When Ms Myra Donohue’s father, who is a financial planner, offered to help her with her finances, she politely declined.
With a background in accounting, she did not want anyone else’s help managing her US$5,000 (S$6,411) of credit card debt, not to mention car payments and other bills. But once Ms Donohue, 28, sat down with her finances, she realised how overwhelming the process would be, especially with two young sons and her partner recently laid off from his electrician job.
She found a way to approach it in July in a Facebook post about how to tackle your finances in seven steps. Step 1 was simple: List your income and fixed expenses and create a zero-based budget, a method that assigns a specific job to every dollar earned….