So I've recently begun attending a new finance course offered at our church. I had a friend ask me why I would bother paying for a class like this (because I'm always so completely organized with our finances, budget, etc.). And while I don't need any help with those aspects of the course, there's a lot more to it than that. I'm really interested in the upcoming discussions on saving for retirement and our kids to go to college, investing, different types of insurance, and esp. information related to purchasing a new home (as we're preparing to do that hopefully in the next month or so). Yes, despite the really crappy home selling market we're planning to sell our home and build a new one...there are several other reasons that when considered actually make this the best, most ideal time for us to sell our home.
Anyway, the first few steps encourage you to eliminate your reliance on credit cards as your family's "emergency fund." This is a great idea because too many times those unexpected issues come up and there's simply no other way to pay for them. It's a good thing it's tax season and that we'll be expecting a good refund this year to help us establish our emergency fund (and pay off some other debts) because if it weren't for our tax refund we honestly couldn't get past this first step in the class. But hey, it's a starting point, right?
Of course we could all use a little extra discipline in our frivolous spending habits, but the debts that really frustrate me are the ones you often can't control. I'm thinking primarily of medical bills. There's only so much I can do to control those bills, but with 4 kids there always seems to be a reason for someone to go to the doctor, not to mention how expensive our trips to the dentist can become. But I guess I'm learning that these bills are exactly what our new emergency fund will be used for.
I sat down with SD the other night and we discussed all our finances and developed a really good plan that will help us pay off a lot of unnecessary debts over the next few months. SD never wants to hear any details about our bills, (who would if you didn't have to?) and since I'm so type A it's just worked out really well for me to take care of everything. But it can be a little frustrating at times to carry that financial stress burden alone, and I think it' s important for us to be on the same page when it comes to our financial goals and spending. When you have to support a family of 6 on only one income finances always seem to be a constant area of frustration.
But even though nothing has changed in the responsibilities I carry with our finances, just being able to talk openly with SD about where we are and where we're headed lifts a big stress off my shoulders. It feels good to know we're on the same page about the goals we've set. (Okay, the goals I set and presented to SD who then agreed with them.) Either way, we know these goals will help us not only relieve much of the monthly debt stresses, but also help us reach additional goals we've set. There's 12 more classes to go in this FP course, so I'm sure there's plenty more to learn. We're off to a good start so far!
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