BDO’s Race Training Exercises – Step 3 of 7 June 17, 2008
Posted by BDO in Race Training.Tags: beat, beating, budget, community, Debt, exercise, plan, race, running, spending, training
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Create more acceleration in your race to beat debt by using
BDO’s Race Training Exercises
Step 3: Make a Plan
To race well, you must have a plan. You can not get where you want to go unless you have a map. Create your map or spending plan that allows you to balance your budget, save for the future, and beat debt. This balanced plan of your finances will allow you to chart a course to your destination that will explain where you want your money to go and how much time it will realistically take to accomplish your plan. Share this plan with your friends and family, so they can be creative as well in your solution to beat debt.
A Kid's Guide to Managing Money (Ready-Set-Grow Series)
I agree with lots of this, but I do find it a little hair-raising to have all the budgeting and money information in the lap of only one member of the couple! It opens up great potential for it not to be an equal partnership, and for your wife to be in big trouble if anything happens to you if she doesn’t have an everyday knowledge of how the bills get paid, what they cost, where the rest of the money has been going, what money is already saved up…. I’ve heard so many horror stories of women in that position whose husbands have become incapacitated in some way, or died, or even left them, bringing on (among the other crises involved there) the sudden realization that they don’t know the first thing about how to handle the finances or, often, even where all the account information is kept.
Whoops, I meant to post that as a comment to the post above this! Maybe I’d better go stick it up there.