A Class I Wish EVERYONE Would Take!
(We successfully saved up enough for our trip to Amsterdam this summer! Budgeting is true!)
Top Ten List
- Sacrifice and Save for a worthy need or want. I used to sacrifice and save, but for nothing really concrete in mind. It’s important to have a goal and be okay to spend on a worthy goal that you’ve saved for.
- The 8th wonder of the world is compound interest. This has really hit me because I understand better that investing is really worth it in the long run. It is a healthy habit to reach our family goals.
- The best time to start investing in retirement is now! I have never given a thought to retirement until now. My husband and I are deciding where to open up our Roth IRA accounts!
- Avoid not having a miscellaneous budget like the plague. This has solved the biggest budget-making problem I’ve had because now I don’t feel bad about purchasing needs that don’t fit in normal categories.
- Cars depreciate more than you might think. I learned how to purchase a car and not to purchase a brand new one, but a 2 year old one and with cash and be worry and debt free.
- Mad money is important in a marriage. This has saved the second biggest budget-making problem I’ve had. Mad money is a set amount of money each month that you're not accountable to your spouse for. This means I don't need to feel guilty if I want to buy a shirt for myself or go out to eat with a friend (as long as I don't exceed my monthly mad money budget of course). I can have peace of mind and more freedom and so can my husband now that we’ve put this in practice.
- Sleep on it. This is huge for making big decisions as a married couple. The story of the couple and the van purchase affecting their marriage scared me and helped me understand the importance of taking time to make big decisions.
- H.A.L.T. when making decisions with your spouse about finances. This stands for Hungry, Angry, Lonely, and Tired... all feelings you should not have when making financial decisions or grocery shopping. It’s important also to make sure you’re avoiding all HALT stands for when discussing finances because it helps you be calm and happy and willing to see the other’s point of view.
- Involve the whole family in home budget discussions. Involving children (one day in the future) in family finances will help them be financially responsible later in life and have confidence in money management.
- A second honeymoon is a great thing to save up for. Who knew!? This makes me motivated to carefully watch over and plan my finances well!
I like the ease of reading a list like this. I also think that family finances is a lot more confusing than a lot of people give it credit. After getting married, this was the part we struggled the most in. Ho do you make a budget and how do you start investing? I thought I knew these things, but when it came to sitting don and doing them, I was completely lost.
ReplyDeleteI loved the list format. This is great! Great info and fun.
ReplyDeleteThis was a great list and very helpful. It's always nice to hear what other people have learned and what works for them.
ReplyDeleteThis is awesome! Thanks for your input into being financially safe. I feel like this makes me want to go out and save a bunch of money because you were excited about it and I could tell! Thanks for sharing.
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