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 info@rootedpg.com

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 overwhelmed when you have multiple goals competing for your attention. By breaking them down and focusing on one at a time, you can make steady progress and avoid feeling discouraged.

Saving on Expenses

One of the challenges many people face when managing competing goals is finding ways to save money. Rising grocery prices, for example, can put a strain on your budget. Becky suggests several strategies to help you save on expenses and free up more money for your goals.

Meal planning is a simple yet effective way to reduce waste and save money on groceries. By planning your meals in advance and using up items you already have, you can avoid unnecessary trips to the store and make the most of what you already have in your pantry. Additionally, Becky recommends looking for deals and discounts at stores like Aldi's and Save-A-Lot. By being mindful of prices and taking advantage of sales, you can stretch your grocery budget further.

Another area where you can potentially save money is health insurance. Becky shares her personal experience of comparing employer-sponsored plans with a New York state plan for her daughter. By carefully considering the coverage and costs, she was able to find a plan that offered better overall coverage and saved her money in the long run. It's important to explore different options and find the best fit for your specific needs.

You're Not Alone

Lastly, it's essential to remember that you're not alone in facing competing goals. It's easy to feel isolated or like you're the only one struggling to balance different priorities. However, many people are going through similar challenges. Talking to others and sharing your experiences can provide valuable insights and support.

Becky encourages individuals to reach out to their peers and have open conversations about their financial goals and challenges. By doing so, you may discover that others are facing similar situations and can offer advice or share strategies that have worked for them. Knowing that you're not alone can provide a sense of relief and motivation to keep pushing forward.

In conclusion, managing competing goals requires prioritization, resourcefulness, and a supportive community. By focusing on one goal at a time, finding ways to save on expenses, and seeking support from others, you can make progress towards your financial objectives. Remember, it's a journey, and setbacks are normal. Stay committed, stay flexible, and keep working towards your goals.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.