Why do days feel so busy when most of it is only driving? It's not really busy, just long.. but we're having fun in this photo :)Last night was week 3 of Financial Peace class.. and we've got something new to try: the Envelope System.
Basically, after receiving our paychecks an amount will be cashed, and that cash will be divided into envelopes that we have assigned to certain categories of spending, like food, entertainment, etc. Based on our specific budget plan, ONLY a certain amount will be allowed for those things per month. If there's no cash in the envelope, then money will not be spent. I'm actually kind of excited to see how this works. I can see how, without planning and probably without some sacrifice, this would be a difficult task but I think we can do it.So, one of the last exercises we did in class last night was to (anonymously) total up the amount of debt (not including mortgages) among all 8 families attending so that we can see what progress we've all made by the end of the course. We. Were. Shocked! Over $1 million, holy pants! I hope this class can help us all! That number makes me nervous, but I think the lessons in this class are hitting them (as well as us) over the head in such a way that we finally have the motivation to work exceptionally hard this time around.
I've heard of the envelope system and have wanted to try it for years. Let me know how it goes. I think we should try it, too.
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