February 6, 2025
In this episode of Moneywise Wednesday, Andre Harris and Kelli Walter from Envision Credit Union discuss strategies for balancing debt repayment with saving money, and how to achieve financial goals in 2025.
Episode Highlights:
- Understanding the psychological impact of debt vs. savings
- Strategies for building an emergency fund while paying off debt
- The 80/20 approach to allocating extra money
- How to make financial decisions based on current interest rates
- Different approaches to budgeting and saving
- The importance of automation in financial planning
- Strategies for travel savings and vacation planning
- Understanding the balance between earning credit card rewards and avoiding debt
Key Takeaways:
- Give yourself grace when creating financial plans - there's no one-size-fits-all approach
- Start with a small emergency fund (such as $500-$1000) before aggressive debt repayment
- Consider current interest rates when deciding between saving and debt payoff
- Be honest with yourself about spending habits and financial priorities
- Automate savings and bill payments when possible, but stay engaged with your finances
Resources Mentioned:
- Envision Credit Union's Moneywise program: envisioncu.com/moneywise
- Free budgeting templates and calculators available through Envision
- Financial counseling services for personalized guidance
- Book recommendations for personal finance
- The Psychology of Money by Morgan Housel
- Broke Millennial by Erin Lowry
- Just Keep Buying by Nick Maggiulli
- Millionaire Mindset by M.A. Myers
- Complete guide to Money by Dave Ramsey
Next Episode:
Join us in February for "Windfall Wisdom" where we'll discuss smart strategies for managing unexpected funds like tax refunds, bonuses, and inheritances. Learn how to make strategic decisions that can turn a one-time windfall into long-term financial security.
Have questions or need financial guidance? Email us at [email protected] or find the Hoot podcast wherever you listen to podcasts.
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