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# Personalized Financial Plan ## Current Situation Summary - Monthly income after taxes: $2000 - Total monthly expenses: ~$1285 - No savings or investments - Small student loan debt (amount unspecified) - Negative account balances - Wedding in 345 days ## Short-Term Goals (1-2 years) 1. Build emergency fund 2. Pay for wedding 3. Save for a car 4. Start saving for home down payment 5. Pay off credit card debt ## Long-Term Goals (3+ years) 1. Buy a home 2. Save for retirement 3. Save for future children's education ## Step-by-Step Financial Plan ### 1. Create a Budget and Reduce Expenses - Track all expenses for 1 month - Reduce eating out budget from $200 to $100 - Cut clothing budget from $100 to $50 - Look for ways to reduce grocery expenses - Aim to free up at least $300/month for savings and debt repayment ### 2. Build Emergency Fund - Open a high-yield savings account - Save $1000 as quickly as possible (3-4 months) - Eventually build this to 3-6 months of expenses ($3000-$6000) ### 3. Pay Off High-Interest Debt - Focus on paying off fiancée's credit card debt - Use debt snowball or avalanche method ### 4. Save for Wedding - Set a realistic budget based on your financial situation - Consider ways to reduce costs (DIY, off-season, etc.) - Aim to save $500/month for the next 11 months = $5500 ### 5. Start Retirement Savings - Open a Roth IRA when possible - Contribute even small amounts to start building habit ### 6. Save for Car and Home - After wedding, redirect savings to these goals - Research first-time homebuyer programs in your area ### 7. Increase Income - Look for part-time work or freelance opportunities - Develop skills to increase earning potential after graduation ## Key Milestones 1. Month 1-2: Create budget, reduce expenses 2. Month 3-4: Build $1000 emergency fund 3. Month 5-15: Save for wedding while paying minimum on debts 4. Month 16-24: Pay off credit card debt, continue building emergency fund 5. Month 25+: Focus on long-term savings (retirement, home, car) ## Tracking Progress - Review budget monthly - Check progress on goals quarterly - Adjust plan as income increases or circumstances change Remember, this plan is flexible. As your situation changes, revisit and adjust your goals and strategies. Stay focused on your long-term objectives while addressing immediate needs.

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