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Financial Learning Moments

September 12, 2024 Reflecting on my financial progress these past three months, I identified a few setbacks. I am trying to keep my budget in good standing based on my short- and long-term financial goals while saving money. However, there are some expected and unexpected things for which I didn’t completely prepare myself.For example, home repairs, car tune-ups, travel, family and close friends' birthdays, weddings, work events, equipment, etc. Managing unexpected expenses has been difficult, but those are the important learning moments that will help me to manage my money better moving forward. Some of these eventualities could be planned for, others I have used the emergency fund savings, but I want to be more proactive and manage these situations closely.The following happened this month, and I started thinking that I could start putting this in my monthly and annual budget, to be able to save money for it, compare prices, check my warranty plans, increase my emergency fund, look for extra sources of income, among other ideas.
  1. In the month of September, seven of my immediate family members have birthdays. One advantage is that the dollar has a higher value in Colombian pesos, but it will be an expense, nonetheless. Now I know that two months before September, I should save more money to be able to celebrate with my family. I should do the same with other important dates and my birthday month.
  2. I took my car for an oil change, and the air filters needed to be replaced. I talked to the mechanic and checked on which things were covered by my plan and which things were not. That way I know what kinds of things I need to replace and tune up in my car. I can add these expenses to my emergency fund.
  3. Annual gala events for work. Some of these events have a dress code I can plan during the year and save for the dresses, accessories and tickets.
It is up to me how much money I am willing to spend on these expected/unexpected situations, if I want to reorganize my priorities or if I want to avoid some of these expenses. But now I can control them and be prepared for them. You might also be interested in I am committed to continuously learning about financial strategies, and developing good money habits is essential for long-term financial success. Here... Here are some steps I can take to prepare: 1. Review of my financial goals. I am reflecting on my financial goals for the past year. What did I achieve... It has been challenging to save after the holidays or recuperate the money spent on gifts, hosting parties or traveling. I am trying a few strategic plans... Developing sustainable money habits is essential for managing my finances to ensure financial freedom. Here are some strategies that helped me maintain... This is the holiday season. For me, it is time to visit my family, take a little vacation and relax after a year of working. But it is stressful to think... Reflecting on my financial journey since the beginning of the year, I realize it was full of surprises, challenges and learning experiences about finances... Every holiday season, I travel to my country, Colombia, to visit my family, and I also travel for my birthday during Thanksgiving. At the beginning, I... Keeping up with my financial goals takes time, discipline and ongoing commitment. Here’s how I am building my path toward a more secure financial future... After I started looking closely into my finances, I could analyze my strengths, weaknesses, threats and opportunities by organizing my money based on my...
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