R:Financial Professional (FP): Good morning! How can I assist you today?
F: Hello! I'm looking for advice on saving money, I have some savings but want to be more
strategic about it.
R: Of course, I'd be happy to help. Before we begin, do you mind if I ask you a few questions to
better understand your financial situation?
F: No problem, go ahead.
R: By the way , let's start with your current budget. How much do you typically spend each month
on necessities such as rent, groceries, and utilities?
F: Well, I allocate around 60% of my income to these essentials. Here’s a proposed budget:
Monthly salary: $3,500
Additional income (if any): $500
Expenses:
Rent/mortgage: $1,000
Utilities: $150
Groceries: $300
Transportation: $200
Health insurance: $150
Debt payments: $200
Entertainment: $100
Miscellaneous: $200
R: That's a good start. It's recommended to save at least 20% of your income, but it ultimately
depends on your financial goals and comfort level. Based on your income and expenses, we can
aim to save around $800 each month.
F: Really? That sounds reasonable. Should I prioritize saving for emergencies or start investing
right away?
R:: Building an emergency fund should be the first priority to cover unexpected expenses. Yet,
once that's established, we can explore investment options to help your money grow over time.
F:I see. Are there any specific types of investments you recommend?
