Welcome to Wealthy Enough - my weekly newsletter where I share actionable insights to build your life of Enough.
It’s an age old question on whether to Pay-Off the High Interest Debts First or Save Up for the Emergency. Well today, I’m covering:
📝 Why You Should Do Both? Until …
🔎 How to do it?
📌 Mistakes to Avoid?
When you are putting every extra dollar towards your debt payment and not saving anything — you are just one bad day away from getting back to a new debt! This is called the Debt-Trap Cycle. This happens to a lot of people .. In fact 7.9 Millions Aussies don’t have 3-month’s of living expenses saved up!
7.9 Million Aussies!
43% of US Citizens!
So it’s quite evident that having an Emergency Fund is NOT that normal for most. But the question is, Do you want to be part of the ‘bad’ statistics or work bit smarter to be on the other side? Now I know, you have debts to pay-off (which should be your highest priority) BUT without an Emergency Fund you are basically playing with fire.
Since you are following my newsletter and Video contents regularly, I assume you’re quite aware of your finances (or atleast on the right mindset) but did you know about the “Split Method”? Well, here is the snapshot of how it works… (The Video will help you understand How to do it with a Step-by-Step Real Life Scenario)
Once you’ve smashed your Emergency Fund goal, the next steps are quite easy basically the funds needs to be in a seperate account (preferably in a HYSA), I’ve also talked about the mistakes that you at all cost must AVOID with this fund.
I hope this method will help you building the foundation and have a financial cushion.
I’ve shared the whole process in this Video. Check this out for more👇:
Get a head start on your Personal Finance, watch these 👇
That’s all for this week. I hope you’ve found this helpful and insightful.
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I’ll see you next week 🙂
Saeem Khan
Creator of Wealthy Enough.
Software Engineer, Investor, Content Creator
www.saeemkhan.com
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