Financial Peace starts next Monday. We are so excited. We have 51 people signed up. I will keep you posted as the class goes along as to how things are going, and if there are any specific prayer requests. Here is Part 3 of The Miller's* Financial Peace story (*last name changed)...
Despite, the job issues, our family received some financial windfalls (which frequently happen once you start the program), and early in 2007, we paid off both our cars. “Traction” was now on our side and now that we were debt-free, but the house, and we decided to keep going and save 3-6 months of our income as an emergency fund. We agreed that we would “stop” after the 3rd baby step. We couldn’t imagine ever paying off our house.
About mid 2007, a funny thing happened. Our family found we had more time. Tim and I had long since stopped arguing about money and budget committee meetings only lasted a short time. We weren’t shopping near as much or taking time figuring out what to buy. I think we gained about 5-7 hours a week. During this time, we really cut back on expenses - by really practicing some “super-saver” techniques that we will share during the class - and started shoveling all available funds toward the emergency fund.
Another wonderful thing happened. We agreed to always, no matter what, to ensure we were regularly giving 10% of our income at church. We believe is a key ingredient in where we are financially today. We believe, in order to “have/get” money, you have to be willing to “give” money. This was a new belief system for us at the time, but one that we later realized is steeped in Biblical principles and really patterned after Christ “giving all” for us on the cross.
During 2007, I was given the opportunity to donate a kidney. The fact that the emergency fund was growing steadily and we were on a financial plan was a key stabilizer in that situation. Tim asked me if I would have given the kidney if our financial situation had not stabilized. I really can’t answer that, because it was stabilized at the time and I felt very much in synch with my husband about our financial goals. However, I do know that finances were not an issue in the decision making that went into that process.
By the end of 2007, a 3-month emergency fund was in place. What did we do next? We decided that a Christian education was important to us. So we took a slight detour off the baby steps and decided we would save all the school tuition next so that we would never have to worry about that.
After we recovered from the kidney operation in early 2008, our family was looking around for something to do – remember we have all this time on our hands because we are totally in synch about money and not really focusing on buying things.
We decided to get involved in Helping Hands and really try to define and lead that organization at Good Shepherd.
2008 continued along just fine. The Lutheran school tuition fund was growing along at a steady pace. Here’s a true story: One night we decided to take some friends out to dinner for something they did for us and we actually couldn’t find Red Lobster in Fairview Heights because we hadn’t been out to dinner in so long. We laughed so hard.
Now the story really gets good. The unthinkable happens. The company I worked for, Anheuser-Busch, gets bought out in mid-2008. Something no one ever could have imagined. Although unsettling, our family has financial peace, so we know that no matter what happens, we are going to be fine financially. We have no debt and our emergency fund is well-funded.
In December 2008, I do get laid off. We give more praise to God for giving us a “dress rehearsal” in May of 2005. Now we are prepared mentally, financially and most importantly, spiritually, for what happened.
Final Segment Next Week