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Many of us will experience a sudden financial wakeup call at least once in our lives. For Karisa, it took a pretty big one to prompt her to make some big changes in her money situation.
In this episode, you’ll hear about:
- The unwelcome letter she received
- Why that letter motivated her to change her debt plan
- How she changed her financial goals
Karisa admitted, “This letter came and rocked my world! It made me think about what else could be out there.”
-Chi-En and the Goodbudget Team
P.S. Let us know, have you ever received news like this that made you question your standing with money?
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Show Notes:
- Check out Thom Gibson’s YouTube channel and his Stories from the Classroom podcast
- Reflection question: The way we spend, save, and give are like a mirror to us — they reflect what we value. So if someone else were to take a look at your spending, saving, and giving patterns, what would they say is important to you? Is that truly important to you? Let us know what they would see in the comments below.
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1 thought on “A Financial Wakeup Call”
If someone were to look at my spending by envelope report, they would see that for 2019 so far, I’ve spent 23% of my total spending on contributions to retirement, 21% on therapy and personal training appointments, and 16% on charitable contributions. I would say that saving for retirement, taking care of my health (mental, emotional, and physical), and supporting organizations that share my values are all things that are important to me. So I do think that my spending, saving, and giving patterns all reflect what is truly important to me.
I currently have only spent 12% of my total spending on rent this year, which I recognize is extremely low, and I just learned that the amount I pay for rent may be increasing significantly sometime soon (up to closer to 30% or 40%). And this has made me question my standing with money! So far, I’ve had a very easy time fitting everything I want into my budget this year, but if my rent goes up, I’ll have to redo a lot of my budget categories and make tougher choices about how I want to allocate my money. Having a place to sleep and store my belongings is very important to me, so I’m willing to take money from other categories to make up for that 20-30% difference.