The Wall Street Journal featured an article about a study that was conducted at Utah State University regarding financial discipline. This study found that the key to financial discipline may be as simple as taking a financial education class. Those in the study who took such a class did not exhibit impulsive buying and decided to wait for a bigger financial payout. The Money & ME curriculum has activities that encourage people to say “NO”. The curriculum utilizes the “Cash Envelope System” which originated in the 1930’s. During the Budget Session, each participant determines his or her spending amount for each category. They write the category name on the outside of the envelope. They then write the word “NO” on the inside of the envelope. This reinforces that when their envelope is empty they need to say “NO” to additional spending. Repetition, writing, and positive reinforcement help with this self discipline concept. Bottom line: taking a class such as Money & ME will impact, well, your bottom line.
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Money & ME teaches other self discipline concepts that are simple and practical. For example, the curriculum focuses on simple concepts including menu planning, tips for getting laundry organized, price per ounce, savings for emergencies, and a plan to pay off money owed. The cash envelope system is taught and envelopes are provided in the “Money Kit.” This money management guide focuses on life skills that impact all areas of a person’s life.