Sunday R and I started a 13 week course at our church called Financial Peace University. Basically we're learning wise money principles from a video series by Dave Ramsey. I'm super glad we're doing this, but it's also a little scary because I know it means discipline and patience and changes to our lifestyle. Good, but not necessarily easy!! Just thought I'd share a bit from what we're learning already. They call them baby steps....good thing!!!
Baby Step #1: Save $1,000 in an emergency fund.
Baby Step #2: Pay off debt.
Take away tidbit I learned from class: If you have an emergency fund, you don't have any need for a credit card, so CUT THEM UP! Wow! Good thing this is in baby steps!!!! Smile.
Baby Step #3: Save up 3 to 6 months worth of monthly expenses in emergency fund.
HERE WE GO!!!!!
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3 comments:
Mollie, FPU absolutely ROCKED our world! I know it will for you too! I pray you're able to put the principles into practice and find success using them. :)
just one question if you will please... what happens if you are constantly wracking up debt... like saaaaaay.... COLLEGE LOANS!!!!! UGH!!! THEN what? Just in case you know the answer to that... you can fill me in on that! hahaha :)
Hey Mollie, sounds like a sweet course. I took a similar one a while back but haven't been strong enough to stick with it very well. : (
I struggle with the idea of cutting up my credit cards. I think they're good for security on purchases, and make it possible to make purchases online/book plane tickets etc. which would be impossible with cheques or cash.
Though I admit I do rely on them to heavily for general feeling of financial security and have accrued a small amount of debt.
So I may go for a month or two without using them and then really make sure the next time I break them out, it's for the right reasons and with no chance of paying any interest on them.
I've heard that some people pay money on the card, and use them more like a pre-paid card. Safe way to have money on hand while traveling, etc. without worrying about accruing debt or interest. I think that sounds like a good way to use a credit card.
Just some thoughts from my own little life. : ) miss yah
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