Lisa Market
In "Get Good with Money," Tiffany Aliche, also known as The Budgetnista, delivers an empowering and accessible guide to mastering personal finances. Drawing from her own experiences of overcoming financial struggles, Aliche presents a comprehensive roadmap to financial wellness, catering to readers of all backgrounds and financial situations. Aliche lays out her simple ten-step plan to financial wholeness to help others achieve their goals, today we are going to focus on the top three:
1. Budget Building: Crafting Your Financial Blueprint
The first step to Aliche’s plan is figuring out a budget. A proper budget needs to be formally documented, fully or semi-automated itemization of your income, expenses, and savings. A budget isn’t something you can focus on once and never touch again. A good budget is an active part of your everyday life. Things can change in an instant and it’s important that you can adjust your budget to fit your current life and responsibilities.
Aliche guides you through eight essential steps to create and maintain a budget that works for you. This is the perfect time to take a deeper look at your spending habits and how adjustments here and there can really help unnecessary spending.
2. Save like a Squirrel: Establish Your Safety Net
Once your budget is complete, you can move on to savings plans. The goal is clear: build an emergency fund that covers at least six months of expenses. If six months seems like too big of a goal, focus on three and grow from there. Aliche's approach is practical and patient, acknowledging that this step is a marathon, not a sprint. This may be the step that takes a lot of people the longest to achieve. Do not become discouraged. There is no set timeline to achieving your saving goals. When your emergency fund is fully funded, that is when the fun begins!
3. Dig Out of Debt: Chart a Path to Financial Liberation
Debt can feel like quicksand, but Aliche provides a ladder out. In this step it’s time to identify the best plan for you to pay down your debt, then automate the process. Start by identifying your debt, restructure your debt, choose a paydown plan and then automate the plan. This is the time to research balance transfer options to get a 0% interest repayment period. A personal loan with a lower interest rate than your credit cards is a good option as well. Research different paydown plans and figure out which one fits your lifestyle better. Some popular options are the Snowball Method & the Avalanche Method. Aliche deep dives into each individual plan to help you pick what is best for you personally. Everyone’s finances are different so these plans may not work perfectly for your financial situation. A combination of both or a plan you make up yourself, this is your time to figure out what works best for you and your goals.
Key Principles
Focusing on the initial three steps, this review sheds light on Aliche's actionable advice. However, to truly grasp the depth of her wisdom, I recommend picking up a copy of the book.
Conclusion
"Get Good with Money" is not just a book; it's a transformative experience. Readers will finish it feeling empowered, informed, and motivated to take charge of their financial destinies. Whether you're drowning in debt, struggling to make ends meet, or simply seeking to optimize your finances, Tiffany Aliche's wisdom will guide you towards a brighter financial future. This book is a must-read for anyone ready to embark on the journey to financial wellness.
