The Ultimate Choice
You know how it feels to be pulled in opposite directions. On one hand, you should be paying off all your debt, 👼🏽 pero you also know this pandemico has taught us that an emergency fund is necessary. 🆘 So which is it? What is more important? Should I have carnitas at home or go out to the taco truck? 🌮 OK maybe that’s not the best example (can’t it be both?) but let’s just say–it depends on how much carnitas you already have in the fridge…
You have to make sure you have enough for emergencies first. 🆘. Start with a bare minimum of $250 and adjust for your needs. If your rent is high or you have family members to support, start with at least $500. It can help you in case you fall short on bills.
One way to divide your paycheck is splitting it up 50-30-20 – between needs, wants and debt/savings. If your needs cost more than ½ of your paycheck, cut back on the wants. Trust me–it’s worth it! 🤓 After you have some savings, you can focus more of that 20% towards getting rid of high interest credit card debt. When you’re further along, you can save more! 🙌🏽
Try the calculator on our page to help you break down your 50-30-20 so you can have your tacos and your carnitas, too! 🎉
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