FPU Lesson 2 – Relating with Money
The second week of class is all about you and your family and how all of you relate with money. Below are my notes from the lesson, including the key points that I highlight from the video when leading the class, and some supplemental material that I think could help the class go further on this topic.
Lesson 2, Relating with Money
Men and women tend to think very differently about money. Don’t act so shocked, you already knew this. Men use money as a way to measure success. But for a woman, it’s a source of security. In the midst of a crisis, each needs to be reassured in area of their fear.
The saver, spender, nerd and free spirit must get on the same page. You both make the financial decisions together! There’s a tendency to acquiesce and allow the more “responsible” or “numbers smart” partner to do all of the money management in a family. It’s bad for a relationship to have only one person acting like the adult. Both spouses get a vote on how the money is made and spent, and compromise is key to success.
If you’re single, find an accountability partner to discuss your finances with. Being alone can make it much harder to win with money. Pick a wise friend who is willing to hurt your feelings, and then allow them to do it. Don’t make a major money decision ($250 or more) without talking to them about it.
Teach your children how to manage money so they make smart decisions. It’s time to put an end to this bad habit we have of not talking to our kids about sex or money. It’s not the school’s responsibility to teach your kids about good money practices, it’s yours. Learn them, and pass them on.
Start Saving. Begin putting something aside every month for an emergency. It doesn’t matter how much. You’ll be amazed how excited you’ll feel when you see that first $100 sitting in your savings account.
Checkbook Test. Where your money goes tells us what is important to you. What does your money say about you?
Problems Equal Opportunities. If money management problems are the top cause of tension in your life and marriage, they are the top area where you have an opportunity to improve.
Accountability. If you don’t have it, get it. Even if you are a couple. If you can’t be accountable to one another, then it’s time to get some outside help.
Dave Ramsey reads a lot of books, and he often references them during each class. If there’s a text that I think the class would really benefit from, I try to include it as a part of the notes that I share.
- Men are from Mars, Women are from Venus by John Gray
- The DNA of Relationships by Gary Smalley
Next week, Lesson 3 – Cash Flow Planning. Making your budget work.
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