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The Roommates: Saving

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by

Tiffany K

on 26 June 2013

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Transcript of The Roommates: Saving

The Roommates
Meet Hannah.
Hannah works at a women's clothing store at the mall part time
while she finishes college.
She uses a spending plan to manage her finances, and pays all
of her bills on time.
After the bills have been paid, she tosses the leftover cash into
a jar, sort of like a piggy bank and uses that for surprise expenses
or when there is a great sale at her job so she can pick up some
new clothes.
Meet Morgan.
Morgan approaches her finances a little
differently than Hannah does.
She works part time at
an insurance office.
Payday for Morgan also means paying the bills and using a spending plan, but Morgan puts 20% of her paycheck into a savings account
Then, Morgan has money for sudden
expenses, like the time her car needed
repairs, or when the landlord raised the
rent.
Morgan has made saving a habit that
has really helped her in some tight
situations. Like last year when she lost her job. Instead of being in a financial bind, Morgan had enough saved to pay
her bills until she found a new job.
Hannah is struggling a bit financially. Although she
got paid last week, she just received the hospital bill from her emergency
room visit a month ago.
They have a lot of fun together and
get along, but they have very different lives.
While playing softball
with some friends, she
fell and broke her ankle.
She thought her health
insurance would pay the
medical expenses.
As it turns out, Hannah has a deductible of $1,000 and co-insurance of 20%. This means that while the health insurance is paying part of the bill, she is responsible for paying $1,750.
After counting the money she has saved in her jar,
Hannah realizes she has only $530 saved to help her with
her medical bills
At breakfast today, Hannah tells Morgan about her
situation.

Imagine you are Morgan. What would you
tell Hannah about why paying yourself first
is so important?
Be sure to include terms such as opportunity costs,
trade-offs, SMART goals and emergency fund in
your explanation.
Full transcript