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Small skirmishes in the quest for financial peace

Habits are really difficult to break. On Sunday, J and I were perusing through the Sunday paper, when I came across a sale paper for an electronics store and noticed some interesting gadget. I pointed it out and started a conversation about it. Some switch in his brain was switched on and immediately he asked “Do you want it?”. I hoped that his initial reaction was just old habits dying hard, but after a few more minutes he said “I can go get it for you”. I’m sure he meant right that moment. Here it is Tuesday, and I don’t even remember what this thing was, but I do remember it was in about the $100 range. I think it was Wii related, but I can’t be too sure. The Wii is one of those items we just had to have, now it sits gathering dust because neither of us have the time or energy to pull it out. I’m a stay at home mom with a toddler, and infant, and I’m a graduate student. He works full time and has also been delivering pizzas at night for extra cash. Now maybe I’m crazy, but when you’re working two jobs to get your debt paid down, perhaps impulse purchases aren’t the best thing. In the end, I didn’t have to say no, just said that if he felt we wanted it, we’d need to cash flow for it instead of going out and buying it. He seemed to understand.

J uses money to show affection. I use it as a form of therapy. We’re a recipe for disaster, if you’ll pardon the cliche. Once you’ve come to rely on money- ie debt, it’s hard to change those behaviors, because, fundamentally, you have to change YOU. I keep forward thinking in 2 years when we’ll be debt free except the house. My hunch is that we’ll have less stress, and less need to use money to show affection, and not need therapy! We’ll be able to focus on our marriage, our grieving, and our healing instead of spiraling debt. Now that I have an idea of what life could be like, I start to want that for others I care about. It’s so wonderful, I want everyone to have it. I feel the same way about following Christ. I would love nothing more for everyone I love to follow Christ, but it just isn’t something you can force on people. I can however, live my life in order to open up the doors for conversations. God and Christ have given me such a peace with the death of my child. To Them I give all the glory for those who wish or need such a peace.

The changes in my financial life are due to Financial Peace, which is based on the Biblical teachings of finances. Why our churches, for the most part, choose not to address the financial live of their members, I don’t know. Perhaps they think it too intrusive to talk about finances. It’s uncomfortable to talk about, and might even lead to people leaving a church, however, I don’t think this is an adequate excuse. Rarely is the right thing to say the easy thing to say. We’ve becomes consumers of Christianity in the US. We want to go to church, sit for an hour, feel good when we come out and not think again about our Spiritual lives again until next Sunday morning. Financial Peace is a component of Spirituality. Churches should be teaching it, to discourage their members from debt, and to encourage them to have faith in God concerning their titheing and charitable donations. The Bible tells us that God wants our First Fruits. That’s off the top folks. He gets our best, not what’s left over. Not what we can scrounge out of the bottom of our purses before the offering plate is passed around. It should be deliberate. This is why charitable contributions are at the top of Dave’s budgeting forms. Even as a Christian, I am tempted to give less, and months I give in to that temptation, I can tell the difference in my life. Hands that are open to give are also open to receive. Honestly, J and I aren’t at the 10% we’d like to be at for our charitable donations. We are at 5%, however, it feels really good to be able to know that there is a set aside amount in our budget to give away. This month, our donation went to The Compassionate Friends, a non-profit organization for grieving parents. Next month, it’ll be for the Ronald McDonald House, where we lived for months when our daughter was in intensive care. Such organizations do not survive without charitable donations.

I grew up in the church, and don’t remember a single sermon on money. The Bible is packed full on financial teachings and ways to succeed financially. If you are a Christian, why not take a look at them? Dave says that after reading the book of Proverbs, you’re almost read for a degree in finances. It is indeed a great book. I’m on my 3rd reading of it. It’s 31 chapters, making it perfect for once a month readings. With the economy in shambles, I think more churches might take on teaching finances from the Biblical perspective. I’m fortunate to have been led to a church who does teach finances. I’ve been thinking about starting an FPU in the community outside the safety of the walls of my church.

For those who aren’t Christians, it doesn’t mean that you can- or shouldn’t – take the common sense approach to finances. You can- and should give regularly. You should run from debt. I haven’t read it, but I believe that Dave’s Total Money Makeover is less focused on the spiritual and more on the common sense. Regardless, it takes stick-to-it-ness. Recognizing and changing behaviors. Small victories win the war.

November 18, 2008 | Filed Under Dave Ramsey Financial Freedom, Financial Freedom Journey Pep Talk, Financial Goals | Leave a Comment 

Dave Ramsey’s Personal Finance Software – Budgeting Software

A few months back the Dave Ramsey website was having a deal on there Financial Peace Software so I decided to buy it. Though I have had the software for a few months I only just started using this month. So far I really like it. There are a lot of great tools offered in the software.
All of the worksheets found in the Financial Peace University curriculum (Monthly Cash Flow, Allocated Spending, Income Sources, etc.) is also found on the CD-ROM. You can print out blank sheets or the sheets you have filled out.

The great part about this budgeting software is that it calculates everything for you. So you just enter the numbers and then the software takes care of the rest. Percentages are also automatically calculated for you.

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There are some other tools that are useful as well. In the Tools section of the CD-ROM you can use the Financial Calculators, Glossary and Check Register. The software is fairly simple (as opposed to too complicated that you get frustrated and don’t bother with it) but very useful. The Debt Snowball program is one of the best features. Enter in all your debt balances with monthly payments and it will calculate how long it will take for you debt to be paid. The Debt Snowball features also allows you to view your progress in charts and graphs.

The software is $24.95 and totally worth it. I like having my budgeting software on my computer since it’s with me just about everywhere I go. You also have the choice of downloading the software straight from the website. No need to wait on getting your budget started. Check it out! Dave Ramsey’s Personal Finance Software.

~Mona

October 28, 2008 | Filed Under Blogging Tips, Dave Ramsey Financial Freedom, Financial Goals, Financial Planning | 3 Comments 

The cheapest $93 I ever spent. Spreading Financial Peace.

I kept the promise to myself and listened to all the CD’s this weekend. It made the time go by really quickly. J and I were in different cars. After I finished one, we’d pull over for a potty break  for our newly potty trained 2 year old. I’d hand him the one I’d just finished and offer some inspirational quip for him. He might call it nagging, but he’d be wrong.

As I listened, I tried to pay attention for something for which to write about for my last post of the month. In lesson 4, dumping debt, Dave says that he knows that he can often identify callers who “have it”, and those that don’t. Those that “have it” are angry, and ready to get out of debt. They find no excuses, have no reason to delay it. They get on board, and they get on board quickly. I would be one of these callers. J would not. He’s a bit more inclined to not own up to things right away. He needs to be knocked around a bit before he sees things accurately, which is why we’re a perfect match. For every bully, there is a wimp.

Our Baby Emergency Fund has a little gremlin that we call Dave Murphy. Any time it gets funded, something happens, and he takes all the money out. We’re 4 months into our Financial Peace journey, and are back to Baby Step 1.. re-again. We’ve had 2 yard sales, we’ve sold a jet ski, cut out our retirement, sold our van, gone to the bare bones for insurance, cut out trash service. We’re still holding onto our cable services. I’m in my final semester of my graduate degree, and internet service is a necessity for us at the moment based on our circumstances. But we have to dig deeper. We have to find a way to get it funded again. We’ve been trying to sell our hot tub, and hopefully, since hot tub weather is nearly here, it will sell. So, I’m going to cut the price again, and all but give the thing away to get our Baby Emergency Fund re-re-funded.

J has a meeting with the manager of the local Domino’s tomorrow. He’s to take in his driving record, and we suspect he’ll be hired on the spot. That will certainly help in getting it funded. We’re also looking to sell Jason’s truck to knock out the 8k debt, leaving us with only one left from the medical bills of our daughter.  My comprehensive exams are next week, and once that is over, I’m going to see about getting a job at Kohl’s as a seasonal employee.  We’re starting to prepare for July. In July, my student loans will come a knockin’. My girls will definitely not graduate from college in debt. Through FPU, I’ve learned about ESA’s, and as soon as we complete Baby Step 3, we’re going to start funding these college funds. Current law allows a 2k year contribution. Our oldest is 2, which seems awful young, but each year we aren’t contributing is a year that her fund will miss out on the compounded interest that would make the 2k per year starting at age 0 until age 18 nearly 200k. There are many steps to get from here to there, but it is important to keep an ear to the ground to be ready, to have a game plan.

One thing that Dave said in the same lesson about those that are going to “make it” is that when your broke friends are making fun of you, you know that you’re doing it right. Some family members have been a little worried, accusing us of joining a cult and such, but I guess I have great taste in friends, because my broke friends are checking out Dave’s books, they’re funding emergency funds. I’m such a convert, so determined to get out of debt as soon as possible, that I’m going to be co-teaching FPU starting in November. It’s offered through my church, but anyone can attend. The next session is going to start on the tail end of a sermon series on debt- in anticipation of the holidays. It is my hope and prayer that my broke friends will join me at least for the FPU. It’s the best $93 I’ve ever spent. 10 years from now when I’ve changed my family tree, and I’m giving like no one else, in the memory of my daughter, I’ll be even more thankful of the small investment. After I’ve co-taught a lesson, then I’ll start teaching my own FPU courses. The lessons learned during the 14 weeks don’t end at the 14 weeks. After listening to the DVD’s (which come with the $93), I’ve learned more, and I know that as I do the course as an instructor, I’ll learn even more. J and I are a bit deficient in the life insurance part. I have none. Nada. Zip. What he has is what is offered at work.

Very quickly, before I close, in speaking of the Holiday’s, I noticed that the Coinstar at our grocery store doesn’t charge if you get an Amazon,com gift certificate from your coins. So, we’re emptying Piggy Banks. We got… ha… $93 out of one. No trips to the mall. It eliminates impulse purchases, and “gotta have its”. We’ve got 2 more to empty so that we can go get plastic stuff for our kids.

The last thing that I re-heard, not for the first time, but I was like “Oh yeah”, was that Prayer really does work. It does. It does. I’ve no doubt that God led me to Dave Ramsey’s program because I prayed for help with finances. If there are any two people that are a testimony to how much things can change in 14 short weeks, it is us. I can’t even begin to tell you of the denial that I was living in, and of the lengths J was going to hide it from me. After 14 weeks, J and I are caught up on our bills, and are working with one another, not against one another. More importantly, is that Jason has become a Christian. The promise and the proof that he was seeing after doing it God’s way, not only financially, but in every aspect of our lives was the evidence he needed.

~Manda

September 29, 2008 | Filed Under Budgeting, Dave Ramsey Financial Freedom, Dave Ramsey Financial Peace University (FPU), Financial Advice, Financial Goals, Financial Peace Baby Steps, Financial Peace University | 1 Comment 

There is no end, just a lifetime of Financial Peace

For anyone considering enrolling in Financial Peace University, do it. Jason and I weren’t even the best in attending. Our classes were on Sunday’s after church, and with a toddler and a newborn, it was impossible to make it to all of the classes. We were diligent about listening to the lessons that we missed. We’re taking a short road trip this weekend to pick up a car from my parents. They’ve not seen the “Financial Peace” light, and have taken on a new car payment. I’m inheriting their paid for car. We’re going to revisit as many of the lessons as we can during our time on the road.

One of the reasons that J and I are excited to acheive Financial Peace and to build wealth is that one day, I know that I am going to be responsible for the finances of my parents. My mother works to pay her credit card debt and car payment. My dad is going to seek retirement soon, and I assume my mother will keep working. They’ve worked hard over the years, but they will not be able to retire with the dignity that two such hard working people deserve. Hopefully, when the time comes, I’ll be able to give them that dignity. I’d like to help my dad pay off their home. They live in rural Alabama and have very little left on it. Then I’d like to have my dad pay “rent” into a savings account and invest that money for them on top of his military retirement and social insecurity. The hard part will be to get my mother to start spending money instead of credit. But hopefully, I can use our Financial Peace Journey as a motivator. I believe that as Christians, we are called to take care of our family. The Bible tells us in 1Tim 5:8 that even unbelievers take care of their family, and to not do so, makes us less than an unbeliever. It is that important, and something I take seriously. I’ve always known that it will be my responsibility to care for my parents when they get older. I’ve just had no idea how I would be able to do it. With Financial Peace, it becomes possible. With Financial Peace, taking the God-given responsibility of caring for my parents will not be a burden on top of many other burdens. It will be a pleasure because I’m no longer dealing with life as it comes. I’m thinking forward, taking responsibility for my actions and decisions, and being mature enough to delay gratification.

On the flip side, I hope to build our wealth to change our family tree. I know that if I am diligent and continue to apply the principles taught in Financial Peace, and continue to pray for the guidance of God in our lives, that my children will be able to go to college, and will be able to start their first jobs newly educated and debt free. I want to raise them to be responsible with money so that they will make mature decisions about the wealth that J and I will build over the years. In changing our family tree, my daughters will be responsible for us and our money, but in managing it, and not providing for us.

Preparing for the senior years of our parents, and changing our family tree are but a few of the examples of what we’re looking forward to through Financial Peace. We’d also like to build Accessible Playgrounds in memory of the infant daughter, Aleah, who died 18 months ago. Looking forward to giving is exciting. But, it means living the lessons that we’ve learned. We’ve already planned to listen to the CD’s on our trip this weekend, to re-motivate, to remember, to not lose our focus. Even if we stopped with baby step 2, the positive impact Dave Ramsey and Financial Peace has had on our life is remarkable. I’m happy to report that we have a balanced check book! I know that this is minor stuff for some, but it’s been 5 years for us. All of our bills, with the exception of our trash service, are caught up, and it will be paid in full on the 25th.

It’s tempting at this point to cut back our titheing in order to have the extra cash flow to pay down some debt, but after hashing that decision out in my head, I know, in my heart, that titheing is an important component of my spiritual life. It’s me showing God that I trust him with my finances. He led me to my church, which in turn led me to Dave Ramsey’s Financial Peace. I know that God blesses those that have Faith in him and “put aside” for his glory. In our case, it may not be a financial blessing, but I think that the change in my marriage over this process can be a testament of the blessings God has promised us in exchange for our giving. I’ve always believed that giving is an important part of Christianity that is often overlooked. J and I missed the last FPU lesson on giving, but I’m excited to hear it this weekend during our road trip.

As Mona said earlier in the month, quitting is not an option. I understand that some may get discouraged because Baby Step 2 takes so long, especially if there is a lot of debt. Even for those who pay their debt with no intensity are better off if they stick with the resolve to QUIT BORROWING, because that is a step in the right direction. No matter how quickly or slowly you travel, having the proper orientation, although basic, gets you to your destination. Christmas is just right around the corner, and J and I have absolutely no money budgeted for it. None. We aren’t willing to go back into debt this year, and spend the first few months of the New Year recovering. But, I trust that it will be a joyous holiday regardless.

~Manda

September 21, 2008 | Filed Under Dave Ramsey Financial Freedom, Dave Ramsey Financial Peace University (FPU), Just Whatever | Leave a Comment 

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