In this podcast, Jesse Meekham talks about the importance of including a partner in budget meetings. He also discusses paying off debt, increasing retirement contributions, and making tough financial decisions like paying off student loans or investing. The podcast provides practical strategies for improving finances and emphasizes the significance of personal preference in making financial decisions.
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Quick takeaways
Regular budget meetings can involve the passive partner and help establish goals and priorities.
Prioritizing debt repayment over artificial credit score boosting is crucial for becoming debt-free.
Deep dives
Budget Meetings and Priorities
For couples in which one partner is more active in budgeting, it can be helpful to establish regular budget meetings to involve the passive partner. Jesse shares his experience of having high-level, happy budget meetings with his wife, where they discuss their big goals and priorities, such as family travel. He highlights that understanding each other's priorities is crucial, and sometimes certain categories may change over time, like furnishings. Additionally, Jesse mentions that he has provided his wife with a map of their finances to help her understand the overall picture and be more involved.
Paying off Debt and Credit Scores
Josephine asks about using Credit Karma Money to boost her credit score while paying off debt. Jesse advises focusing on paying off debt rather than artificially boosting credit scores. He believes that improving credit scores can distract from the main goal of becoming debt-free and considers it as fake progress. Jesse recommends prioritizing debt repayment instead.
Increasing Retirement Savings Painlessly
An effective and fairly painless way to boost retirement savings is to gradually increase 401k contributions by 1% per quarter. Jesse explains how this method allows individuals to adapt to the small increases over time without feeling the impact on their income. By starting with a small percentage and gradually increasing it, individuals can significantly enhance their retirement savings without feeling the pinch.
Jesse continues to work through his backlog of Ask Jesse questions, including his thoughts on credit karma, the magic of 1% retirement contributions, and whether he would save cash in case of recession or pay down debt.