Last Tuesday I started a 13 week program called Dave Ramsey's Financial Peace University. My company has offered to pay for each of its employees (and their spouses) to have the opportunity to learn how to better manage their finances.
Though I am not sure I'll follow everything Dave teaches us at 100%, but I've already learned a lot in just the two weeks and I truly look forward to the next week's lessons. I'm truly greatful to Vestcom for providing this opportunity for me and my coworkers. I really do work for an amazing company and these days I thank my lucky stars to be employed by such a great company!
With that said, I will try my very best to sum up my lessons on Tuesdays...Dave Ramsey is truly inspiring and I highly suggest you looking into some of his books. I'm reading his book
Financial Peace Revisited. It comes with the class kit we're provided.
Obviously, I'm a week behind...so, I'll sum up two lessons (short and sweet) this post and then try to stay on top of things...
WEEK ONE:
Super Saving, Common Sense for Your Dollars and Cents"One definition of maturity is learning to delay pleasure. Children do what feels good; adults devise a plan and follow it."
Develop an Emergency Fund savings account. Dave suggests $1000 to start with then work to saving 3-6 months of expenses.
NO CREDIT CARDS. He stresses this from day #1. Make note,
debit cards are NOT credit cards. You can still use your debit card--just make sure to keep up with what you're spending!!
You should save for 3 basic reasons:
1. Emergency Fund
2. Purchases
3. Wealth Building
Finally, we had to develop a "Quickie Budget." It was quite humorous to me that if I were to follow that budget every month, I'd be negative ALWAYS. Fortunately for me, I took an average cost for each item and the average is not always what the bills say I have to pay (exhale).
WEEK 2:
Relating With MoneyThis week really grabbed my attention. Did you know that over 50% of marriages end because of money problems?!? It is the number one cause of divorce in America. Crazy.
Dave talked to us (we watch a DVD since we're here in the Rock town) about learning to work together (as a couple), learning to spend together. Creating a budget (and sticking to it) can help to take the "knots" out of your marriage.
He also mentioned that if you are single, it is important to have an accountability relationship. Find someone that is not afraid to "hurt your feelings" and tell you "no, don't buy it." He suggested parents, siblings, boyfriend/girlfriend, bestfriend, etc.
My favorite part of this week's lesson was "Kids and Money." There were some REALLY great suggestions on how to teach your children to manage money starting as young as two!
My favorite suggestion was the envelope system (ages 5-12). Have three envelopes: Saving, Spending and Giving. You can teach your children as young as five the importance of saving and giving! I love it!
"Train up a child in the way he should go, and when he is old he will not depart from it." Proverbs 22:6
So, that's what I got for now...if you want me to elaborate on anything, I'll be more than happy to. Tim and I have begun working on some of what I've been learning and incorporating it into our lifestyle and I feel confident that we'll find a system that works for us--