- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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Step 1 is always track every income and expense for a few months. It’s also where I lose people 🙂
Step 1 is to know your expenses. Make a plan of what you each bring in, and what your expenses are.
Step 1.5 is to stick to your budget.
Step 2 would be to start saving in a high interest account, or at least an independent account (not your main checking account) until you figure out what your investment strategy will be like. If you decide to invest.
You don’t need to calculate your net worth. Why do you want to?
Two suggestions:
1. Commit to each other to read the Boggleheads’ guide to investing. It’s super short and it will give both of you the common language and knowledge that you need to discuss these topics.
2. Commit to using a tool like YNAB for 3 months at least to start tracking expenses, having a budget, and learning to give every Euro a job, starting by putting some Euros to work towards a safety net first and then investing in low-cost index funds.