"Your Money Or Your Life"- did you benefit from it?

[holyhelianthus]

The book that is.

I have been eying it for some time. DH and I are not good at finances and would like a book about just basic living with money but nothing really more as honestly we are not interested in making our money work for us or investing or anything like that- we just want to know how to be more frugal and live on less and budget wisely, etc. I know this seems like a given for so many people but honestly we came from some pretty broken families that were lousy with money and the past 6 years of having to deal with it ourselves we feel like whenever it is put into our hand we stand here and go "uh uh uh uh", if that makes sense.

Any reviews would be helpful or suggestions! :

[mnnice]

I thought "Your Money or Your Life" was a good book. However if your expecting a books with lots of concrete ideas about budgeting and money management you'll be disappointed.

It talks a lot about more philosophical ideas. The authors' ultimate goal is to have enough money saved up that so that you that meaningful work/life is not connected to a paycheck (called achieving financial independance).

From your siggie someone with 5 young mouths to feed you probabily a long way from financial independance. One of the authors was a single, childless by choice man that retired (or achieved financial indepenance) in his forties.

I'd recommend adding to your library reserve list not buying it.

[Sarah8Jane]

I was very dissappointed with Your Money or Your Life. I got it for a quarter at our used book store, and I still felt it was a waste of money.

I started with David Bach's The Automatic Millionaire. He discusses reducing lifestyle, emergency savings, getting out of debt, retirement savings, and home buying. I found his style very accessible to my beginner money mind.

I recommend going to your library and picking up three or four books that look interesting. You don't have to read them all, just find one that you can identify with and understand.

ETA: since you're undoubtably busy with your girls (and pregnant with twins) you might see if your library has a delivery service.

[Crunchy*VT*Mom]

I : LOVED : Your Money or Your Life. It changed my life forever.

BUT...if you are looking for concrete tips on how to live frugally...this is not the book for you.

My favorite concrete tip frugality books:

Tightwad Gazette by Amy Daczycyn
Miserly Moms by Joni McCoy

[holyhelianthus]

Thanks so much for the heads up that it is more about the philosophy. Now I am interested in it on a different level

Thanks for the other recommendations! :

[Amys1st]

Love your name- my dd2 is Maggie!

I read that one along with several others and if you're looking for changing lifestyle to achieve the financial indep etc, this is a great book. If you are looking for frugal ideas, I would read the pp's ideas.

I also liked the book affluenza if you're looking at that type of lifestyle book.

[griffin2004]

I thought YMOYL was ok. One concept I took away from it (at least, I *think* it was that book) is to figure out how much you/DH earn per hour and use that as your affordability guideline. For instance, if a DVD the kids want costs $20 and hubby nets $10/hr, is the DVD worth 2 hours of his time? Just a different way to look at things.

I think you would find some of what you're looking for in Dave Ramsey's "Total Money Makeover." He presents a very concrete plan.

[AngelBee]

:

[lolar2]

YMOYL does include some tips, as well as the philosophy.

[Storm Bride]

Originally Posted by griffin2004

I thought YMOYL was ok. One concept I took away from it (at least, I *think* it was that book) is to figure out how much you/DH earn per hour and use that as your affordability guideline. For instance, if a DVD the kids want costs $20 and hubby nets $10/hr, is the DVD worth 2 hours of his time? Just a different way to look at things.

I've never read the book, but this is how I've always looked at money. I WOH for a long time, and my income represented the hours of my life spent at the office. Now, our income represents the hours of dh's life spent at the office, which is time he has to work, and time with him that the rest of us miss out on. Those bucks are his life...spending them is spending his time, not just $$.

[holyhelianthus]

I really love putting it into that perspective- we are spending (and in some parts WASTING) DH's time and not just money. It better be worth it, IMO.

I have seriously never thought of it like that.

[griffin2004]

Originally Posted by Storm Bride

Now, our income represents the hours of dh's life spent at the office, which is time he has to work, and time with him that the rest of us miss out on. Those bucks are his life...spending them is spending his time, not just $$.

I'd never thought about the second part, but it really completes the equation.

I learned something today!!