Friend and freelance writer Les O’Dell shares this diary entry from the second session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.
The B Word
Tonight’s lesson was about the hated B word: budget. I’m sure for some people, this was maybe their first exposure to planning where money is to go. My wife and I have budgeted with limited success over the years. Usually, it’s been the case of planning how to spend this week’s paycheck based upon what bills and needs were most pressing. We never had done a whole month’s budget at once before. This should be interesting!
Dave started the night with some basics: checking accounts that are not in balance are messes waiting to happen; overdrafts are signs of sloppy and lazy money habits and ATM withdrawals and debit cards can bust budgets, and, perhaps the biggest ones of all, most people don’t budget because others have used budgets to abuse them, they fear finding out what’s really happening to their money and they feel locked in with a budget.