Good Conversations About Money
March 14, 2024 | Andy Lynch
Money affects our relationships.
Does that statement surprise you at all? Does it make you cringe? Does it give you heartburn?
We are wrapping up our most involved session of Financial Peace University in the 6 years I have been here. A dozen families are represented in the group that has met weekly on Wednesday nights through the winter and while their money concerns are being addressed, more importantly, their relational connections are getting stronger.
McKenzie Byers said, “It has caused us to take a much closer look at things like savings, retirement, and insurance. We are making more choices together and asking more questions to understand, compared to tasking one person or the other with the 'no fun' finance decisions.”
When a couple is making decisions together, both parties feel validated and heard and the relationship grows!
Tim and Katherine Gerber are taking FPU for a second time because it has helped to improve their marriage as well. “The program is beneficial in getting both husband and wife or future husband and wife, to become aligned on their goals and to pave a pathway to get there. I am the nerd in our family and I enjoy everything finance-related. On the other hand, my wife had a more realistic understanding of the ongoing expenses [of] raising our kids. Although she wanted us to succeed in reaching our financial goals, she needed to understand what sacrifices were necessary to get there. On the other hand, I needed to realize that some expenses were unavoidable, causing us to find alternative ways to reduce costs. Our relationship actually improved because we were forced to have honest financial conversations.”
Maybe you aren’t in a relationship or just are curious if you can take FPU on your own. Class Facilitator Scot Thomson says that is working out for a current participant. “One individual has been able to map out when they will have all their debts paid off except the house. It will take a few years, but they now have a handle on how to get this accomplished.” Thomson said.
Debt reduction is a huge focus of the early weeks. Participants are asked to submit what debt they were carrying (not including a home mortgage). The total for the class was $220,000. As they wrap things up this month, they will get the chance to see how that number is decreasing and how the things they have put in place to pay down debt are working.
You can have a chance to build a plan to get your financial house in order and improve some relationships with our next Financial Peace University, which begins April 16 and will run on Tuesday nights at 6:30 PM.
“Once expenses are under control, he shows how to truly build wealth with the goal of changing the lives of others, not just our own lives,” Gerber said. “This is when it becomes really fun.”