Prosper With Money

It may soon be the case that we Canadians no longer need to have a credit card! Currently, Americans can do everything with a debit card that a credit card can do, but in Canada our Interac system didn’t work the same way. So if a Canadian wants to book a hotel or reserve a moving truck, we need a credit card (we don’t need to PAY by credit, just have it to make the reservation). Well it seems that some healthy competition is on the horizon. Visa and MC debit cards will soon be making their way to Canada. Interac doesn’t like this of course, and may try to stall or block it, but I’m certain it will happen soon. A little competition is great for the consumer of course, and I just got an email from an online retailer telling me I can use my regular Interac bank card to make online purchases! I look forward to the day I can finally cut up my last credit card for good!

Bookmark It

Hide Sites

Did the local politicians that you expected to win actually win? Did you get out and vote or were you to unmotivated to vote? I did not make it out to cast my choices for my local politicians. I just can not seem to get into local politics that much. I know that the local politicians affect us more than the national politicians (local tax rates, sales tax adjustments, zoning laws, and requiring permits) but there never seems to be a clear choice of a good solid tax and government reduction choice. What do you think?

Bookmark It

Hide Sites

This week was Dumping Debt lesson. We learned about the truths and myths that we have believed for so long about debt and money. We are also beginning to be come consumers that are more aware of marketing and how it affects our purchases. The Debt Snowball rocks! I love how Dave takes the interest rate out to help give us small wins faster when paying off debt. I feel like emotionally, I will be able to continue with the debt snowball process with those little wins!

How much could you save, invest, blow, and give if you had no payments?

Steps to get out of Debt!

1. Stop Borrowing More Money!
2. Prayer Really Works
3. Get a Part Time Job or Take Overtime
4. You Must Save Money
5. Sell Something

Have you taken The Financial Peace University Class?  Did it make changes to your life?   Tell me your experience with FPU in the comments

Bookmark It

Hide Sites

This week was the dreaded budget lesson. We learned that we most spend our money on paper on purpose before the month begins. We also learned that we must be doing a budget for every month as a generic annual budget does not account for the miscellaneous things that come up every month. This is where the work begins. If you put in the time and do the budget you will be rewarded!

1. How to do a ZERO based budget.

2. What do you if you have irregular income (commission)

3. Dave’ s Recommended percentages for your expenses.

Charitable gifts: 10-15%

Saving: 5-10%

Housing: 25-35%

Utilities: 5-10%

Food: 5-15%

Transportation: 10-15%

Clothing: 2-7%

Medical/Health: 5-10%

Personal: 5-10%

Recreation: 5-10%

Debts: 5-10%

Have you taken The Financial Peace University Class?  Did it make changes to your life?   Tell me your experience with FPU in the comments.

Bookmark It

Hide Sites

Week Two – Relating with Money

This week we watched and discussed how people (married and single) relate with money. We also talked about what our parents taught us about money and what we are teaching our children about money. This is the Nerd vs. Free Spirit lesson. This is how Dave defines people, as a Nerd or Free Spirit. The Nerd is the budget oriented and a numbers person, the Free Spirit could care less about a budget or being on one.

1. Nerd vs. Free Spirit – how to work together

2. Teach your children about money.

3. You need an accountability partner (your spouse or if single a well grounded friend)

Dave Ramsey’s 7 Baby Steps

While we’re at it, why not do a quick review of the Dave Ramsey 7 Baby Steps. In case you don’t already know, the 7 baby steps is Dave Ramsey’s plan to get out of debt, build wealth and reach financial independence. Here are the 7 Steps:

1. $1,000 to start an Emergency Fund.
2. Pay off all debt using the Debt Snowball.
3. 3 to 6 months of expenses in savings.
4. Invest 15% of household income into Roth IRAs and pre-tax retirement.
5. College funding for children.
6. Pay off home early.
7. Build wealth and give! (Invest in mutual funds and real estate).

Have you taken The Financial Peace University Class?  Did it make changes to your life?   Tell me your experience with FPU in the comments.

Bookmark It

Hide Sites