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2 weeks ago
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Prompt Details
Model
Chat - GPT-4o (gpt-4o)
Token size
1,917 ($0.09585 / call)
Example input
[Income Details, Examples: Monthly salary of $3,000, freelance income of $500, etc.]: Monthly salary of $2,800, side hustle income of $400
[Fixed Monthly Expenses, Examples: Rent {$1,200}, Utilities {$150}, Insurance {$100}, etc.]: Rent “$1,000”, Utilities “$120”, Insurance “$90”
[Variable Monthly Expenses, Examples: Groceries {$400}, Entertainment {$100}, Dining out {$150}, etc.]: Groceries “$350”, Entertainment “$80”, Dining out “$120”
[Debt and Liabilities, Examples: Credit card debt {$5,000}, student loan {$10,000}, car loan {$8,000}]: Student loan “$15,000”, personal loan “$5,000”
[Savings and Investments, Examples: Emergency fund {$2,000}, retirement savings {$5,000}, investment account {$3,000}]: Emergency fund “$500”, retirement savings “$2,000”, investment account “$1,200”
[Financial Goals, Examples: Save $10,000 for a down payment on a house, pay off $3,000 in credit card debt within 6 months, build a $5,000 emergency fund.]: Build a $3,000 emergency fund, pay off $5,000 personal loan within 1 year
[Time Frame for Goals, Examples: 3 months, 6 months, 1 year, etc.]: 1 year
Example output
Personalised Financial Plan
1. Initial Assessment
Income:
Monthly Total: $3,200
Salary: $2,800
Side Hustle: $400
Fixed Monthly Expenses:
Rent: $1,000
Utilities: $120
Insurance: $90
Total Fixed Expenses: $1,210
Variable Monthly Expenses:
Groceries: $350
Entertainment: $80
Dining Out: $120
Total Variable Expenses: $550
Debts:
Student Loan: $15,000
Personal Loan: $5,000
Savings and Investments:
Emergency Fund: $500
Retirement Savings: $2,000
Investment Account: $1,200
Financial Goals:
Short-term: Build Emergency Fund to $3,000 (within 1 year).
Short-term: Pay off Personal Loan $5,000 (within 1 year).
2. Budget Allocation Plan
Monthly Income Allocation:
Fixed Expenses: $1,210 (38% of income)
Variable Expenses (Adjusted): $450 (14% of income)
Groceries: $300 (reduced by $50)
Entertainment: $50 (reduced by $30)
Dining Out: $100 (reduced by $20)
Savings: $600 (19% of income)
Emergency Fund: $500/month
Retirement Fund: $100/month
Debt Repayment: $940 (29% of income)
Recommendations for Reducing Non-Essential Spending:
Limit dining out to once or twice a month, reducing monthly costs to $100.
Reduce entertainment expenses by finding free or low-cost alternatives.
Set weekly grocery budgets to avoid overspending.
3. Debt Repayment Strategy
Focus: Pay off Personal Loan ($5,000)
Use the Debt Avalanche Method: Prioritise paying off the personal loan (higher interest rate) before making additional payments on the student loan.
Allocate $940 per month toward the personal loan to pay it off within 6 months.
After Personal Loan Repayment:
Redirect the $940 monthly payment to student loans.
Options for Debt Management:
Negotiate with lenders to lower interest rates.
Explore debt consolidation for lower overall interest.
4. Savings Strategy
Emergency Fund:
Current Balance: $500
Target: $3,000
Save $500/month to reach the goal within 5 months.
Retirement Savings:
Continue contributing $100/month to the retirement account.
After Emergency Fund Completion:
Redirect $500/month to additional debt repayment or investments.
Investment Options:
Short-term goals: Use a high-yield savings account for emergency funds.
Long-term goals: Allocate excess income to low-cost index funds or ETFs for higher growth potential.
5. Cash Flow Management
Tracking Tools:
Use apps like YNAB, Mint, or Personal Capital to track spending and savings automatically.
Weekly Budget Checks:
Review grocery and discretionary spending weekly to stay within limits.
Alerts for Overspending:
Set app notifications if discretionary expenses exceed $450/month.
6. Progress Tracking and Adjustments
Key Milestones:
3 Months:
Emergency Fund: $2,000 saved.
Personal Loan: Reduced by $2,820.
6 Months:
Emergency Fund: Fully funded at $3,000.
Personal Loan: Fully repaid.
12 Months:
Total debt reduced significantly (focus shifts to student loans).
Adjustments Based on Changes:
If income increases (e.g., side hustle): Direct extra funds toward debt or savings.
If expenses increase unexpectedly: Reduce discretionary spending and temporarily lower savings contributions.
7. Tools and Resources
Apps for Financial Management:
Mint: Track expenses and budgets.
YNAB (You Need a Budget): Advanced budgeting features for proactive planning.
Acorns: Automate small investments into ETFs.
Educational Resources:
Articles: "How to Save Faster" (NerdWallet), "Debt Avalanche Explained" (Investopedia).
Podcasts: "The Financial Independence Podcast" by Mad Fientist.
8. Motivation and Goal Tracking
Celebrating Milestones:
Celebrate saving the first $1,000 in the Emergency Fund.
Mark the 50% milestone of paying off the personal loan.
Motivational Feedback:
“You’re already on track to financial success! Each payment and savings contribution gets you closer to your goals. Keep it up!”
Summary Timeline
Months 1–5:
Focus on saving $500/month for Emergency Fund.
Pay $940/month toward Personal Loan.
Month 6:
Emergency Fund completed.
Personal Loan fully repaid.
Months 7–12:
Redirect $500/month from Emergency Fund savings to student loan repayment or investments.
Focus on building long-term wealth through retirement and low-risk investments.
This strategy ensures financial stability, reduced debt, and a secure emergency fund within one year. Let’s review progress monthly to keep you on track!