In this episode, I discuss why I don’t believe in “Cookie Cutter” Budgets. Many financial gurus try to sell people on a one-size-fits-all formula of financial management, which is destined to fail for most who try it. I explain about why it’s important to create a budget customized to your family’s situation, needs, and goals. Yes, there are some overarching guidelines that are good for everyone to follow, but how those play out in your individual life are unique – and that’s a good thing! I also answer the following two questions from my listeners:
- Should I use money left over in my budget to pay off debt, my mortgage, or save for retirement and college?
- Every year it seems that we pay more for our monthly expenses. Are there parts of our budget that are negotiable? What’s the best way for us to go about reducing those expenses?