The following blog post is part of the The Road to Financial Wellness Blog Tour. Over a period of 30 days, the Phroogal team will go to 30 locations to raise awareness about financial empowerment. Today they will be in Jacksonville! Our goal is to help people learn about money by starting the conversation. We understand that local conversations can help bring about national awareness.
I’m very excited to be the local ambassador for The Road to Financial Wellness tour on behalf of the Phroogal team. I’m even more excited that the Jacksonville stop is focusing exclusively on teens and our financial concerns. I’m also more than a little excited that my amazing blog sponsor, 121 Financial Credit Union, is sponsoring the tour stop in Jacksonville. 121 is committed to helping teens prepare well for their financial future and I am so grateful to them for their support of teenagers!
So many people think that teens don’t care about money but that just isn’t true. We do care. We wonder how we are ever going to afford to buy a car, or go to college without racking up tens of thousands in debt, and even how we can do those things and eventually be able to purchase a home and have a family. I admit that we also think a lot about video games and lip gloss but we are concerned about our future.
On the tour stop today I will be teaching a class about the envelope system. I’ve written about it before HERE and HERE so I won’t bore you with all of the details. Suffice it to say that teens (like everyone else) need to have a system to plan how they are going to spend their money. The envelope system works well for us because it is cash based and has a simple approach. It works particularly well when you don’t have that many different bills, although my mom uses it and has almost 40 envelopes!
One of the things I love most about the envelope system is how flexible it is. I have long term envelopes and am saving for college and even retirement. I also have short term envelopes for clothing and spending money so I can go to the movies with friends. Right now though, I have a special envelope. My older brother is getting married this coming January and I am going to be a bridesmaid! So exciting! I have agreed and that means I have made a serious financial commitment. I will have to buy a dress and shoes as well as a gift for them. I will also probably have to get a small gift for the bridal shower. It’s easy to feel overwhelmed with all of these expenses but I have been given almost a year to save up.
So I started a wedding envelope in January and have worked very hard to put money in it at every opportunity. I have over $200 in it so far and will have all I need by the time the wedding comes. It will be so much fun to celebrate with them especially because I know that I will be prepared and not stressed out over what everything will cost.
If you are in the area I would love for you to stop by and visit with the Phroogal team and come to my class at 10am. I will be showing everyone how to set up their own envelope system and customize it to meet their specific needs. I even have envelopes to give out to help you get started! Gail Lewis of 121 Financial will be speaking as well as Jason Vitug of Phroogal.
If you are planning to join us here are all the details!