Highlights of today's show:
- Answering a question I received from a listener on Facebook
- What are the four walls?
- Where does savings come into play?
- Why it is important to budget your basics first?
- What we learned when the power was out in Central Ohio
I often talk a lot on the podcast of protecting your four walls when doing your budget. What are the four walls? Today I answer a question sent in from Facebook clarifying what is included in the four walls and where savings comes into play as well.
The four walls are the first things that you include in your monthly budget. Before you do anything with money, you will take care of your basic food, shelter, transportation, and clothing. We call these the four walls because if the only thing you can do with money is those four things, you will be fine.
But where does savings fit into all this? It's a good question with no clear cut answer. I have done a podcast before on saving money. We start to save money at different stages. Saving money for emergencies is one of the first goals. However, saving for long term purchases comes only after you have paid off your debt and have your emergency fund fully funded.
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