Jennifer, a recent Concordia graduate, is struggling to pay off her $15,000 student loan.She has found employment with an international firm.Jennifer manages to balance her cash flows, but has only $500 in a chequing account to pay incoming bills.Her monthly after-tax cash inflows and expenses equal $2,000.What should be Jennifer's number one financial goal?

Question

Quizplus · Accepted Answer

Jennifer's number one financial goal should be to start an emergency fund because she only has $500 in her chequing account to pay incoming bills, which is not enough in case an unexpected expense arises. This will help prevent her from going into further debt or having to rely on credit cards. Once she has enough funds in her emergency fund, she can then focus on paying off her student loan and other financial goals.

Jennifer, a Recent Concordia Graduate, Is Struggling to Pay Off