Engaged Couple in $47k Debt | Millennial Real Life Budget Review Ep. 25

TL;DR

Engaged couple with $47,000 in debt receives budget rework advice to prioritize wedding and emergency fund.

Transcript

welcome to this next episode of millennial real life budget review today we are taking a look at an Engaged couple who has a combined $47,000 in debt and are getting married in October Watch How I rework their budget to hit their goals hey guys welcome back to the debt free Millennials Channel I'm your host Justine and here we talk about all ways t... Read More

Key Insights

• 🤵 Couple prioritizes building wedding fund and increasing emergency savings.
• 🍽️ Focus on reducing dining out expenses and being intentional with spending.
• 🤵 Budget review suggests aggressively saving for wedding before tackling debt.
• 🌱 Advice includes reevaluating cell phone plan and exploring cheaper options.
• 🤵 Suggested plan allocates funds to emergency fund, wedding, and debt repayment effectively.
• 🤵 Prioritizing financial goals based on short-term needs like the wedding.
• ❓ Possible debt payoff strategies include Avalanche method or Snowball method.

Questions & Answers

Q: What are the main financial struggles of the engaged couple?

The couple struggles with overspending on dining out and not saving enough for their wedding and emergency fund.

Q: What are the top financial goals of the engaged couple?

Their goals include building up their wedding fund for their October wedding and increasing their emergency savings.

Q: How does the budget review suggest reworking their finances?

The review advises focusing on fully funding the emergency fund, then aggressively saving for the wedding before tackling debt payments.

Q: How can the couple reduce overspending on dining out?

The review recommends tracking dining expenses for two weeks and being intentional about dining choices to cut down on unnecessary spending.

Summary & Key Takeaways

• Engaged couple from Appleton, WI is struggling with finances, mainly overspending on dining out.

• Goals include building wedding fund by October and increasing emergency savings.

• Detailed budget review suggests focusing on emergency fund and wedding first before aggressively paying off debts.