"Winning at money is 80 percent behavior and 20 percent head knowledge. Most of us know what to do, but we just don’t do it." - Dave Ramsey
Last night I started my first of a 13-week class, Financial Peace University (FPU). FPU was created by BFF Dave and is designed to help you learn how to better manage your money. This week's class spoke about savings and how it is crucial to make savings a priority.
As I've mentioned before, the first of the seven baby steps from Dave Ramsey is to start a $1000 emergency fund. Though I have worked on this baby step in the past, my plan is to restart this step and hopefully save a $1000 throughout the class. While it is said most people can do this in a month, I know that would be quite the hefty challenge to do in a month so I'm giving myself a bit more time.
For this week, we will be reading various chapters in BFF Dave's book, Financial Peace Revisited as well as creating a 'quickie budget.'
So, here are my beginning totals. According to data from the class, the average person pays down approximately $5000 of his or her debt and is able to save approximately $2000 during the duration of the class.
New emergency fund: $0
Balance on my car: $7,426.99
Balance on my student loans: $46,248.21
I challenge anyone to embark on this 13-week journey with me! Maybe you would like to create your emergency fund or would like to try to pay off a credit card. Let me know if you would like to motivate each other along the way!
My goal is to post an update from the class and updated totals every Wednesday as my class is every Tuesday through August 9th.
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