JW’s Financial Coaching Podcast-What are the four walls in budgeting?

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Highlights of today’s show:

  • Answering a question I received from a listener on Facebook
  • What are the four walls?
  • Where does savings come into play?
  • Why it is important to budget your basics first?
  • What we learned when the power was out in Central Ohio

I often talk a lot on the podcast of protecting your four walls when doing your budget. What are the four walls? Today I answer a question sent in from Facebook clarifying what is included in the four walls and where savings comes into play as well.

The four walls are the first things that you include in your monthly budget. Before you do anything with money, you will take care of your basic food, shelter, transportation, and clothing. We call these the four walls because if the only thing you can do with money is those four things, you will be fine.

But where does savings fit into all this? It’s a good question with no clear cut answer. I have done a podcast before on saving money. We start to save money at different stages. Saving money for emergencies is one of the first goals. However, saving for long term purchases comes only after you have paid off your debt and have your emergency fund fully funded.

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You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW’s Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me:

1.) Email me at JWFinancialcoaching@gmail.com – Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

2.) Simply fill out the form at the bottom of this page. Please fill out your name, email, where you are from, the subject line, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page

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One Response to JW’s Financial Coaching Podcast-What are the four walls in budgeting?

  1. Pingback: What to do before you consider filing for bankruptcy | JW's Financial Coaching-Giving you a new perspective on your money!

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