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The Personal Finance Podcast
25 Things to Do With Your Money In 2025 Part 2
Jan 13, 2025
Explore the importance of educating your family about financial safety to guard against scams. Discover how to balance discretionary spending with long-term financial goals while creating wills for effective asset management. Learn strategies to manage holiday spending and tackle debt, especially during the festive season. Emphasize the need for a solid financial foundation through the 136 method and the creation of an emergency fund. Prioritize health and stay informed on financial literacy to build a secure future in 2025.
57:04
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Quick takeaways
- Conducting a lifestyle creep assessment helps individuals identify spending increases over time, aiding in the management of their finances effectively.
- Strategically using months with three paychecks allows for significant savings potential by directing extra income towards debt reduction or retirement accounts.
Deep dives
Assessing Lifestyle Creep
Conducting a lifestyle creep assessment is essential for managing finances effectively. This involves evaluating how personal spending may have increased over time, particularly during significant life changes such as marriage or having children. Individuals should review their income growth over the past five years and compare it to their spending, identifying any discrepancies that suggest lifestyle inflation. This analysis can help individuals avoid falling into a paycheck-to-paycheck cycle while still enjoying the benefits that come with increased income.
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Discover
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