base variable APY) offered by program banks. That’s more than ten times the national deposit savings rate, according to a September FDIC report.
With no minimum balances or account fees, plus 24/7 withdrawals and free local bank transfers, you can ensure your money stays on hand at all times. Additionally, the Wealthfront Cash Account has Balances of up to $16 million are insured By the Federal Deposit Insurance Corporation (FDIC) through program banks.
Envelope system. Help control spending by using cash for categories like groceries and entertainment, and keeping a set amount in envelopes.
Buy in bulk. Stock non-perishable items in bulk to take advantage of lower unit prices.
Meal planning. Discover your meals based on what’s on sale and seasonal produce to reduce food waste and costs.
Store discount. Visit discount stores like Costco to buy low-priced groceries.
Review your insurance regularly. Shop around for better rates or consider higher deductibles to lower your premiums. The official car insurance website They can help you switch to an affordable car insurance option in a matter of minutes.
After answering a few questions about yourself and your car, you can instantly compare quotes from trusted brands such as Progressive, Allstate and GEICO. OfficialCarInsurance.com includes prices As low as $29 per month.
Use health savings accounts (HSA). Contribute to HSAs to save on medical expenses with tax advantages.
By putting every dollar to work, Ramsey assured Denise that her family would not only be able to cover expenses, but could also save aggressively. platforms like Walnut It can help you save faster.
With Acorns, you can automatically invest your spare change every time you make a purchase with your linked credit or debit card. Acorns automatically rounds the price to the nearest dollar and puts the excess — the coins that might end up in your pocket if you paid cash — into a smart investment wallet.
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