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Where Should My Next Dollar Go?

Where Should My Next Dollar Go?

| July 25, 2023

Deciding where your next dollar should go can be daunting and create a sense of uncertainty. You might feel like you're not using your money efficiently, you could be overspending, or maybe you're simply letting too much money sit idle in your bank account.

Here's where a handy tool comes in, a flowchart that offers some direction. It's not a replacement for human advice but it's designed to help stimulate thought about your personal financial goals and preferences. Think of it as a conversation starter or a prompt to help you form your financial priorities.

This flowchart walks you through several key factors:

  • It helps you take a step back and look at your overall financial security. It prompts you to consider if you have an emergency fund, if you're free from heavy debt, and if you have adequate insurance.
  • It nudges you to make sure you're leveraging any "free money" available to you, like unexploited employer benefits.
  • It invites you to sit down and really think about your financial goals. What broad financial objectives are you trying to achieve, and which are the most pressing right now?
  • Finally, it encourages you to explore different accounts or strategies that might further complement your goals, but also to be aware of any nuances that could affect your decisions.

While it's not a complete solution, this flowchart serves as a helpful guide, a starting point to organize your thoughts and better prepare you for discussions about your personal finances.

Thanks for taking a look!