5 Things the ‘Budgetnista’ Tiffany Aliche Gets Right About Personal Finances – The Motley Fool

Tiffany Aliche knows what it’s like to make one mistake that turns your financial life upside down. She started her Budgetnista blog after overcoming a $35,000 financial setback that taught her a lot about getting out of debt — and staying that way. Today, Aliche has helped millions of readers through her blog, books, and courses on reaching financial wholeness.

As with any financial expert, of course, portions of Aliche’s advice will work for some readers more than others. But we’ve found five of her best pieces of personal finance advice that really hit the mark.

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1. Understand the “why”

There are plenty of things we all use every day that don’t require much in-depth knowledge — microwaves, wireless routers, and shampoo, just to name a few. But when it comes to managing your finances, knowing why you should (or shouldn’t) do something can make a big difference.

For example, it’s one thing to tell people they should start saving for retirement early. But it’s another matter entirely to explain that the sooner you open an IRA, the more you can grow your money through the power of compound interest.

Financial literacy can not only help you figure out the right path, but also show you how to stay on that path. A good financial education can also give you the power to adapt your journey over or around any obstacles that come along — and they will come along.

2. Start small and work your way up

Another great tip from Aliche’s teachings is that you should start small and work your way up to the big stuff. This can apply to everything from paying down debt to building a budget.

For example, Aliche is a big fan of the snowball method for paying off debt. In fact, she used it herself to tackle thousands of dollars in credit card debt. Basically, you put all of your debts in order …….

Source: https://www.fool.com/the-ascent/personal-finance/articles/5-things-the-budgetnista-tiffany-aliche-gets-right-about-personal-finances/

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