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156. "We have 2 kids, 3 cars...but only 1 month of savings" (Part 2)

Money For Couples with Ramit Sethi

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Budgeting with Miscellaneous Expenses

By considering miscellaneous expenses such as pets, cars, home, and kids, the individual realizes that adding an extra $500 a month is necessary to cover these costs. Initially, 98% of take-home pay is allocated to fixed costs, leaving little room for savings or investments. By adjusting some categories and reducing fixed costs, the individual manages to increase guilt-free spending slightly. However, the overall financial situation is described as drastically bad with no sense of urgency for change.

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