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EP 102

Fudge It or Budget

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Inside This Episode

Join your hosts, John Kennedy and Matthew Marcoux, as they delve into the importance of budgeting. Interestingly, they both have different viewpoints about the best budgeting methods, but ultimately, it comes down to creating a system and sticking with it. Learn why it’s crucial to separate your expenses into different accounts and how to develop a consistent savings habit. They also discuss the importance of being aware of your spending and share some effective tools to track it. Whether you’re in the “build wealth” phase of life or a retiree, this discussion will provide you with valuable insights on how to handle your budget proactively!

Three Biggest Insights

  • Budgeting as a Fundamental Practice
  • The Importance of an Emergency Fund
  • Compartmentalizing Your Money

Key Takeaways

  • Savings Rate and Emergency Fund: Determine an appropriate savings rate and establish an emergency fund.
  • Use of Technology in Budgeting: The use of technological tools for budgeting is advocated, highlighting the significance of leveraging modern solutions to track and manage finances.
  • Physical Separation of Expenses: Compartmentalize your expenses to better control spending.
  • Have Awareness of Your Spending Habits!
  • Being Proactive with Budget: It is necessary to be proactive with your budgeting and not avoid financial responsibilities to better your financial literacy.
  • Avoid the Narrative of “Not Being Good at Budgeting!”