The Money with Katie Show Money Management 101: Building Automated Systems in Your Financial Life
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Oct 16, 2024 Discover the magic of money management with a streamlined two-track approach. Learn how automation can simplify savings and reduce stress. Delve into the importance of balancing short-term and long-term financial goals. Explore smart investment practices, including tax-advantaged options like 401ks and IRAs. Uncover budgeting strategies that foster disciplined financial habits and set the stage for enduring wealth.
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Automate and Eliminate Debt
- Automate credit card payments to avoid late fees and missed payments.
- Prioritize eliminating high-interest debt, especially credit card debt.
Emergency Fund
- Establish an emergency fund with 2-3 months of essential expenses.
- Automate transfers to this fund immediately after payday.
Short-Term Savings
- Use a high-yield savings account as a 'slush fund' for irregular expenses.
- This covers unexpected costs or planned splurges.