Winning the Budget Game...and other games we play

Lining up for a game of Fast-Friending

At our January 21st meeting, we welcomed independent financial advisors Mike and Gigi Khan to speak about financial tips and staying within our budgets.  We also had some fun games and fresh introductions, so that our moms can get to know each other a little better as we approach the new Spring semester.

After a scrumptious meal, our MOPS moms participated in a fun exercise we like to call “Fast-friending”.   It’s sort of like speed-dating.  We formed two lines facing each other.  Each woman stood in front of another, and had to ask “What is your idea of a romantic date?”  The trick was to talk (and think!) fast, since we only had two minutes before one line of ladies moved down so that every one could meet a new fast-friend.   

Gigi and Mike Khan share their financial wisdom

Mike and Gigi Kan came up to the podium after a short break.  With humor and warmness, they offered quality financial information and relevant budget advice to our moms.  Mike talked briefly about FICO scores and what can lower them, what types of college savings funds are out there and their pros and cons, and how certain companies may try to trick you into paying more over time with they way they amortize loan payments, or calculate credit card interest with a “Two-Cycle Average Daily Balance” method. 

These are their basic recommendations to improve your financial health:

1.     Pay yourself first

2.     Review paychecks for needless deductions (i.e. AD&D insurance)

3.     Check your credit score every sixth months

4.     Create escrow accounts for regular periodic payments (i.e. taxes, insurance premiums)

5.     Avoid late charges; use auto-pay when possible

6.     Focus on paying down credit cards with debts of more than 1/3^rd the original credit limit, or credit cards with “Two-Cycle”” billing methods.

We also started a new tradition at PazNaz MOPS – allowing each of you to have a chance to introduce yourself and share a juicy tidbit!  At this meeting, Karen D’s group and Jennifer G’s group came up front one by one to tell us their worst parenting moment.   It’s a great way for us to get to know our fellow MOPS moms.

Thank you to our speakers Mike and Gigi for presenting great financial advice in a fun and encouraging manner.  Also, a big thank you to our moms for sharing a little bit about yourselves during Fast-Friending and Table Introductions. See you next MOPS!