Welcome to the first week of Financial Peace University! Dave kicked off FPU by sharing some of his personal financial story and what led him to create this series. Dave has laid out seven “Baby Steps” that will lead us toward financial peace. This week, he focuses on the first step – saving. Many of us feel we aren’t able to save after our expenses, but Dave turns that logic upside down. We need to first give, second save, and then budget the remainder of our expenses.
Saving is crucial for three reasons: for emergencies, for purchases, and for wealth building. We’ve all been there – a leak in the roof, the car breaks down, someone falls ill. How would it feel to be prepared for when these emergencies happen? Dave challenges us to save $1000 in an emergency fund as quickly as possible.
Saving IS possible when we truly make it a priority. Dave challenges us to value to importance of saving and to be content with less in a culture of consumerism. This is certainly not easy, but the changes we make now will have a lasting impact on our future.
Action Items This Week:
Begin saving for your $1000 emergency fund.
Complete the Quick-Start Budget form.
-The next nine weeks will change your money and your behaviors. However, it won’t be easy. Talk about one or two things you are worried about having to deal with or something you are looking forward to achieving as you work through the program.
-Talk about a financial emergency you’ve had over the last few years. How would the situation have been different if you’d had an emergency fund specifically for these types of expenses?
-What are some of the things you could cut back on or cut out in order to prioritize giving and saving a portion of your income?
Please leave a comment responding to one or more of the questions above!