Financial Peace University Class 2: Relating with Money

BFF Dave is HILARIOUS. I would definitely be his friend.

Last night's class was in regards to how men and women relate with money - and our differences. I was laughing, as was the entire class, when various examples were thrown out because I could so see myself in one category and Peter in another.

In the past year I've had to (drastically) change my spending habits. I was guilty of being what BFF Dave called a "Free Spirit." I have an unhealthy addiction to shopping. I lovingly refer to it as 'retail therapy.' Let me tell you, my 'retail therapy' cost me more than my brief stint in actual therapy so my shopping wasn't always therapeutic. I have become more of a "Nerd" in the fact that I like saving money, I like seeing where my money is going and I am much more disciplined than I was in the past.

It's only been a week but I've made a few strides in my debt pay-down and savings:

May 17 New emergency fund: $0
May 17 Balance on my car: $7,426.99
May 17 Balance on my student loans: $46,248.21

May 24 New emergency fund: $115 (+$115)
May 24 Balance on my car: $7,444.11 (+17.12)
May 24 Balance on my student loans: $46,031.77 (-216.44)
(Balance is the wrong term; I should be using "Pay off amount" as that's the number I've been looking at.)

Totals for 13-week class:
Money saved: $115
Debt paid down: $199.32


**Principal Balance on Student Loans as of May 24, 2011: $45,943.88

Financial Peace University Class 1: Super Saving!

"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.

Financial Peace University - Officially Registered!

I am super excited! I registered for BFF Dave's Financial Peace University (FPU) Friday! The instructor had an extra kit so I was able to pick it up ahead of the start of our class!

FPU runs for 13 weeks starting in May! Woo hoo!