How to Manage Competing Goals: Insights from Rooted Planning Group

About the Guest(s):

Becky Eason is a long-term team member of Rooted Planning Group. With her extensive experience in financial planning, Becky has helped numerous clients navigate competing goals and make informed decisions about their finances. She specializes in providing guidance on interest rates, credit card debt, and finding ways to save money while achieving financial goals.

Episode Summary:

In this episode, Amy Irvine and Becky Eason discuss the challenges and successes clients are facing in the first quarter of 2024. They focus on the topic of competing goals, particularly in relation to interest rates and credit card debt. The conversation explores strategies for managing debt, prioritizing goals, and finding ways to save money. Becky shares her insights on topics such as health insurance options, meal planning, and shopping for bargains. Listeners will gain valuable tips and advice on how to navigate competing goals and make informed financial decisions.

Key Takeaways:

• Managing credit card debt: It is important to have a handle on your cash flow and excess funds before making extra payments on credit cards. Without sufficient cash flow, paying down one credit card may result in another card's balance increasing.
• Balancing debt and investments: When faced with high-interest credit card debt, it may be more beneficial to invest extra funds rather than paying down the debt. Comparing the potential returns on investments to the interest rates on debt can help inform this decision.
• Emergency funds: It is crucial to maintain an emergency fund to avoid relying on credit cards in case of unexpected expenses. While paying down debt is important, depleting emergency funds can lead to further financial stress.
• Health insurance options: Exploring different health insurance plans can help save money, especially when there are specific medical needs. Programs like Child Health Plus in New York State can provide better coverage and lower deductibles for children with specialized medical requirements.
• Saving on groceries: Meal planning, shopping for bargains, and looking for buy-one-get-one deals can help save money on groceries. Being mindful of prices, opting for healthier options, and freezing bulk purchases can also contribute to savings.

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at [email protected]

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Prioritize and Focus

One of the first steps in managing competing goals is to prioritize and focus on one goal at a time. Becky suggests going through your list of goals and asking yourself, "If there's only one thing that I could achieve, what would that be?" By identifying your top priority, you can allocate your resources and energy towards that goal, making it more attainable. Once you've achieved that goal, you can move on to the next one.

Becky emphasizes the importance of setting realistic expectations and not putting too much pressure on yourself. It's easy to get...