Here is another view on the template for money improvement. Personal finance is just that–personal–so we don’t want to lock you into one template. What do you think of https://www.howtomoney.com/the-7-money-gears-when-to-do-what-with-your-money/ ?
- Fund a basic emergency fund of $2,467
- Snag your company match in your 401(k)
- Pay off high-interest rate debt
- Fully fund an emergency fund with 3-6 months of living expenses
- Invest in tax sheltered retirement accounts
- Pay off lower-interest rate debt
- Pursue other big saving and investing goals!
It looks like Matt and Joel updated their emergency fund to cover some rent! $1000 doesn’t go so far in 2022, Dave Ramsey.
Steps 2 and 3 may be out of order depending on how much high interest debt you carry.
