The Meaningful Money Personal Finance Podcast Big Ideas: Prioritising Today
Mar 6, 2024
Explore the importance of balancing present enjoyment with future financial goals, prioritizing debt repayment over investing, and finding the right balance between protection and simplicity in financial management. Learn practical tips for managing current finances effectively while planning for the future.
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Pay Yourself First
- Pay yourself first by consistently putting money aside before paying bills or expenses.
- Prioritize improving your financial situation, even with small amounts.
Debt Reduction over Investing
- Prioritize paying down high-interest debt (credit cards, personal loans) before investing.
- Investing while carrying expensive debt is counterproductive, as interest payments likely exceed investment returns.
Short-Term Savings First
- Prioritize short-term savings goals (like a holiday) over long-term investing.
- Fully fund short-term goals first to create financial slack and ensure you can enjoy planned experiences.