Last night was week two of our Financial Peace University, "Relating with Money". This lesson Dave stresses the importance of working together as a team and getting on the same page about the money. It can make or break your marriage.
The meat of the message is to work together on your budget by respecting each other's money personalities and styles. That is where discovering if you are a "Nerd" or "Free Spirit" financially comes into play. You are both to take a quiz and the answers will determine if you are a Nerd and like to crunch the numbers or if you are a Free Spirit and you feel smothered by the constraints of the budget. I was surprised to find out that I am equally categorized by both. I am always on time. Always. But I don't care if my sock drawer is not neatly organized.
Dave also introduced " Budget Committee Meetings". This is where you and your spouse plan to get together and discuss the budget. The Nerd will come up with the budget and present it to the Free Spirit. The Nerd must be quiet while the Free Spirit looks over the budget and makes a suggestion or two.
Dave's grown daughter presented a section on children and money. She discussed the importance of paying the child for a chore or chores instead of having a general allowance that the child just expects. She suggests for younger children make saving money more visual by using a clear jar or piggy bank. For older children she suggested using three envelopes to manage their money. One envelope for giving, one for saving and one for spending.
We will have our Budget Committee Meeting and discuss or quick budget again. We will also talk about how we both think of money and how to better work with each other financially. I am just loving this program so far. It is inspiring my husband to work with me and become more of a team player when it comes to our money. I would like to focus on how to accrue our 6 month emergency fund.
Next Week: Cash Flow Planning