Episode 90: Budgeting and Saving Bootcamp With Bank of America Exec, Robin Growley
Do you feel lost or overwhelmed when it comes to creating a budget? Do you want to save for your dream vacation, a house, a master's degree, or a bachelorette party, but have no idea where to start? Today, Josie is joined by Robin Growley, Head of Consumer Deposits at Bank of America. In the second episode of The Everygirl’s Guide to Building Wealth series, Robin explains how to create a budget, the 50/30/20 method, and how to correct when you overspend your budget. Robin also explains how to start saving (no matter where you are on your financial journey), and her favorite hacks to save more money without it affecting your life. Consider this episode a must-listen for building a spending plan you can confidently stick to and starting to save for your dream life.
SHOW NOTES:
In this bonus episode, Josie is joined by Robin Growley, Head of Consumer deposits at Bank of America. Robin and Josie kick off the discussion by talking about why budgets are so important. Robin explains why budgets are our “one-stop shop” for seeing our income, our expenses, and our savings. She discusses how to build up your patience in order to experience delayed gratification with your budgeting, plus how to frame your budgeting around your personal goals. Josie and Robin also talk about how to change your mindset about your budget, and approach it from a more positive angle if the idea of conventional budgeting stresses you out. Then, the conversation turns to how to create a budget. Robin runs through the popular 50/30/20 method that many people prefer for budgeting their income. She and Josie also talk about why it’s okay to differentiate on the 50/30/20 method depending on what is right for you and your specific finances at that particular time. Josie asks for tips about what someone can do to improve their spending plan if they have an inconsistent income, and Robin explains the importance of building up an emergency fund if you have an inconsistent income. She talks through strategies for reverse-engineering your budget according to both your income and your goals. Josie asks Robin how listeners can prepare for unexpected big expenses. Then, Josie and Robin have a conversation about how to stick to a budget once you’ve made your plan. Josie asks Robin what listeners should do if they have overspent for a month or two, and Robin provides some helpful advice. Finally, the episode closes with a quick conversation about saving, including the best type of savings accounts for achieving your goals.
Must-Listen Moments:
[00:52] The Importance of Budgeting
[03:12] The Importance of Setting Financial Goals
[06:47] The 50-30-20 Budgeting Method
[10:33] Budgeting with Inconsistent Income
[16:37] Bank of America's Financial Education Platform
[18:03] How to Stick to Your Spending Plan
[20:01] What to Do When You Overspend
[26:47] How to Handle Unexpected Income
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