To us, Financial Peace University is a life-saving game changer. In case you haven’t heard of it before, Financial Peace University is a class created by Dave Ramsey with the intention of helping people gain control of their finances. The class focuses on baby steps to help you reach financial freedom, and there is a high level of group involvement and accountability. It’s like having a personal financial advisor (who actually makes sense) as well as a team that supports you and cheers you on.
Cody and I first took the class in 2015, when we felt overwhelmed with our student debt. The class changed our lives! Since then we have facilitate the class multiple times, and we recommend it to nearly everyone. Here are our top five reasons to take a Financial Peace University class.
You get a reality check.
In general, I always assumed that Cody and I did pretty well managing our money. Neither of us had any weird spending habits or extravagant indulgences. However, once we sat down and saw how much we were spending a month on “miscellaneous” and how much of our income SHOULD be going to certain things, it was a reality check. Our money could be handled better.
You get a raise!
Okay, so we didn’t ACTUALLY gain any money, but it felt like it! Once we knew where our money needed to go each month (rent, food, utilities), we realized we had a lot more “leftover” than we thought. It was nice to be able to assign that money to more fun things like shopping and date night!
It saves your life.
This one is almost literally true. We didn’t know about all the different insurances we should have (or which ones were a waste of money). Our health, renters, and life insurance policies are all a lot better now and keep us in a good place if something terrible were to happen.
You can stop paying for college before you retire.
We got married with a combined $110,000 in student debt. Some of my loans were 10k+ with interest of up to 12%. It was INSANE. By the looks of it, we were going to be paying off my loans for a solid 20-30 years. Financial Peace University taught us how to get rid of debt quicker, and currently we are on track to be debt free in less than five years from our graduation date!
The community will keep you on track.
We still stay in touch with people who were in our original Financial Peace University class. The bonds that sharing financial struggles brings is something special. Our friendships from being both students and facilitators for FPU keep us accountable even years later!