My church is currently hosting Dave Ramsey’s Financial Peace University. We are already several weeks into the program, and so far, it has been excellent. I highly recommend this course if you feel like you can make some improvements with your financial management. At the minimum I think this is a great course for teaching people the importance of saving, getting out of debt, and planning for the future.
Financial Peace University Overview
I plan on sharing a brief overview of Financial Peace University over the next few weeks. It will help serve as a journal for me, and will hopefully spur others to take a deeper look at their finances – whether or not they decide to take this course.
About Financial Peace University
If you’ve been reading personal finance blogs for any time now, then you have probably heard all about Dave Ramsey and FPU, especially Dave Ramsey’s Baby Steps and the Debt Snowball, which is a popular method for getting out of debt. While these are probably the aspects of FPU that most people are familiar with, there is a lot more to the course. Basically, Financial Peace University gives you a handbook for managing your finances and setting yourself up to be successful.
FPU Membership Details
One of the best parts about taking the Financial Peace University program is the Lifetime Membership. You and your spouse can attend any future FPU course anywhere, at any time, at no extra cost. This is a great idea if you experience a [major life event] or want a refresher when you get to the next Baby Step on your list.
Membership Kit. You get everything you see in the picture at right:
- Lifetime membership.
- Full-Color FPU Workbook. Hardcover book with each lesson.
- Audio CD Library. Audio versions of the lessons (great for commuting!).
- Durable Envelope System. An envelope system for using a cash based envelope budget.
- Financial Peace University Revisited. Dave’s book, it is referenced throughout the course.
- Member Resource Center Access. Online features including budgeting software and an active discussion community for the duration of your FPU class and bonus articles, videos and more for a lifetime.
Is Financial Peace University Worth it?
The FPU membership kit lists for $199 on the Dave Ramsey website, but you can often find it for a lower price when they run specials or if your church or other group is hosting it (they give group discounts). We ended up paying right around $100 for our membership, and I’m sure we’ll get that much value out of it when we start applying the principles.
According to the website, “The average family pays off $5,300 in debt and saves $2,700 in the first 91 days of Financial Peace University!”
That’s a strong statement…. According to their website, the average family makes an $8,000 swing in their net worth. But the common denominator here is that they applied the principles they learned and made the commitment to follow the steps outlined in Financial Peace University. I can honestly say that if you follow these steps, you will make improvements in your financial situation. If you don’t follow the steps, you won’t. Like everything else, it depends on how much effort you put into it.
Financial Peace University by the Week:
This is the weekly course outline.
- Super Saving – Common Cents for Your Dollars and Cents
- Relating with Money – Nerds and Free Spirits Unite
- Cash Flow Planning – The Nuts and Bolts of Budgeting
- Dumping Debt – Breaking the Chain of Debt
- Credit Sharks in Suits – Understanding Credit Bureaus and Collection Practices
- Buyer Beware – The Power of Marketing on Your Buying Decisions
- Clause and Effect – The Role of Insurance in Your Financial Planning
- That’s Not Good Enough – How to Buy Only Big, Big Bargains
- Of Mice and Mutual Funds – Understanding Investments
- From Fruition to Tuition – Planning for Retirement and College
- Working in Your Strengths – Careers and Extra Jobs
- Real Estate and Mortgages – Keeping the American Dream fro Becoming a Nightmare
- The Great Misunderstanding – Unleashing the Power of Generous Giving
Be sure to check back for updates!
Have you gone through Financial Peace University? What was your experience and would you recommend it?