LIFE $$$ SKILLS-Financial Advice and Planning

Example

Calculating a monthly budget based on rent or mortgage, utility bills, groceries, and other essential expenses.

Scenario

For someone paying $1,000 in rent, LIFE $$$ SKILLS might outline a scenario where their total monthly expenses, including utilities, groceries, and a small savings allocation, require a monthly income of at least $2,500 to live comfortably and below their means.

Example

Determining the minimum income needed to cover expenses and save.

Scenario

LIFE $$$ SKILLS could help a user understand that to cover a rent of $1,200, pay for all necessary living expenses, and save 10% of their income, they need to earn a minimum of $3,000 per month.

Example

Providing strategies to pay off debt efficiently while managing living expenses.

Scenario

Guiding a user with $5,000 in credit card debt on how to allocate funds for debt repayment within their monthly budget, suggesting payment strategies that prioritize high-interest debt first.

Example

Creating a plan to build an emergency fund and save for future goals.

Scenario

Advising a user to allocate 20% of their monthly income towards savings, starting with building an emergency fund equal to three months of living expenses, followed by saving for long-term goals like retirement or home ownership.