According to a recent study by Principal Financial, the top financial new year’s resolutions Americans make include saving more money, paying off debt and building an emergency fund. We’ll talk about each one individually! These are all good resolutions, but how do you put them into action? The one thing that all resolutions, or goals, have in common is that you need a plan in order to achieve them. And, in order to make a plan, you have to know where you’re starting from. You need a roadmap to get where you’re going, but knowing your destination won’t help you get anywhere, if you don’t know your current location. So, let’s create your financial picture and customized spending plan!
In This Episode
- Step by step action plan to creating your current financial picture & customized spending plan
- Benefits of budgeting high for expenses & low for income
- How to break bigger goals into smaller, manageable goals
- Figuring out how much you can save, while still covering your monthly expenses
- Hazards of using a money windfall to pay off debt
- Benefits of an adult allowance
- Living on a tight budget to hit a financial goal is not forever!
- Determining your best debt payoff method
- The power of focusing on one debt at a time
- Finding “extra” money to put toward your debt payment
- Building an emergency fund & what constitutes an emergency
- Refocusing your money to hit your goals
- Small dollar amounts can add up to big numbers!
- Give yourself a rent increase…and save it!
- Breaking the paycheck to paycheck cycle…in small steps
Links & Resources