Anthony O’Neal Shares Tips for Balancing Financial Priorities

With many families feeling stretched between supporting children, helping aging parents, paying bills, and saving for the future, personal finance expert Anthony O’Neal says the first step is making sure your own finances are stable.

During a recent appearance on Good Day Mornings for its “Money Monday” segment, the bestselling author explained that people often try to help everyone around them while neglecting their own financial health.

O’Neal compared the situation to an airplane safety rule: put on your own oxygen mask before helping others.

“You cannot help the people you love if you’re financially suffocating,” he said.

He explained that if someone’s monthly bills are higher than their income, that problem should be addressed before focusing on goals like saving for a child’s college education or taking on additional financial responsibilities.

Instead, O’Neal recommends building a starter emergency fund equal to about one month of take-home pay. Having that financial cushion can help people avoid falling deeper into debt when unexpected expenses arise.

He also encouraged people to create what he calls “margin” in their budget. According to O’Neal, margin is simply the money left over after paying monthly expenses, and creating it often requires setting clear financial boundaries.

For those who regularly help family members, he suggested establishing a monthly limit rather than giving money whenever someone asks. He shared that he follows this approach with his own parents by setting a specific amount in his budget each month for family support.

“If you don’t create boundaries,” he explained, “you may end up becoming a financial burden on the same people you’re trying to help.”

O’Neal acknowledged that many people have already cut unnecessary spending and still struggle to make ends meet because of today’s economy. In those situations, he believes increasing income can be just as important as reducing expenses.

He pointed to technology and artificial intelligence as two fields offering opportunities for side income. O’Neal shared the example of a young professional who completed a $3,000 AI boot camp before earning a $10,000 contract building an automation system for his company. He said the individual now earns several thousand dollars each month working from home.

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Once a starter emergency fund is in place, O’Neal recommends focusing on paying off consumer debt, including credit cards, personal loans, and car loans, before expanding savings. After debt is under control, he advises building a larger emergency fund covering three to six months of living expenses.

Beyond budgeting and debt repayment, O’Neal believes having a clear financial vision is what keeps people motivated.

Whether someone earns $40,000 or $100,000 a year, he said building wealth is possible with consistent habits, intentional planning, and a system that creates financial margin. According to O’Neal, those extra dollars can eventually be invested, creating long-term wealth and greater financial freedom.