Have you ever received a large sum of money at once, like a tax refund or a bonus, and felt unsure of what to do with it?
Tune in to this episode of the Budget Bestie Meetup where Ashley from The Money Mindset Podcast discusses what to do when you get a big tax refund or bonus and shares some tips for making the most of it. Ashley will also share some practical advice on how to handle these types of unexpected financial gain and use them wisely to reach your financial goals.
Hosting Today:
Hey, I’m Ashley Patrick, a personal finance expert and founder of Budgets Made Easy. I help busy moms create systems to save money and pay off debt so they can reach their big dreams faster and easier.
I was able to pay off $45,000 in just 17 months including $25,000 in student loans in just 10 months. I’m a Master Financial Coach and have a bachelor's degree in psychology and will help you get to the root of your money problems.
Since my journey started I have been featured on Fox Business, Yahoo! Finance, Food Network, USA TODAY, MSN, CNBC, NerdWallet, and many others.
“So when you have some money coming in, I really want you to focus on the priority list for you. And that's gonna look different for other people. So it could be focusing on the savings funds, like I talked about. It could be focusing on some debt that you can knock out and just make sure that you have it a list, like a visual, you've thought it through hopefully before you get the money. So like if it's something that you're expecting that usually comes once a year or a tax refund that you're expecting and you have a rough idea of what it should be or tax return, you know what it's going to be, go ahead and prioritize where you want the money to go. And it's okay to spend some money on yourself or things that you've been putting off as long as that is the priority for you.”
- Ashley Patrick
Timestamps:
01:18 - Introduction to the episode
03:33 - Importance of planning and creating a priority list for the extra money
04:36 - Examples of expenses that can be covered with the extra money
05:18 - Option to pay off debts
06:27 - The Impact method
10:08 - Importance of planning and thinking ahead regarding where your money is going
13:01 - Sharing wins and accomplishments in managing finances, such as paying taxes, meal planning, and having an emergency fund in your budget
32:37 - How to join the Budget Bestie Meetup
Do you wish you had a supportive group of women like you to connect with about money? Come join me for a Budget Bestie Meetup on The Money Mindset Podcast, and let's learn and grow as a community! You can sign up at www.budgetsmadeeasy.com/meetup.
And if you enjoyed the podcast today and got some great takeaways, I’d really appreciate it if you followed the Money Mindset Podcast so you don’t miss out on future episodes
Resources and Links Mentioned:
- Book your Budget Bestie Meetup episode here-> www.budgetsmadeeasy.com/meetup
Connect with Ashley:
Instagram: www.instagram.com/budgetsmadeeasy
This episode can also be viewed on YouTube at https://www.youtube.com/live/ZGD4HsJW3lY?feature=share