Part 6/8:
During the audit review, it became evident that Joey's approach to budgeting could be more strategic. While he has made significant strides in debt management and emergency fund establishment, the focus on incremental increases to retirement savings may be holding him back. The suggestion is for Joey to allocate financial resources more balanced toward saving, investing in retirement, and enjoying life for personal enjoyment.
His financial consultant suggested a revised budget that prioritizes needs and fun while increasing investments. This includes directing 25% of his monthly income towards retirement savings and another 10% to a house down payment fund, allowing Joey to envision the possibility of homeownership while maintaining a lifestyle that includes travel and leisure.