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• The Total Money Makeover book and workbook
• 2 DVD Lessons from Financial Peace University
• The Money Answer Book
• Starter Envelope System
• PLUS Dave’s Budgeting Software

 

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FABULESSLY FRUGAL FRIDAY: Teaching Kids About Money

I was at the store with my 6-year-old daughter last week shopping for a birthday present for my nephew. She found a $75 toy that she thought he would love (he would!) and announced our shopping trip was over. She has discovered the perfect present and was ready to head to the register. I explained to her that $75 was not what we had budgeted for.  Then the following conversation took place:

Her: Do you have enough money to buy it?
Me: Yes, we have enough money to buy it. But $75 is too much to spend on your cousin’s birthday present.
Her: If you have enough money then just buy the toy already.

Yikes. My head started spinning. Should I have been more proactive in teaching her about the importance of money? Did she, at the ripe young age of 6, already believe money grows on trees?

I hit the internet to see what Dave Ramsey, my financial hero, had to say about kids and money. And not surprisingly, he had a lot to say. What struck me was the simplicity of it. What he said in a nutshell was if we teach our children the importance of 4 major concepts, that will lay a foundation for financial success as adults. They are:

Spending
Saving
Giving
Work

Dave says, “We’re raising a whole generation with ‘sucker’ stamped on their foreheads because we’re not teaching them.”  Your job as a parent is not just to keep your child happy. You’re raising a future grown-up who needs to be able to deal with grown-up matters. If you teach little Timmy how to handle money responsibly, then grown-up Timmy will be better equipped for a richer life. Look at the statistics below:

• 19% of Americans between the ages of 18 and 24 declared bankruptcy in 2001. (USA Today, 2001)
• The fastest growing group of bankruptcy filers are those people who are 25 years of age or younger. (Senate Committee on Banking, Housing and Urban Affairs, 2002)
• Over 80%of undergraduates have at least one credit card and nearly 50% of college graduates carry four or more credit cards. According to the Department of Education, the average balance carried by these students is more than $3,000. (Senator Chris Dodd, CT)

These statistics show that many children aren’t being taught how to handle money. Young people are making mistakes with zeros at the end of them. These mistakes often take years to overcome. Teach your children how to handle money while they are young, and they won’t make mistakes later on in life.

There is also a great resource on Dave Ramsey’s website geared towards children. There are many games and activities focused on teaching children about money.  And while Dave does off some great products for children, the best part about that site is it’s absolutely FREE!

*Source: daveramsey.com

FABULESSLY FRUGAL FRIDAY: The Cash Envelope Budget System-PART II

Did you miss Part One? Head HERE first!

Cathy’s sister Carolee is guest posting again this week with the second half of the CASH ENVELOPE BUDGET SYSTEM. Carolee is a  mother of four and wife of a school teacher. Because her husband has returned to school to obtain his Master’s Degree, they are living on a limited budget. She began using the cash envelope system 14 months ago to budget their “discretionary” and some of their  “mandatory” expenses. We LOVE this system. Thanks again for sharing Carolee!

Some tips:

• Give the person who doesn’t usually do the grocery shopping a little grocery money each month. Then they can help you out when you call and ask them to grab a gallon of milk on the way home, etc.
• Figure out how many of each denomination you will need. For instance, I like to have plenty of 1 and 5 dollar bills for the “date night” envelope, so I’ll have exactly what I need for the babysitter or the tip at the restaurant. So I will make columns on scratch paper, and figure out how many 50’s, 20’s, 10’s, 5’s, and 1’s I want.  Then when I go to the bank, I tell them (or have it written down for them) exactly what bills I want.  I used to feel self conscious about withdrawing so much cash and asking for “13 one’s” but, I got over it, and the bank teller’s don’t usually give me weird looks, either.
• Start out with actual envelopes. Try it out for at least 3 months.  Keep the envelopes in your purse, and just replace them if they get ragged.  Then if you decide you love this system, you can get yourself something a bit sturdier to keep your cash in.  Some websites like Dave Ramsey’s have “cash envelope system” wallets you can buy, and on Amazon, you can find some coupon organizers (that you can use for cash instead) that fit in your purse.  Make sure whatever you buy has enough compartments for each of your categories.  After using the envelopes for over a year, I just finally got an accordion style coupon organizer that I like so far!
• Make a Christmas envelope. Determine an amount you think will be reasonable to spend on Christmas—shopping, baking, parties, decorations, etc.  Divide that number by 12 (or if you are starting in June, divide that number by 7, etc.) and make a Christmas envelope that you put that amount in each month.  (And of course, decide if you can afford this amount each month.  If you can’t, how will you be able to afford a large amount all at once at Christmas time?  If your monthly budget can’t take it, then it’s time to trim down on Christmas.)  Then when you are ready to start your Christmas shopping and decorating, you shouldn’t have to use your credit cards at all-just keep that Christmas cash envelope with you.

Envelope Categories:

Here are some ideas to get you started with your envelopes:

• Children (clothes, school expenses/fees, etc) I still pay for their piano lessons, swim lessons, preschool, and other such activities from the checking account and this is a separate budget category

• Personal Care (haircuts, etc!)
• Diapers
• House and Yard Maintenance and repair
• Groceries
• Family eat out This is for those nights when we just have to buy a pizza (although, if you have some freezer meals, you can pull one of those out instead of buying pizza on those crazy days) or for saving up and taking the whole family out to dinner every once in a while
• Date Night
• Clothing This one is for my husband and I—and it’s for clothing NEEDS, not wants.  This is so we don’t have to use our own spending when we need new underwear or a new pair of athletic shoes, etc.  It is NOT for those new stilettos you can’t live without.
• Pets
• Holidays/birthdays/gifts
• Spending
• Misc

You may be thinking:

• “I don’t want to carry that much cash around—what if I get mugged?” Ok, I suppose that is a possibility, but no more a possibility than when you carried 10 credit cards, right?  Unless you go around with a big sign on your purse that you have a whole bunch of cash in there, no one will know that you aren’t just carrying around plastic like everyone else.  Just be smart with your purse, like you should be anyway!
• “If I have cash, I just spend it.” If you know that’s all you get for the whole month, don’t you think you’ll be a little more discretionary with it?  If it’s a consistent problem, it might also be that you just didn’t give that budget category enough $ and maybe it’s time to adjust some things in your budget.
• “I just can’t imagine not using my credit card.” Sounds like it’s time for you to read Dave Ramsey’s Total Money Makeover
  .  He will help you get over the social expectations to use plastic.

This may sound hard, but trust me, it’s great!  You’ve just got to commit to trying it for at least 3 months to give it a fair chance.  It will be a big adjustment and take some time to work out the kinks, but you can do it!  If you feel like you need to get a better handle on the money that seems to keep leaving your bank account without your permission, this is the way to go.  Good luck!

Dave Ramsey CD’s/DVD’s $5!!!

Dave Ramsey 24 days of Giveaways!

I’ve told you many times how much I love Dave Ramsey. He changed my “financial life” when I discovered him last year.

From now until December 23rd, he is doing a daily giveaway. Yesterday he gave away $1000 (to start your emergency fund), and today he is giving away 150 lifetime memberships to Financial Peace University!

So head on over to Dave Ramsey every day until Christmas Eve and enter!! If you win something, tell me!! I’ll be so excited for you!!!

By the way – you’ll also see that almost everything in the Dave Ramsey store is on sale for $10. If you haven’t read The Total Money Makeover, NOW is the time to do it!

Another Reason Why I ♥ Dave Ramsey

Dave started a new thing yesterday, in honor of 09-09-09, he is giving away $999 for the next 9 days – just the amount people need to start baby step #1: $1000 Emergency Fund!

Each day just click on over to Dave’s site and you can enter, either via the website or text!

To sweeten things, he has books marked down to $9.99… I myself HIGHLY recommend The Total Money Makeover. It was a life changing book for me. Thankfully, I found it 6 months before my husband lost his job. Thanks to the principles I learned in that book, we were more prepared to be unemployed (and that isn’t even what the book is about)!! I STRONGLY encourage you to become indoctrinated by Dave Ramsey!

FABULESSLY FRUGAL FRIDAY: Dave Ramsey "MTMM" – 1 month Free

I’ve told you how much I LOVE Dave Ramsey, haven’t I?

One of the things that I first “learned about” when I started getting into the whole blogging world, just over a year ago, was Dave Ramsey. And let me tell you, he has changed my whole mindset about money. I finally decided to read his book The Total Money Makeover. And it changed who we are. For the better.

Many of you are aware that we are one of the nations “unemployed” as of April 3rd. If this had happened a year ago, we wouldn’t have had any savings, and would have used credit cards to supplement our unemployment income.

Thanks to Dave Ramsey, when this DID happen 3 months ago, we had 2 months of savings in the bank. I haven’t even THOUGHT about using credit cards. We’ve simply cut our spending back.

So here is your FabuLESS Frgual Friday tip:

Let Dave Ramsey indoctrinate your mind about money. It’s no “get out of debt quick” scheme. It’s good old fashioned money sense. Something I think Americans in general forgot about, but are coming to realize.

YOU can join MyTotalMoneyMakeover.com for one month free. Just follow the instructions on this coupon.

What will you find at MyTotalMoneyMakeover.com?

• access to all three hours (commercial free) of his daily radio show
• a slew of articles to “indoctrinate” you
• forums
• software to help you create your budget
• web based “Baby Step” tracking
• and a whole lot more

If you think you “get” money. I encourage you to check out Dave Ramsey.

If you are living paycheck to paycheck and have no financial future in sight, I encourage you to check out Dave Ramsey.

If you want to “Live like no one else, so you can live like no one else“, I encourage you to check out Dave Ramsey.

We Love Dave Ramsey

Did you know that we LOVE Dave Ramsey? Well we do. I thought you might like to watch this video. He covers a lot of topics from his book, “Total Money Makeover.” Great information on this video. Dave is funny and give excellent tips. I promise if you listen you will not regret it!

Check out his $10 Books, CDs, DVDs, Software and more!

Locals only: Listen to Dave’s radio show on 580 KIDO from 6-9 pm.

Out of State Readers: go here to find a station near you.

Listen live from his website. He’s on from noon to 3:00 MST.

Get a Free Dave Ramsey Show download.

Live like no one else so you can live like no one else! ~Dave Ramsey

Thanks Money Saving Mom for the video link!

Why I ♥ Dave Ramsey

Are you hooked on Dave Ramsey like I am?

You should be.

I bought the audio version of his book, The Total Money Makeover last fall. It rocks. It has changed the way I think about money.

What I love about Dave is how real he is. There isn’t anything gimmicky or fancy about what he teaches. He teaches good ol fashioned advice. But it’s advice that a majority of Americans have forgotten about. He just makes it doable.

Here are his “Baby Steps” towards financial freedom (of course, it is assumed you are living on a zero-based budget… “If you don’t tell your money where to go, it will leave!”)

1. Save $1000 for an emergency fund (I always thought it was weird to SAVE when you had debt to pay off… but having an emergency fund eliminates the use of credit cards the next time you have an emergency! What a concept hu? Since October, we’ve had to use our emergency fund three times! I’m so grateful we had it!)
2. Pay off all debt using the Debt Snowball (currently working on this one)
3. Increase your emergency fund to 3-6 months of living expenses
4. Invest 15% of income into Roth IRA’s and pre-tax retirement
5. Start saving for children’s college funds
6. Pay off home early
7. Build wealth and give! Invest in mutual funds and real estate.

Stretching my grocery budget is just one of the things I’m doing as I work on my debt snowball. We’ve also been selling things, using tax returns to pay down debt, and finding ways to bring in extra income.

For you locals, you can catch Dave’s radio show on 580 KIDO from 6-9 in the evening (when he isn’t … or better yet, listen to him live (for free) from his website. He’s on from noon to 3:00. You can also read show recaps and listen to his archives anytime you want… free of cost of course!

So, are you ready to “Live like no one else, so you can LIVE LIKE NO ONE ELSE?” I highly recommend his book, The Total Money Makeover!!

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