This week Amanda updates us on her financial journey, with three tweaks that have had a huge effect on her family’s bottom line. First, Amanda worked with her accountant to maximize her pre-tax retirement savings. Do you know your options? Did you know a Solo 401K Is a thing? Neither did she!
Second, Amanda and Steve aggressively saved for emergencies by automating savings and moving windfalls out of site, out of mind…directly into a separate high yield savings account. When a series of unfortunate events added up to $5000 in unexpected expenses, the impact was far less than it would have been prior to building up an emergency fund.
Finally, Steve and Amanda’s aggressive pursuit of solid retirement and emergency funds boosted their savings rate from the conventional 15% to 35%. Amanda had not been intentional about their savings rate before, and now she’s hooked!
Take a listen…you might get hooked on saving too!