Financial Peace University is a 13-week class that teaches people practical skills to achieve their financial goals. People are taught how to save money, how to live on a budget, how to communicate about money and how to eliminate debt. The class sessions last for two hours. During the first hour, the class is taught by Dave Ramsey (who has been teaching people about money management matters since 1988) via a video presentation. During the second hour, the class is a small group discussion that is led by facilitators. The average family that participates in the class pays off $5,300.00 and saves $2,700.00 during the 13-week period.
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A Testimony From Brian And Grace
Before taking Financial Peace University, my wife and I were never on the same page with finances. Although we did not argue much over finances, we had settled into a 14-year pattern of going $3,000.00 to $4,000.00 in debt every year, usually refinancing our mortgage or taking out lines of credit to pay off accumulating credit card debt. It was beginning to just seem like a way of life and I was on the verge of resigning myself to the fact that life would always just "be this way" for us financially. It definitely put a strain on our marriage throughout the years, although we both seemed to resign ourselves somewhat to this pattern. A friend of mine mentioned in a casual conversation that he would be teaching a Financial Peace University class in the fall. I jumped at the opportunity to join the class. My wife happened to speak with two friends who had taken the class, and spoke highly of it, and she became excited to take the class as well.
When we first started the class, we both left after the first few weeks excited at what may be possible. Not only would we possibly be able to pay off our debts, but we may also do things we had never considered possible for us - investing in our future, setting up a college fund, having emergency funds, etc. We diligently did the steps outlined in Financial Peace University. It wasn't easy, but there were victories along the way. We learned to develop an allocated zero based budget, we went on a cash envelope system, and we focused on paying off debt. Within a month we had saved a $1,000.00 emergency fund and paid $700.00 in debt. For us that was amazing.
As we near the end of the course, we have maintained our emergency fund, despite a few minor emergencies, and paid approximately $1,600.00 in debt, eliminating 4 standing debts. That is a $2,600.00 swing in the positive direction, within 12 weeks. We look to be debt free except for mortgages within 3-4 more months. But more importantly, we are both on the same page.
We are like team players with a common financial goal. We know what the next step is and we know how to get there. We also have financial peace for the first time in our 14 years together. We are both very thankful and grateful for Financial Peace University and highly recommend the class to anyone in any financial situation. A lot can be gained from taking this class no matter what your financial standing.