Week 10

We started the week out by creating a list of things that a family needs to pay for such as mortgage, car payments, electric and a variety of other payments. The next class time we made another list to make sure we had all of the payments that would be made and then we decided how much everything would be. We had already created a lifestyle for this particular family such as income, school debt, and then cars and pets. I thought it was interesting that we over estimated for most of the payments and by the end of it there was still money left over. Not a lot of wiggle room if there were some sort of emergency but still a decent amount. I liked this exercise because it reminded me that not only is it important to set up a budget but it's probably going to create a more intimate relationship with your spouse if you do it together. If both people in the relationship understand what money they have and what they need to spend, it would be a lot easier to stay within the budget and a lot easier to talk yourself out of an unnecessary purchase. My fiance and I have talked about who will handle the money, we decided that he would for a while until I learn how to budget myself better. I've always had the opportunity to call my Dad if I needed more money because I spent what I had on something I didn't actually need. We talked about how once we have an income and I get a better understanding of the budget and what I can and can not spend, we will be able to handle our finances together as a team. The most important aspect of a budget is to decide what you need and what you don't need. I'm so grateful to have someone who not only can handle money pretty decently but also has the patience to help me gain control of my budget.