Stephanie Genkin

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136 appearances 3 recordings 1 series first heard Dec 2022 last heard Dec 2024

Stephanie Genkin’s voice in public audio — every appearance, attributed to the second.

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and the monthly minimum payment.

This is the start.

Once you have it all on one page, then you can start coming up with a plan.

Basically, when it comes to paying down debt, you wanna come to this without judgment.

You really wanna come almost if it's happening to somebody else.

How would you help your best friend deal with this?

And that's gonna help you just be able to deal with what is and not really focus on the emotions of it.

There are lots of apps that you could use and they could really help you.

It's different for each person.

But just as a guiding principle, I work with people on a 50-20-30 budget.

And the way it goes is that 50% of your net monthly pay, that's the part that hits your bank account,

That goes for the necessary expenses.

It might be your rent, your mortgage, your transportation, groceries, things like that.

And then 30%, I'm kind of jumping over it now, is discretionary spending.

That's the fun stuff like your gym membership, Netflix, maybe a new sweater for a friend.

And then the 20%, if you can't handle all of that, the really useful thing on the debt repayment and savings

is 20% of that net pay goes to debt repayment and savings.

Ooh, this is the million dollar question.

I would say that people should focus first on what can undermine their credit score, their credit in general.

So that's usually credit card debt, the consumer debt.

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