Life Kit: Money How to save for a big purchase
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Jan 18, 2024 
Monique White, a credit counselor and financial expert at Self, shares valuable insights on saving for big purchases like laptops, cars, or houses. She addresses the emotional connection to financial goals and the hurdles posed by rising prices. Monique emphasizes the importance of strategic planning, budgeting, and managing expenses. She also highlights how turning setbacks, like a denied loan, into educational moments can empower individuals. With practical tips for building an emergency fund and effective saving strategies, she inspires listeners to navigate financial challenges confidently.
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Denied A Loan Sparked A Career
- Monique was denied an auto loan at 22 and discovered past mismanaged credit and late student loan payments on her report.
- She turned that experience into a career, becoming a certified credit counselor and running Self to help others build credit.
Start By Assessing Your Finances
- Look at your full financial picture: income, spending, debts, and credit score before setting goals.
- Map a realistic plan and timeline based on where you actually are, not on social comparisons.
Prioritize An Emergency Fund
- Build an emergency fund covering three to six months of living expenses before focusing on big purchases.
- Use a budget framework like 50-30-20 to allocate needs, wants, and savings as a practical guide.