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Reviewed a friend's budget

July 15th, 2013 at 12:37 pm

She wasn't in as bad a shape as I was expecting, only needed to drop her necessities percentage by 14% and move that money to savings. She is no longer spending more than she makes though its still pretty close.

The jaw drop of the night was when I asked her what she was saving for in her extra savings account. I kid you not the answer was "Because you told me to". I explained what an EF was and that we were going to give her a goal of 3 months worth of expenses. We are also starting her on a baby step of turning on monthly contributions to her retirement accounts (the only reason she has one is again, I told her so but I already knew that one).

Since Mint actually tracks both of these goals, it will keep her aware that she needs to keep those items in mind. I think in a couple more years she will be in a pretty good place. Maybe one of these days I will even convince her to pay off her car loan before buying the next car. For now, I consider it a victory that her budget is net positive.

5 Responses to “Reviewed a friend's budget”

  1. My English Castle Says:

    Well done! What a good friend.

  2. rob62521 Says:

    Good job...you are a wonderful friend!

  3. IndianGal Says:

    Good job on helping your friend. Positive karma points for you!

  4. baselle Says:

    Well done. She will need (and learn from) a fiscal "come to Jesus" moment to see the wisdom of an EF, but in the meantime, well done.

  5. scfr Says:

    Great job - Clearly she sees you as someone whose advice is worth taking.

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