144 | Budget School Series (Pt. 5): Saving Money 101 plus Building Emergency Funds & Investing Wisely
Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans - A podcast by Vanessa and Shana | Budget Besties | Bougie On A Budget | Dave Ramsey Fans
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Book a free 20 minute financial coaching session with us! 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. 4 Ways To Connect With Us: 1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall 2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook 3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget 4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching "I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone. Click here to view our privacy policy. This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!