Jude Boudreaux, CFP®, Senior Financial Planner at The Planning Center, was recently featured in a New Orleans Magazine article, where he discussed “Financial Planning Tips for Life’s Ups and Downs.” The piece explores the importance of financial preparedness, using New Orleans’ unpredictable weather as a metaphor for life’s unexpected challenges. It stresses the importance of implementing strategies to “prepare for a rainy day”, such as setting aside three to six months of living expenses, using high-yield savings accounts, and considering alternative financial tools like HELOCs or Roth IRAs to bridge gaps when emergencies arise.
Jude recognized the challenge of preparing for the unexpected with an unpredictable income, but emphasized that building an emergency savings is crucial. “For those spending most of their monthly income, it’s difficult to build a large buffer; however, it’s still important as without it, those unexpected expenses usually go onto a credit card or other high interest way of paying for it,” said Boudreaux. “Saving is just ‘future spending’ in most situations, so when there is the chance to take funds that have been committed to a payment — like a car note that gets paid off — directing that money to continue to pay yourself on a monthly basis can be a great way to start to set some aside.”
Read the full article to learn more about financial preparedness for life’s unexpected moments:
