'You're going to live on beans and rice': Dave Ramsey tells a 73-year-old without retirement savings how to get on track

Core Insights - The article discusses the financial challenges faced by individuals, particularly focusing on a 73-year-old Arizona resident, Robin, who has no 401(k) and over $12,000 in student loan debt while considering buying a home in the next three years [1][2]. Financial Strategies - Dave Ramsey suggests that Robin should cash in on a universal life insurance policy to pay down her student loan faster and maximize her down payment savings afterward, advocating for a frugal lifestyle [3]. - The article highlights that 60% of baby boomers aged 61 to 65 are not on track to have enough money for retirement, indicating a broader issue within this demographic [3]. Budgeting and Financial Management - The article emphasizes the importance of budgeting as a first step in managing finances, recommending tools like Rocket Money to track income and expenditures effectively [6]. - It suggests that small habits, such as cutting unnecessary costs and redirecting savings into retirement funds, can lead to significant improvements over time [7]. - Rocket Money offers both free and premium features to assist users in managing their finances, including subscription tracking and automated savings [8].