Money Matters

Money Matters

I grew up in a single parent home where funds were scarce. Our finances center more around surviving than saving. My husband grew up in a home as one of ten children. Money was carefully considered and their lifestyle was cautiously comfortable.

My husband’s family spoke often of avoiding debt and being financially conservative. Coming from a poor upbringing, I had a strong drive to be financially secure. So essentially, my husband and I were on the same page about finances. We both wanted to avoid debt and save for the future.

We made goals to pay off the small amount of debt we incurred early in our marriage. We used a snowball chart that hung in our master closet. As soon as our debt was paid off, we began putting money away for the purchase of our cars. I made a point of reading quite a few money management books, everything from Suzy Orman to Dave Ramsey. From there, we made additional investment and savings plans.

In his book Till Debt Do Us Part, Poduska describes the ‘appreciation of emotional costs.’ This is something I have to remind myself of so that I don’t get too comfortable spending too much instead of saving. He said, “consider the emotional strain placed on a family because of increased indebtedness or additional work hours. Consider what others may have to give up because of others spending habits.” (42) As we have gotten older, and finances are more comfortable, I’ve found that I can tend to spend money more thoughtlessly. Then, my husband reminds me that he always thinks about every dime spent. As the sole provider, the weight of taking care of the family falls on him. I didn’t realize how much he still stresses about finances. His comments were a good reminder to always be thoughtful in my habits.

The greatest bit of financial advice we give our children is to work hard and fast when you are young to avoid debt, and get out of any debt you have as quick as you can. The sooner you can start saving, the more opportunities you will have for financial security in the long run.