Customer Reviews

Money for Life: Budgeting Success and Financial Fitness in Just 12 Weeks

5 star:		(3)
4 star:		(2)
3 star:		(0)
2 star:		(1)
1 star:		(3)

 

 

Finally-- a helpful guide for spending management

I've browsed through so many books about money and never found quite was I was looking for- not stale tips on how to save money (eat out less, clip coupons), not complicated strategies for investing large sums of money (which I don't have). I wanted a book that would be a step-by-step guide with specifics on how to budget and not overspend. I'm glad I finally stumbled upon Money for Life. Smith's book wasn't boring, I actually felt excited to finish it. I haven't started on the envelopes plan yet, but I'm heading home today to finish up setting up my spending accounts. Hopefully, I can keep to the principles of the book and this will work for me.

If you're looking for a book that will walk you through specifically what you can do to manage your spending (so that you'll eventually have some money, and THEN you'll need those investing books), try this book.

This is not your typical "How To" budgeting book. It is a marketing tool, both for a software service and a way of life. The cleverness comes in the way it is packaged. Most "Start Budgeting, Get Out Of Debt" books I've read are very direct, with lots of facts, figures, instructions, and warnings. Some people love this sort of thing. Others have flashbacks to algebra class and their eyes glaze over.

My friend's wife is one of these people.

He and I have discussed at length how to get her "on board" with the household budget. This book may be the answer.

Instead of a step-by-step, rational explantion of the budgeting process, this book is about relationships: a husband and wife, the wife and her best friends, and the well-meaning son and his parents. Stepping into this mix is the wise old financial planner, with time-tested advice and tales of the good life, free from worry, debt, and public embarassment. As the couple progresses through the stages of getting their financial house in order, their relationship deepens and grows, to the point where they are able to offer the same to their friends. The husband, who in the first chapter overcharges their credit card and causes his wife humiliation at the checkout counter, slowly becomes the perfect mate, and in the end treats her to a perfectly romantic beach picnic in the tropics.

Sound hokey? It is. But, this is the kind of visionary thinking that may get my friend's wife to get the Big Picture that gets lost in all the talk of bank accounts, envelopes, and receipts. By couching household budgeting in terms of personal relationships rather than account balances, she might just catch the vision. I expect that my own wife won't be swayed so easily. But, I think it does demonstrate a better approach than the figures and spreadsheets that I have been plying her with. So to that end, it's well worth reading, even if you already understand the topic. It might help you explain it to someone else.

After receiving a recommendation for the online Mvelopes system (CD included with this book), my husband and I decided to read the book and research the system a little more before jumping in with both feet. I found the fictional story engaging, and a big help in conveying the basics of financial management. While it might seem a little hokey at times, I give the author credit for using the power of narrative to teach his material months after reading it, I find myself remembering situations in the book, and applying the principle it taught to my current circumstances). The content of the book is excellent, and I'm proud to say that after three months of using the Mvelopes system, we've reigned in our spending and are now able to avoid accumulating debt. The plan Smith teaches in Money for Life works, and you don't need a computer to pull it off. The book is full of options for pencil and paper lovers, or for those fond of spreadsheets. Money for Life is a great tool that empowers each of us to take control over our resources!

This book was difficult to read in my opinion because it inched along in Wealthy Barber fashion. Some people like that, but I don't. You had to read about detailed mall conversations with fictitious people for a page before you get to the part about budgeting. Ultimately, the book does not address what to do with the complex issues of envelope budgeting such as a single Walmart purchase of clothing, food, toys, and cleaning supplies. Do you haul out four envelopes and make change? How do you carry large amounts of cash safely? All the "how to's" conclude with a suggestion to do the envelopes with software, i.e., the disk included with the book. This is nothing more than a software sales pitch, and it gets worse.

In order to use your 30 day trial of the disk included in the book, you must ante up your credit card number and agree to pay the a monthly fee if you forget to cancel. You cannot access the software without signing up for this service. I got taken. You don't have to.

Wow. What a wakeup call. This week saw the very worst of my two toddlers' behavior, my loaded Suburban SUV stolen and a few other pivotal moments. What I am coming away with after 50 pages of this book - my kids have too much. I spend too much on them. I am creating monsters. I am humbled. Fortunately, we have way too much disposable income, but after reading this book - the excess is going to go to micro loans and more community compassion - NOT TO BUYING more crap for my kids. Lessons learned. This was the kick in the azz I needed. THIS from a big believer in YOUR MONEY OR YOUR LIFE philosophy, still I had let things slide VERY wrong when it came to my kids. WOW. This book helped me see some habits I was creating for my family that were NOT life affirming. I am going to change as a result of reading this book. Can you give a higher recommendation?

This is another shill front for mvelopes, a web based scheme for gathering credit card info. An offer of a free trial is phoney. You may only resign by their own convoluted trap system. Your payments are non-refundable, their policy. Check epinions, rip-off report, and BBB.

Inevitably following this post will be several glowing stories of the succes this system brought them, for only $99.00 per year.

Money for life relies on a online software program that will cost you a few thousand of dollars over a lifetime of use. If you need a reason to buy a computer this is it. If not, and you need a tool to keep conscious of your spending and wealth building habits. Then I would recommend the budget kit by Judy Lawrence. Good Luck!

The book and workbook are helpful, but don't be fooled into purchasing the online version. Customer Service is horrible. You will have the opportunity to try a 30-day "free" trial but not without inputing your credit card #. The program walks you through step by step on setting up your account however it makes it nearly impossible to cancel your subscription. And forget speaking with live customer service, everything is done through live chat and e-mail. And you certainly won't recieve any notification that your "free" subscription is coming to an end. This program will cancel your enrollment but not without charging you your initial subscription fee. Mvelopes intentionally traps you into using their online budget system because they recognize that anyone with the book and pen and paper can budget their finances more efficiently than their online service.

This was a very good book - I suggest it to everyone I know. Puts money into perspective. I love this book!