💰Review and update your budget to align with your financial goals and lifestyle changes.
🎯Set clear financial goals with specific numbers and timeframes to keep you motivated and focused.
💵Build or boost your emergency fund to cover 3-6 months of monthly expenses.
🔝Prioritize paying down debt by organizing it based on highest interest rate.
🔄Automate your savings to create healthy saving habits and achieve financial goals.
How often should I review and update my budget?
—It is recommended to review and update your budget at least once a year or whenever there are major lifestyle changes or financial goals.
What if I don't have enough money to build an emergency fund?
—Start with a small amount that you can afford and gradually increase it over time. The key is to develop a habit of saving and prioritize building your emergency fund.
Should I focus on paying down debt or saving first?
—It is recommended to do a little bit of both. Pay the minimums on your debt and allocate a portion of your extra money towards both debt repayment and savings.
How can I automate my savings?
—You can set up automatic transfers from your checking account to a separate savings account or use automatic savings apps that round up your purchases and save the difference.
When should I start investing for the future?
—You should consider investing for the future once you have built an emergency fund and paid off high-interest debt. It is important to consult with a financial advisor to determine the best investment strategy for your goals and risk tolerance.
00:01Introduction to the topic and guest speaker, Rosemary Miller.
00:08Importance of reviewing and updating your budget to align with your financial goals.
02:58Setting clear financial goals with specific numbers and timeframes to stay motivated.
05:59Building or boosting your emergency fund to cover 3-6 months of expenses.
08:56Organizing debt by highest interest rate for effective debt repayment.
10:52Automating your savings to develop healthy saving habits.
11:57Consider investing for the future once you have built an emergency fund and paid off high-interest debt.
