Money Groups

never heard of it LOL. I dunno...if you are talking numbers with people and such I wouldn't be comfy. My money is my business and unless I know people extremely well I don't want them knowing very much at all about my finances...

I know...I am uber paranoid. lol. I'd probably be more inclined to consult with a financial advisor, or something like that, but being married to a Banker I probably am biased LOL!

 Well, the two girls I'm thinking of are my best friends.  And I can't really think of anyone else off the top of my head that I would trust more.  With anything, not just money.  But yes, confidentiality is a big issue with a money group. 

I don't think that privacy is an issue, your not expected to share your personal info like account numbers, etc and make sure you don't!  My BFF and I kinda did something like this many years ago.  We created budgets together and developed what we found to be a very successful budget plan.  We created worksheets together and tracked our interest and started first on paying off debit and understanding how much of our money is spent in interest.  We decided to right down every cent of cash we spent and spent hous laughing over some of the stuff decided to skip on buying becasue writing it down showed us how stupit it was.  We also logged the $$ we were thinking of spending and on what items we passed on found that eye opeinging as well.  Not until we built that speardsheet did I really understand how much of my money and hers was going towards interest "unofficially" it became a focus and daily discussion as we worked and paid off our debit.  To this day I still use that original budget worksheet with modification over the years and I know she tracks her spending as well.  It is quite an eye opener when you learn about your spending and track it!  I think a money group would be a great idea, especially with people you know and respect.  Here is a link from Opra..

 http://www.oprah.com/slideshow/money/debt/slideshow1_ss_showus/2

 Good luck and go for it - it can not hurt IMO.  A financial advisor can cost you money and there main focus is helping you earn and save so for people who do not have expendable cash (yet) they are ususally overwhelmed but maybe your group can make plans that would include a resource like that at some point.  Working together and learning each others spending and saving ideas could bring a new perceptive to each of you.  If you have Credit Card debet look at care one and their Debit Management Program they are wonderful.  I helped my son sign up and pay off his cards and it was a godsend form him, in 3 years he paid off 16K in debit and is now debit free and smarter.  Yes you have to loose the cards, they get closed and yes your credit may drop initially (only cause you have closed cards) but it quickly starts to improve your credit rating because your debit ratio drops and you don't need those cards anyway if your trying to improve you financial situation.  Cash is the way to go!

Hmm...I see, I think.

It's very interesting. Hopefully it works out well...kind of a support group deal I guess? Make sure all can be clear on boundaries and such...like "don't ask the Group for input on buying those $100 shoes if you really mean you want us to tell you it's okay to buy 'em" LMBO!!

I think it's a great idea and could be fun and educational. I grew up with a dad who was verrrryyyy much into investing, saving, etc. and he started teaching me at a young age. I was investing in mutual funds in my early 20s. One thing he really helped me realize is that saving even a small amount at a time can add up. It's kind of like losing weight. People set unrealistic goals and then get frustrated and give up when it doesn't happen. Set goals that are realistic and celebrate when you reach them.

Since you're just getting started with the idea, why not ask the friends to help you define what you'd all like to get out of it and then go from there. Maybe set 3 month and 1 year goals for reducing your debt and saving X amount and meet monthly to see how you've each done.

 I found this video on the Smark Cookies website on how to start your own money group.  It recommends at least 2 times a month, but once a week would be best.  I figure at the very least it would be a reason to get together twice a month, since that's likely all we'd be able to handle.

Edited to add the link...duh.

That sounds like a good idea!  I'm fairly money-conscious, and we have no debt other than mortgage and school loans and bought a house at age 24.  But, I have very very little experience with stocks and money markets and the like.  So for things like my retirement, I'm totally dependent on my job and the company who handles that stuff to help me decide.  It would be nice to have a mix of people and you can share knowledge and such.  I would join if we lived closer! LOL

Just to gain some general knowledge about investing, you could subscribe to a magaine like SmartMoney. It's easy to read and the articles are interesting. Even if you're only interested in mutual funds, it's good to have some basic information on them and the different types. I actually considered a career as a financial planner, so most of the stuff is really interesting to me but some magazines are so dry or technical that they'll make your eyes roll back in your head.

cakana

some magazines are so dry or technical that they'll make your eyes roll back in your head.

LOL you have that right!  Thanks for the information, definitely look into it. 

Quicken Online is also a really  nice tool that accesses your accounts and puts them into categories so you can track your spending pretty well and see where everything is going.  It's free, and it does have some quirks, but overall it's been useful for me even when I'm within a budget.

I know absolutely nothing about investing, but I have one of the late DHs life insurance policies invested through Wells Fargo.  I'm not quite sure what they have it invested in, and I don't really care.  For me, the important thing is that I can't lose the principal.  I can (and did ) lose what it earned a year ago, but the principal is FDIC insured.  I guess I'm not that much of a gambler.  If I have a conservative bone in my body, it's the fiscal one. I don't plan to touch it and whether it earns much or not, some day the boys will have that $100K + to split. Also, Wells Fargo has a page online where you can see what you've spent over the month and where.  You pretty well know how much you've spent on gas, groceries, movies, etc.  and that's a big help in charting spending.

Joyce

Thank you for sharing

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