The Money Class

For my birthday back in April, Jarom bought me this book called "The Money Class" by Suze Orman.  I grew up listening to Suze Orman with my Mom and have grown to love her blatant honesty and advice when it comes down to what you can and cannot afford. With that being said, I was really anxious to get her new book, set some financial goals, and to educate myself.  Since then, I have been reading a little at a time, and have been setting some goals and making adjustments to our budget here and there.  The book starts out talking about defining yourself by who you are, not what you have.  I think this is particuarlly challenging for newlyweds who have grown up with a particular lifestyle and then expect a similar lifestyle "have what our parents have" mentality just shortly after being married.  It has been an adjustment, but it has been so much more rewarding to stick to our goals, be patient, and save up for a particular item when in reality we could have ran out and bought it right then if we had cut corners, cheated our budget, put it on the credit card or used our emergency savings.  Suze Orman also offers great advice on:


*Having an 8 month emergency savings fund
*Saving for big ticket items
*Retirment planning in your 20's and 30's
*Applying 15% of your total income towards retirement- starting now!
*401k's and Roth IRA's
*Maximizing employment benefits
*When to Own vs. Rent
*The rules of buying a new home (20% down, or you can't afford it)
*Student loans/repayment
*Everything you need to know about your credit score
*Investing
*The rules of using a debit card
*Living below your means
And it goes on and on...

You're probably thinking I am such a nerd, but I have really enjoyed learning more about financial freedom.  Don't get me wrong, I know all of these things may not be totally realistic, and are perhaps an ideal situation, but it gives you a basis to plan and work towards.  I realize we probably won't be able to put 20% down on a home when we are ready to buy, but by making it our goal, we'll probably have much more than we would have if we hadn't set the goal.  We may have to wait quite a bit longer than we would like to, but in the end it will be worth it.  My parents have been a great example to me and because they established good habits early on and lived below their means, they have been able to avoid debt and provide us (their kids) with a financially stable childhood/ and future for my siblings.  I want that for Jarom and I, and for our family.  Especially because of our large amounts of school loan debt.  I've learned it's not just going to go away, and that you have to take control of it, rather than let it take control of you.  :)   Wow, if that wasn't cheesball I don't know what is...

Also, I've really taken to heart the advice and counsel we've been given from our sweet Prophet, his Apostles, and our church leaders to work on our food storage supply.   I'm proud to say we are making improvements, despite our lack of storage space.  Before it seemed so overwhelming, but I'm actually really enjoying it, a little at a time.  I'm all signed up for the cannery this coming weekend...first-timer!  Should be a good time...

And to wrap it up, some insite from President Thomas S. Monson

"May I assure you, there is no shame in a couple having to scrimp and save. It is generally during these challenging times that you will grow closer together as you learn to sacrafice and to make difficult decisions."