Not Sure How to Manage Your Money? Follow This Simple Flowchart
After necessities, should you pay down debt?
Though everyone’s situation is different — and you should carefully assess what works for you — Reddit user “Beached89” recently created an easy-to-follow flowchart that provides a great starting point.
This Flowchart is So Simple, It’s Brilliant
The flowchart presents a series of yes/no questions that explain exactly how you should prioritize your spending and investing.
Instead of going into too much detail, I’ll just share the darn thing with you.
Then, below, I’ll share related posts that have tons of advice and tips to help you with each step.
Though Beached89’s flowchart is undoubtedly straightforward and helpful, putting it into action is a whole other story.
But have no fear; that’s why I’ve included tons of links below.
Click on them to learn more about your options — no matter where you stand on the path to financial freedom, I guarantee you’ll learn something!
This is where everyone starts, and this is where every penny counts.
And by all means, if your employer offers a retirement account with match, then take advantage of it.
2. Baby Steps
Lookin’ good! Now focus on paying off high-interest debt, such as credit cards, quickly.
3. Financially Healthy
Made it this far? Congratulations!
Your Turn: Did you find this flowchart helpful?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.