The Goal is Financial Peace
As I mentioned in a recent post, last week I started Financial Peace University (FPU). Ever heard of Dave Ramsey? He is the creator of FPU. FPU is a course that teaches participants how to budget, how to pay off debts, how to save and give. While not in debt, I knew the program still had lots to offer and that I could only benefit from participating.
The course follows 7 "Baby Steps". While familiar with the program and the baby steps from the books and podcast, I still learned some new things. One thing was that no matter what your financial situation there is always room for growth and room for improvement. I've become even more determined to build wealth and do what is necessary to protect said wealth, once accumulated (when, not if 😁).
I went home immediately trying to think of ways to grow my emergency fund (Baby Step 3) and then focus on Baby Step 3b, which is to save 20% for the down payment of a new home.
Another thing that I was introduced to was the Budget Committee Meeting. This is a meeting to discuss the next month's budget and allocate funds as fit. I realized that while we had a budget, it was somewhat on auto pilot. It was created, which was great, but not revisited often or even changed. After the meeting, it was discovered that some categories needed less, others need more (like food).While some expenses are fixed (Rent, Internet, Water, etc.) others are not. When I first moved the electric bill was close to $200, far higher than I was accustomed to. So what did I do? I budgeted $200 a month. Well after making some changes (turning down the heat, turning off lights, changing bulbs, etc.) the bill went down. Now it is consistently under $100 dollars, yet still budgeting $200. That's where adjustments can be made. Instead of always budgeting $200, lowering the amount for that category during the warmer months and readjusting for the cold months to meet those demands makes more sense, financially. That remaining $100 could be directed to the emergency fund or another category which may be underfunded and always going over the budgeted amount.
Looking forward to the rest of the seminar and what it has to offer. This is just one of the many programs available to help people gain control over their finances. There are often programs offered by community organizations, by banks, and other entities. If you've been doing the same thing when it comes to managing your finances and it just doesn't seem to work, it may be time to try a new approach. Get the knowledge you need to help you make the best decisions and moves with your money. Figure out what you want and create a plan to get there.
The course follows 7 "Baby Steps". While familiar with the program and the baby steps from the books and podcast, I still learned some new things. One thing was that no matter what your financial situation there is always room for growth and room for improvement. I've become even more determined to build wealth and do what is necessary to protect said wealth, once accumulated (when, not if 😁).
I went home immediately trying to think of ways to grow my emergency fund (Baby Step 3) and then focus on Baby Step 3b, which is to save 20% for the down payment of a new home.
Another thing that I was introduced to was the Budget Committee Meeting. This is a meeting to discuss the next month's budget and allocate funds as fit. I realized that while we had a budget, it was somewhat on auto pilot. It was created, which was great, but not revisited often or even changed. After the meeting, it was discovered that some categories needed less, others need more (like food).While some expenses are fixed (Rent, Internet, Water, etc.) others are not. When I first moved the electric bill was close to $200, far higher than I was accustomed to. So what did I do? I budgeted $200 a month. Well after making some changes (turning down the heat, turning off lights, changing bulbs, etc.) the bill went down. Now it is consistently under $100 dollars, yet still budgeting $200. That's where adjustments can be made. Instead of always budgeting $200, lowering the amount for that category during the warmer months and readjusting for the cold months to meet those demands makes more sense, financially. That remaining $100 could be directed to the emergency fund or another category which may be underfunded and always going over the budgeted amount.
Looking forward to the rest of the seminar and what it has to offer. This is just one of the many programs available to help people gain control over their finances. There are often programs offered by community organizations, by banks, and other entities. If you've been doing the same thing when it comes to managing your finances and it just doesn't seem to work, it may be time to try a new approach. Get the knowledge you need to help you make the best decisions and moves with your money. Figure out what you want and create a plan to get there.
It is your money and at the end of the day you decide if it will be a friend or foe!