144 | Budget School Series (Pt. 5): Saving Money 101 plus Building Emergency Funds & Investing Wisely

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We're on day five of our budget school, and today, we're talking all about savings, emergency funds, and investments. Here are some episode highlights:

Savings 101: Savings is the part of your budget that's not being spent for right now. It's money set aside for the future. We want to help you be prepared for life's expected expenses.

Emergency Fund: Start with a mini emergency fund, like $1,000, which can vary depending on your family size and comfort level. The goal is to have 3-6 months' worth of living expenses set aside in a dedicated account.

Investments: Investing is a crucial part of financial planning. Aim to save at least 15% of your income for investments, but adjust based on your goals and financial situation.

Budgeting for Savings: Create savings buckets for annual or irregular expenses like Christmas, birthdays, and car maintenance. Calculate how much you need for these expenses annually and divide it by 12 to budget monthly.

Becoming Your Own Bank: The goal is to rely on your savings and investments rather than credit in emergencies. This financial freedom comes from careful planning and dedication.

Action Steps:

1. Identify where you are in your financial journey: emergency fund, debt payoff, savings buckets, or investments.

2. Start funding your financial goals with each paycheck. Consistency is key.

3. Prioritize building your emergency fund before diving into investments.

4. Set up savings buckets for expected expenses, so you're prepared when they come up.

5. Invest regularly to secure your financial future.

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