In today’s episode of The Good Cents by Payactiv Podcast, host Eric Rosenberg answers the top personal finance questions submitted by Payactiv users, Instagram followers, and email subscribers. From setting savings goals to deciding between paying off debt and saving, this episode offers practical advice for everyone, whether managing variable income, building an emergency fund, or planning for short-term financial goals. Tune in for actionable tips to help you move from financial stress to stability.
In this episode, we’ll cover:
- Begin by identifying items around the house that can be sold online for quick cash. Consider high-yield savings accounts to maximize returns on short-term savings.
- Base your budget on the lowest anticipated income to keep expenses in check, then allocate any extra income toward goals like building an emergency fund or paying down debt.
- Even if cash is tight, small monthly contributions can help create a safety net. Start small and stay consistent.
- It’s essential to distinguish between needs and wants. Be honest about spending priorities to prevent unnecessary dips into emergency funds.
- When deciding between paying off debt and saving, small savings contributions come first, preventing the need for future debt in covering everyday expenses.
- Sinking funds can help you save for irregular expenses like car repairs or holidays without disrupting your monthly budget.
- Tap into free resources, such as local libraries and foundational finance books, to build and expand your financial knowledge.
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