Personal Finance Class is for Everyone

DANIELA SUGUTURAGA (SELF-RELIANCE CLASS: PERSONAL FINANCE)

The Church of Jesus Christ of Latter-day Saints offers many self-reliant classes to help improve the lives of individuals and families.  Daniela enrolled in the Personal Finance class. In this class, families are taught skills to help them be more financially stable. She took the class several years ago but felt like she needed to take it again now that she and her husband have a young family.  It is a 12 week course that requires commitment and consistent efforts in learning new skills.  The workbook, put together by The Church of Jesus Christ of Latter-day Saints, describes the course and who can benefit from it by saying: “For those who want better control over their finances. Group members will learn how to eliminate debt, protect against financial hardship, and invest in the future. They will create a financial plan and follow a budget. They encourage spouses to attend together if possible. This workbook includes the booklet My Foundation for Self-Reliance.” 

The best advice taught to her was to set up an emergency fund.  She took out a separate account at the bank where a certain amount of money is automatically withdrawn from her paycheck.  She said the only way she has access to it is if she physically goes to the bank.  She didn’t want it to be easy by getting a checking account or being able to use a bank card.  The class recommends if you use the funds to try and replace them as soon as you can.  That emergency fund proved to be very helpful and useful to their family.  When they’ve needed extra money, it has been there to meet their needs.  It is a class that is meant for couples to take together as well as singles.  Daniela was the only one who went in her family, but she was able to take the knowledge she learned in class home and teach her husband.  Together they incorporated the skills that were taught and were able to apply them in their lives. She said, “It was such a good class that she would take it again! The principles taught really work, but sometimes life gets busy, and you slack off. Repeating the class helps to keeps you motivated to keep applying the principles”. When asked if the class helps to make you feel accountable, she chuckled and said, “For sure.  Absolutely!”   It was helpful to learn from their facilitators and another couple who were older. They all were able to glean from their wisdom such as what they did right, what they did wrong, and maybe what they would have done different.  Daniela explained that she would recommend the class to graduating seniors and even younger kids.  “It’s a good foundation and super helpful!”   She agreed that no matter the age, there seems to be something to learn.”  She also stated: “I love that the gospel is incorporated in your finances too.  The first step in the lessons were to always pay your tithing.  It’s something that often seems to be difficult, but you can see the blessings if you’re able to consistently do that and then follow the other steps after it.  Everything just falls together.”  When asked what blessings she and her family have seen since taking the class, she answered: “I think it gave us a stronger foundation financially and also being able to take it more seriously.  My husband and I have been married four years and because of this class, our finances are not a ‘hot topic’ in our home.  Being able to discuss that topic together helps us ‘be on the same page’ and set goals that will benefit our family in the long run.”  Before the class, she said that they would talk about owning a house but never thought they’d achieve it.  Taking the finance class helped them to prepare for the day they could own their own home.  The class talked about personal debt and how to develop payment plans to get out of debt, such as car loans.  She commented that, “it helped us to think ahead more and not always make a quick purchase.”  Sometimes finances can weigh you down, but Daniela said that it gave her hope!  She and her husband worked on bringing down their debt using the tips that Elder and Sister Jenkins, who facilitated the class, shared with them.  She appreciated the Jenkins and all they taught her. She feels like she will be better able to teach their daughter about finances, learning that not only do you pay tithing but also pay yourself as well.  Daniela said that the skills she learned in class were not taught in her home. This class has given them more financial freedom. She feels like everyone should take this class no matter where they are financially starting, “It can only make you do better.”