Savings for Annual Expenses v. Paying Down Debt | DIY Money Video
In this episode of DIY Money, we dive into one of the most important and most overlooked parts of personal finance: the order of operations when paying off debt, saving for large expenses, and building long-term wealth.
From emergency funds to Christmas budgets and car loans, we walk through real-world trade-offs that impact your financial peace.
What you’ll learn 👇
⚖️ How to prioritize between debt, savings, and annual expenses
🧱 Why building in "accruals" (like Christmas and insurance) is key to staying out of debt
⚠️ The risks of underfunded emergency savings when aggressive debt payoff backfires
🚘 A mindset shift on car payments — and how to buy your next car in cash
🧾 Why a tax deduction shouldn’t justify unnecessary spending
This episode is packed with actionable ideas for anyone working toward financial independence and trying to avoid expensive missteps along the way. If you're choosing between paying off debt or saving for Christmas, this one’s for you.
And remember, the secret to wealth is pretty simple: live on less than you make, invest the rest, and do so for a very long time. Make it a great one!
📬 Have a question? Send it in to [email protected] for a chance at a $25 Amazon gift card!
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DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
Quint Tatro, Daniel Czulno, CFP®, Logan Gilland, CFP®, and Allie Howard take a passionate look at everything money, including budgeting, savings, investing, stocks, bonds, debt, and more. For those that enjoy Dave Ramsey, Jill On Money, Smart Money, and BiggerPockets, it’s worth a listen!
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⏱️ Timestamps:
00:00 Introduction
03:48 Matt's Question on Debt and Savings
5:21 Saving for Periodic Expenses
7:57 Emergency Fund and Interest Rates
09:33 Accruals and Budgeting Tips
13:10 Car Loans and Financial Freedom
15:20 Final Thoughts
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📝 Disclosures:
*This show is for entertainment and educational purposes only, and is not intended as personal financial advice. Before making any financial decisions, please do your homework and consult a financial advisor as needed.
