Mar 24, 2026

I Followed Dave Ramsey's Money Advice for Years: Here's What Didn't Work

Written by Cindy Lamothe

Edited by Brendan McGinley

If you've ever dabbled in personal finance, chances are you've heard of Dave Ramsey.

His advice — zero-debt living, budgeting with envelopes and saying no to "bad" spending — has a huge following. But it's not for everyone. We spoke with Caitlin Agnew-Francis, commercial sales manager at Desky, who after following his system for years saw that his methods aren't foolproof or necessarily practical in every spending situation.

"I followed Dave Ramsey's advice for many years, but not all of his tips are applicable for everyone," she said.

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Here's a look at what she thinks he gets wrong about money.

Strict Discipline Came at a Cost

"I followed Dave religiously in my 20s because his strict rules made me feel like I was being disciplined financially," Agnew-Francis said. "Pay off everything from smallest to largest, use cash for everything and avoid debt by all means."

In service of that system, she said she destroyed her credit cards and lived below her means while paying every dollar she spent on her student loans.

"It felt good to see those balances decrease, but I also missed out on things that are also important."

Agnew-Francis said her friends traveled and built memories while she stayed home because Ramsey said overseas vacations should not even be a thought if you have debt. Worse, trying to dodge outstanding debt likely cost her more money in the long run.

"I kept my old car and paid more in so many repairs instead of just getting one new car loan that would have cost me less when I think about it."

Rethinking Debt: When Following Ramsey's Rules Didn't Fit My Life

Agnew-Francis said the breaking point came when she needed dental work that her insurance didn't cover.

"Ramsey would say save until you can pay cash, but I cannot wait any longer. I used a low-interest payment plan and paid it off immediately."

That experience made her realize his advice sometimes ignores other people's reality. Some debt funds things that improve your health, your earning power or your happiness.

"I still avoid stupid purchases and live below my means, but I stopped treating borrowing like a moral failure."

Bottom Line: Personal Finance Isn't One-Size-Fits-All

Dave Ramsey's methods can work for some — but as Agnew-Francis learned, strict rules don't always fit every life stage or situation.

Budgeting, saving and avoiding unnecessary debt are solid habits, but it's also okay to take on smart debt for health, opportunities or experiences that matter. Personal finance is personal, after all — and sometimes flexibility matters just as much as discipline.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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Written by

Cindy Lamothe

Edited by

Brendan McGinley