You know what it is. That's right. It's time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It's the money talk with Tiff podcast. Hey, everyone, and welcome to another episode of Tiffany's Take, where I answer your money questions right here on the podcast. So if you'd like your question answered, go to www.moneytalkwitht.com
askTiffany, and I'll be more than happy to answer. So for today's episode, I have a question from a listener, and it says, hi, Tiffany. With the current economic uncertainties, I'm finding it challenging to stick to my budget while also trying to save for emergencies and invest for the future. What are some practical strategies I can use to balance these financial goals without feeling overwhelmed? Now, you might be thinking, shoot, that sound like me. Sounds like a lot of people right now,
honestly, even myself. Like, I'm like, expenses are so high. Trying to get your savings up, trying to invest for your future self, so much going on. How can we tackle all of these things? How can we do. And instead of. Or so, that's what I wanted to talk to you about today. So, first and foremost, let's hop right in. Prioritize your financial goals. So if you are listening and you're a client, if you've ever worked with me, you know that we start
with goals first. Like, that is the first thing we talk about, because we have to figure out what's important to us and where we're going. So always, always, always start by listing your financial goals. Is it savings? Is it emergency fund? Is it investments? Is it trying to survive? Is it paying off debt? Whatever it is, list them according to urgency and importance. For instance, if building an emergency fund might take precedence over other investments in
unpredictable times. So you want to make sure that when you're listing out your financial goals, you're listing them out in order for most important to least important. And that's usually what I do with my clients. We do our top three. And, you know, it doesn't matter if it's short, medium, or long term for now, because you can always dial it in later. So just start writing down your financial goals. Get a notebook or get a word document, and just start jotting it down. Then you can start
moving them around to prioritize. So once you have that, then you have a clear direction. Okay, well, for me, paying off debt is more important than investing for the future. Cool. Or maybe you're like, well, I really don't have any savings. So savings is more important for me right now than paying off debt. That's cool too. There's really no right or wrong answer or right or wrong way to do this, but just make sure that you get it down and I'll make sure I'll put
some resources in the show notes where I talked about goals. I did a whole goal series, I think it was earlier this year or last year, but I'll make sure I'll link to that in the show notes next. Make sure you create a flexible budget. And honestly, all budgets are flexible. And that's one thing that I tell my clients as well. I'm like, even though we jot this stuff down, we make a budget. It's
all movable. Everything in the budget is changeable, so make sure you go in and change it if things arise. But still, you want to start with your essentials first, such as your housing, your utilities, groceries, etcetera. The things that you need to live, and then work your way down from there. So the budget spreadsheet that I have, I'll make sure I put a link in the show notes for that as well. It actually takes you from most important to least important for
you. So all you have to do is go through and put in the numbers of how much you actually spend on these things, but it's already allocated for that. Then you want to make sure that if savings or investments is important to you, treat them as a non negotiable. Like for instance, with me, I have a certain amount that goes into my investment account every month on autopilot because that's something that's important to me. Now, it may not be a ton of money, it's just
a little bit matter of fact. I'll be real with y'all, it's dollar 25, but it's something that goes towards it every single month off the top. And I don't have to do any extra to do that because I want to make sure I'm putting something in while I'm working on these other goals. So treat it as a non negotiable. My grandpa, my late grandpa always said, pay yourself first and putting in investments and doing savings and all that stuff, that is paying yourself first. So I definitely live by
that. Another thing you can consider is maybe the 50 30 20 budget. So 50% for needs, 30% for wants, and 20% for savings and debt repayment. I go into that in my budgeting blog post as well. I'll make sure I'll link to that, but you can adjust these percentages to better suit your current financial situation or what's important to you. Maybe you're like, okay, I need 60 for needs, 20 for wants, and 20 for savings. That's perfectly okay.
Mind you, like I said, there's no right or wrong. And don't feel pressured by all these quote unquote financial gurus, even me. If you consider me a financial guru to stipulate how your life works, you make these plans how you want to make them, okay? Number three, automate your savings and investments. I kind of already touched on this in the previous one.
Use automation to your advantage. Set up automatic transfers to your savings and investment accounts so that way you ensure consistent contributions without the temptation to spend. Take it right off the top and then you don't even have to worry about it. For utilize financial tools and apps I use a lot of financial tools and apps, and I'll link to some of my favorites in the show notes as
well. But explore budgeting apps like Mint or Ynab or every dollar, and that can help you track your spending and adjust the budget in real time. Personally, I love ynab. I'll make sure I put my affiliate link in the show notes if you all want to check it out. That has been my go to budgeting tool for like two or three years now, and
I love it. Also, you can look at investment platforms like Acorns, so that allow you to invest spare change from daily purchases, making it easier to grow your investment portfolio. I have a few clients that do like those incremental savings or incremental investing options. And you look, after a while you're like, oh shoot, I got $500, or oh shoot, I got $1,000. It really adds up over time. So if you feel like you're the type of person where you're like, well, Tiffany, I
can't just do this on my own. I need something to do it for me. Then check out platforms like that that can help you out. Use technology to your advantage, y'all. I know I do. All right, so number five, stay informed and educated. So keep abreast of economic trends and financial news. This is stuff that
I was thinking about bringing back my finance Friday live. So that way you all can be abreast of what economic developments or things are going on to help you make informed decisions and adjust your strategies as you go. Because depending on what the situation is like, for instance, not too long ago, the Fed just decreased the Fed funds rate by 50 basis points, which is 0.50%. I'll have links to me explaining all of these concepts I just said, so that way you
can check that out. If what I just said sounds like gibberish, just check out the show notes. I'll make sure I have some links there for some resources on going into depth on what those things mean. But for the purposes of this episode, with that decrease, that makes savings a little less attractive because it'll affect the savings interest rates, but it may make borrowing more attractive because now interest rates are going to go down some. So that's why I said, thinking about the whole
economy can really help you. And staying abreast of what's going on can help you adjust your strategies as you go. Six, focus on building an emergency fund. So the goal, of course, is to save three to six months worth of living expenses at the minimum. But I know it's hard for people, so at least try to get to 1000 and then you can work your way up from there. I always tell people, when you're doing your goals, do small goals. That way
you're able to hit it and then go on to the next right. So if your goal is to save three months, maybe save 1000 for now, then 2000, then 3000, and the next thing you know, you'll be like, oh shoot, I'm already at three months. So, you know, if building an emergency fund is important to you, then make sure you do that. Now that acts as a financial cushion, so it provides you peace of mind and stability during unexpected events.
I remember a little bit ago, people were like, why would you put money in a savings account when you can invest it and get more return? Because of that peace of mind. That's why. Because with investment accounts, you know, it does take you a few days or whatever to get your money. You have to, if you fully invested in stocks and stuff, you have to sell those stocks. You have to wait till they clear. Then you can pull your money out with an emergency fund is right there when you
need it. And so that's why I tell people have investments, but also have that savings just sitting there too. You need it now. How much you put in that savings is completely up to you. Some people are like, I'm cool with one month of emergency fund and I want to invest the rest. That's fine. Like I said, your journey is your journey. So even if a financial guru tells you one thing, it doesn't matter. You have to control what you do with your money.
Number seven, diversify investments. So diversification is key. Spread your investments across different asset classes to mitigate that risk. And increase the potential for returns. So, for instance, some people might have real estate, or they might invest in real estate on the stock market because you don't actually have to have physical real estate to invest in real estate. That's another topic for another day. Anywho, some people may have real estate, some people may
have bonds. Some people may have stocks. Some people may have cds. Some people may have high yield savings account. Whatever the case may be, just make sure that you diversify so you have different buckets you can pull from if the time arises that you need it. Number eight. Most importantly, stay motivated and avoid being overwhelmed. So break down your financial goals, like I said, into small manageable tasks, smaller manageable tasks. And celebrate those small
victories to stay motivated. When I get on a call with my clients, we always do an update. And if I hear any small victory, it could be something as simple as, oh, I looked at my budget before I went to the store today. Let's celebrate. Let's take a moment and let's celebrate that, because that's important. It's important to keep you motivated. And we all know how positive reinforcement really dictates our behavior. So make sure you keep yourself positive and avoid that overwhelm. Also,
y'all know me. I'm very woo woo. Practice mindfulness and stress relief techniques to prevent financial anxiety from overwhelming you. I love practicing mindfulness. I love, you know, reading the Bible, looking at quotes, listening to calming music. So many things that I do to make sure that I keep my stress levels low and I'm able to reduce that anxiety. And number nine, last but not least, seek professional
guidance. You know, if you're feeling uncertain, consider consulting with someone like me, a financial counselor, and we can offer personalized advice and help you navigate complex financial decisions. I like to tell people, look, I've seen some of everything. If you think you have a lot of debt, I've probably seen somebody with more. If you think you don't have any savings, I've probably seen somebody with less. So don't feel bad for reaching out. I can
help you. And everything stays confidential so you don't have to worry about me telling people your business. Finances are a very intimate topic for a lot of people to get into, so we treat it as such. So I'll make sure I have a link in the show notes for that as well. If you're like Tiffany, I just need help getting my life in order, getting back on the right track. I got you. Just check out the show notes and I'll have a link there.
So by implementing these strategies, you can effectively balance your financial objectives, maintain stability, and work towards financial growth even amidst economic uncertainties. I feel like one of the most important things is to just stay in the loop. That's why you're here, right? The key is to stay flexible and proactive in managing your finances. So that's what these nine tips can do for you, and I hope that answered your question and
anybody else listening that had the same question. So thank you so much listening to the podcast today. If you enjoyed it, definitely share with someone you know. And don't forget to rate, subscribe, review all of those good things so that way more people can find out about us. And until next week, I hope you all have a wonderful rest of your week. Be sure to subscribe to the newsletter if you don't already do so. And check out moneytalkwitht.com where I have blog posts and all types of stuff
I'm releasing. So I hope that this is calming for you and I gave you some tools that you can utilize moving forward. And until next time, have a good day. Bye. Thank you for listening, joining and being a part of the Money Talk with TIFF podcast this week. You can check TIFF out every Thursday for a new Money Talk podcast, but if you just can't wait until next week, you can listen to previous podcast episodes at Moneytalk with tea or follow TIFF on all social media platforms at
moneytalkwitht. Until next time, spend wise by spending less than you make a word to the money wise is always sufficient.