Thursday, May 6, 2010

Money Management Week: Day 3 {& A DAVE RAMSEY GIVEAWAY!}

Welcome to halfway through Money Management Week! To celebrate we're kicking off our Dave Ramsey giveaway. One lucky reader will receive a fresh off the press, newly revised edition of Dave Ramsey's Money Answer Book: Quick Answers for Your Everyday Financial Questions.

Dave Ramsey has got our new little family off to a great start financially. Because of him, we have a PLAN. We have realistic {and slightly weird} goals and we know how to achieve them. I immediately fell in love with Dave's financial philosophies when C & I took Financial Peace University right after we got married. His personality and motivational nature is addicting. He breaks things into little bite sized pieces to make them easier to understand and undertake. This book is no different than watching the man speak to a live audience. His charismatic, encouraging, and logical voice is prevalent on every page and you feel energized and ready to DO something as soon as you put it down.

What I most appreciate about Dave's outlook, is his understanding of marriage and how money affects it. He is a huge advocate for balance. Most of all, his recommendations just make sense! If I can logically put together and understand what he's teaching, I can move forward in confidence.

I highly recommend this book to anyone who is looking for a little bit more direction in their financial life. So what are you waiting for?!

To enter the giveaway, tell me 1 thing you want to be/do/have/etc. in the next 5 years.

I'll pick a winner after there are 50 entries. You can get additional entries by mentioning this giveaway on Facebook, Twitter, or your own personal blog. Just be sure to come back here and leave a comment telling me what you did & a link to where you mentioned it!

Now, back to Money Management Week.

#3 Track your Expenses

Hi! It's Lindsay again. How did your budget turn out? Today we're talking about the grunt work of actually using your budget.

When we moved into the real world, we found out a very important lesson.

LIFE IS EXPENSIVE.

Bummer. Rent, food, gas, entertainment...it seemed like everything cost more than it did when we were in college.  It was so frustrating to see our happy paycheck come into the bank and then a couple days later, we wouldn't have any money. Where was it going? I mean, really.

A lot of people use Quicken to figure out the question, where is my money going? Quicken frustrated me-so I rely on Excel instead. Either one works. Basically, I just type in the amounts from each transaction into their category...and add them all together.  Excel lets me split receipts and put those diapers in their rightful place. So $30 goes in the diaper budget and 100.54 goes in the grocery budget. Here's an example of ours.  I made up the numbers, but you get the idea.

In truth, I don't track my expenses as often as I should. But it's useful when I feel like our money is disappearing.
Lindsay graduated from Brigham Young University with her Bachelor’s in English. She has lived in Colorado for a little over a year. Her husband loves her because she makes him laugh. Her daughter loves her because she makes the best food in the world. :) Lindsay loves her book club, quilting, her family, and going places-the library, the zoo, hiking, sporting events. She loves to GO!

Note: I received a free copy of Dave Ramsey's book, but the opinions and recommendations expressed in this post are my own. I intend to keep all reviews completely honest.

45 comments:

  1. In 5 years, I want to be a father that can and should be able to focus on his family first and foremost. I want to be able to create the financial freedom so that I'm not dictated by a must-have paycheck. I want to be the one who can help when emergencies come to family and friends (and they will).

    Time is the most precious resource we all have. We all have the same amount given us. You can't buy more of it and you can't trade or barter to get more either. You either increase your life with it or you can waste it away. That's what I want. Time. Time freed by not having the financial need to be a slave to any particular entity.

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  2. I also posted on twitter: http://twitter.com/dustingtaylor

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  3. Well, in 5 years I want to have our new business really rolling. We're in the process of starting 1 or more businesses, but I really want to have a solid business going by that time. We're both entrepreneurs at heart and it gives us a lot to talk about, so I think it would be fun! Plus, it definitely helps when you're living on one income and have kids you're trying to provide for and plan for their future {big} expenses!

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  4. In five years I want our law school loans paid off! That will be amazing, not having student loans! I'm anxious to read one of Dave Ramsey's books- I heard they're amazing.

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  5. In 5 years I want to be graduated (that should happen this year!), working in my field but mostly a full time mom, and a homeowner!! I'm lovin' this weeks information!

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  6. Oh this is super easy.
    I want to start a family.
    I also want Mike to get his CPA.
    That used to be one of my own goals, but I think that goal was one of those kind that get you on a path where you find goals you're really meant to have.
    For example: one of my goals was to own a flower shop. In pursuit of that I studied small business managment. That lead me to discovering accounting and new, different goals.
    Although, I still want to open a flower shop someday.
    long story.

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  7. I want to own a home in 5 years... so this book would definitely help me get ready for that financially!

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  8. We want to be debt free and able to help our children pay for college in 5 years.

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  9. I want to be a stay at home mom!

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  10. In the next 5 years I would like to buy our 2nd home. We bought our first one last year, and we are planning on it being a rental, but I would like to continue buying houses as rental properties.

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  11. I tweeted the contest - justaddlauren

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  12. In 5 years I would love to be financially secure (in other words, pay off debt and build up retirement)and to buy a home. Thanks!!!

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  13. I want to be a mom in the next 5 years!

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  14. In the next 5 years, I want to be a more patient parent and I want to be financially smarter.

    robandleighbright(at)suddenlink(dot)net

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  15. I'd like to pay off the mortgage on our house.

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  16. Pay off all consumer and student loan debt, retirement plan and own home based business! tracietrump@yahoo.com

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  17. In 5 years I would like to have the honor to be a stay at home wife and mother. Right now we are working on our debt snowball and with focus and gazell intentity we can be debt free by that time!

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  18. In 5 years I want to be able to help my teenage son become fiscally responsible for himself and help pay for college.

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  19. Kimberly MusselwhiteMay 10, 2010 at 9:06 PM

    In 5 years I want to be on Baby Step 7!

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  20. in 5 years i'd like to be able to buy a new-to-me car with cash and have at least 2 college funds started.

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  21. I want to have our mortgage paid off.

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  22. I would like to have a bigger house but we will see.

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  23. I would like to be debt-free in 5 years. I am planning to have my mortgage paid off by then.

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  24. In the next 5 years, I would like to stay debt-free, and avoid stress to the best of my abilities by being financial savvy. I do not want my future children to be affected in a negative way by stresses that have to do with money.

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  25. I mentioned this on twitter: http://twitter.com/winter1808

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  26. I want our mortgage paid off in five years (we have 7 left on it now).

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  27. In 5 years, I plan to be more financially secure and to go back yto school for a Ph.D.

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  28. In 5 years, I would like to be working part-time per diem while taking care of our children and home. I would like to have our credit card debt paid off and have a good chunk of my student loans paid, as well. I would like to be working aggressively on the mortgage by then too! I want to be an even better mother (with less financial stress, this will be easier. Most of all, I want for us to be seeking God's will and living in it daily, while sharing about His love with others.

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  29. I would love to have our student loans paid off!

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  30. I want to run my own business, publish at least two children's books and pay off all of my student loan debt! tracietrump@yahoo.com

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  31. In 5 years, I would like to save enough up to re-do our master bath.

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  32. I would love to buy a new car, redo all of our landscaping & go on a cruise!

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  33. I would like to have all student loans paid off and have a nice down payment on a house saved up.

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  34. I would like to have our mortgage paid off.

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  35. I want to pay off our debt, have the max put into my 401K each check, and invest in a house of our own.

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  36. In five years i wold like to have saved enough money to do a few fix up projects around the house. Like in windows and siding.
    Thanks for the chance!

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  37. I would love to be mortgage free in 5 years! Thanks!

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  38. I'd like to pay off our mortgage.

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  39. I would like to have retirement and start a roth IRA

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  40. In 5 years I'd like to be rid of my one and only credit card, have savings accts for each of my boys and have a family vacation in the works.

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  41. I mentioned it on my facebook. I plan on coming back here tomorrow when I have more time and reading through your Money Management posts. :)

    http://www.facebook.com/profile.php?id=538231368

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  42. Stephanie JohnsonJune 24, 2010 at 7:55 AM

    I mentioned on Facebook!

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  43. Stephanie JohnsonJune 24, 2010 at 7:55 AM

    In five years I plan to be serving the Lord and God-willing have no dept!

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  44. In 5 years I would like to have my own van. I haven't yet had any car or my license and I'm 23.

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