Behind the Numbers: Budgeting for Big Expenses, With Lauryn Williams and Chloé Moore

Worth Listening

Welcome to Round 2 of the “Know Better, Do Better” series born from the countless conversations two CERTIFIED FINANCIAL PLANNER™ professionals, Lauryn Williams and Chloé Moore, have about the trendy narratives and clickbaity articles that make it hard for them to help their clients. They will take you behind the numbers with real-life examples of financial situations to help you gain confidence and clarity to control your financial destiny.

In this episode, Lauryn and Chloé are talking about budgeting for big expenses. It’s the holidays, and all kinds of expenses are coming out of the woodwork that will be hitting at the start of the new year. Lauryn and Chloé are sharing tips to help you create a 2023 budget that supports your life and watch out for common pitfalls.

In this episode, Lauryn and Chloé talk about:

• The impact of recession fatigue on gen z
• Why financial planners are always pushing to build an emergency fund
• How much you need in your emergency fund
• The difference between emergency expenses and unplanned expenses
• Tips to save for traveling
• Why you need a buffer in your budget
• How to tell people you don’t have money in the budget when they ask you to do something
• Importance of budgeting for car and home repairs (even if they are new)
• Budgeting for your pets
• Planning for routine medical expenses and saving for your deductible
• Tools to help you budget
• Why you want to be cautious of the monthly payment trap

If you want to further connect with Lauryn Williams at Worth Winning, follow us on social media:

• Instagram: @worthwinning
• Twitter: @worth_winning
• Facebook: @worthwinningfp
• LinkedIn: @lauryn-williams

If you want to further connect with Chloé Moore:

• Instagram: @financialstaples
• Twitter: @finstaples
• Facebook: @finstaples
• LinkedIn: @chloemoore

Shared quote:

“All days are not the same. Save for a rainy day. When you don't work, savings will work for you.” - M.K. Soni

“A simple fact that is hard to learn is that the time to save money is when you have some.” - Joe Moore

RESOURCES MENTIONED:

• Americans are suffering from ‘recession fatigue,’ report finds
• I'm a financial planner, and there are 5 tricks I share with clients who want to save more than 20% of their income
• Episode 111: 3 Big Expenses Impacting Your Ability to Build Wealth
• A financial planner explains how to budget for unexpected expenses, like a medical emergency or holiday travel