From the course: Managing Your Finances Through a Career Transition or Layoff
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Refreshing your savings goals
From the course: Managing Your Finances Through a Career Transition or Layoff
Refreshing your savings goals
- When you get your new paycheck, it's great to celebrate. And it's even better to now start saving with your new edited budget in mind. Get creative and celebrate in a budget-friendly way. You may be wondering how much of my new paycheck should go to savings? The answer is, it depends. Here's the first goal I recommend. Tackle pre-existing credit card debt. To do this, look at your after tax income and subtract your monthly necessary expenses from the budget handout found in the exercise files. Then take 80% of what's left over and divide it between saving in your emergency fund and paying down your highest interest rate credit card balance or smallest credit card debt amount. That's a personal choice. To build your emergency fund, I recommend automatically transferring money from your checking account into an account titled emergency fund for yourself each month. Open a savings account at the bank for this. Or you can…
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