Money Monday | How to Save for Your Big Life Goals
Source: R1 Digital / other
Financial expert Jini Thornton joined Get Up Mornings with Erica Campbell to offer practical advice on saving for major life goals. She addressed listener questions on budgeting for weddings, homeownership, vacations, and college expenses, emphasizing the importance of financial planning and disciplined saving.
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Brianna from Atlanta, newly engaged, sought advice on funding her dream wedding. Thornton stressed the importance of setting a realistic budget, determining the wedding date, and identifying contributors. She recommended opening a separate bank account, possibly at a different bank, where all contributors deposit money regularly to ensure a debt-free celebration.
Anthony from the DMV wanted guidance on saving for his first home. Thornton advised him to calculate not only the down payment but also moving expenses. She highlighted the significance of “automation and separation” by setting up an account at a different bank and automating contributions from each paycheck.
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Evelyn from Durham, North Carolina, planned a Disney vacation with her adult children and grandchildren and needed a strategy for shared expenses. Thornton emphasized setting a clear budget covering travel, accommodations, and park passes. She urged Evelyn to discuss financial contributions with her adult children, reminding her that while they are still her children, they are also adults and should contribute accordingly. She suggested a joint account for group expenses if the family dynamic allows it, ensuring everyone is aware of their financial responsibilities.
Ryan, a high school sophomore, wanted to start preparing for college costs. Thornton praised his early planning and encouraged families to use a College 529 savings account, where parents and relatives can contribute. She stressed the importance of completing the FAFSA on time and urged students to actively look for scholarships starting in their sophomore year. Additionally, she reminded parents that students can work and save toward their education expenses, as was common in past generations.
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Thornton wrapped up the segment by providing her social media handles and encouraging listeners to follow her for more financial advice. She also promoted her podcast, available on YouTube, Spotify, and Apple Podcasts. As the show ended, the hosts thanked her for her insights, and she wished everyone a productive “Money Monday.”
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