MoneyWise Live | November 2, 2018

The Mayday Budget

Show Notes

What would happen if you lost your job or suffered some other financial calamity? Would you be able to make necessary adjustments to stretch out your savings? Would you know where best to apply your dwindling dollars?  It’s something we never want to face - financial hardship.  But you can prepare for it by knowing how to prioritize your spending. On this MoneyWise Live, financial planner and teacher Rob West tells us how to do that with these topics:

  • We should be living on a budget all the time so what's a "Mayday Budget" all about?
  • How do we set up a Mayday Budget? 
  • What about freeing up money or re-prioritizing? Let’s say you’re married and you and your spouse both work— but one of you loses 
  • After all that, I’ve still got a lot of bills here. What do I do with them?
  • Do we wind up prioritizing any debt and bills?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at

  • If you are currently contributing the maximum of $18,500 but with no company match, should you continue?
  • A listener calls in to share how MoneyWise helped him financially.
  • If your financial advisor recommends keeping a home equity line-of-credit open just to maintain a good credit score up, should you follow his advice?
  • How do you calculate your expenses during retirement to know if you've saved enough?
  • How do you put into context scripture like Luke 6:30 regarding giving if you're having problems deciding on who to give to and how much?
  • If you wish to contribute to a person who's in prison for when they are released, what's the best way to go about this?
  • If your husband lost his job and you're getting to the end of severance, can you use this as a reason for drawing money from a 401(k) as a hardship?
  • If your home is paid for and you're about to start receiving a pension payout of $190,000 and a monthly payment of $4200, what should you do with these funds as you're not too impressed with an annuity you already have.
  • If you're a single father working in the day and going to school at night and are interested buying a home, should you consider this even if you have debt?
  • If your mother has been giving to some groups and is now on a mailing list that's spamming her, how do you determine who is a legitimate cause to give to?  http://www.charitynavigator.o...  http://www.guidestar.o... 

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