
NerdWallet's Smart Money Podcast
Budget Like a Boss: How to Drive Down Debt and Park Money in Savings (Video Episode)
Sep 23, 2024
Magda Doemeny, a certified financial planner with NerdWallet Advisors, joins to offer actionable financial advice. They discuss balancing multiple goals like paying down debt, saving for retirement, and major purchases. Jessica, a listener, shares her challenges, including $22,000 in credit card debt. The conversation covers smart budgeting techniques, the benefits of high-yield savings accounts, and ways to increase income through side jobs. Practical tips for supporting dependents while managing expenses in an expensive city are also explored.
35:15
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Quick takeaways
- Prioritizing financial goals like debt repayment and essential purchases, such as a vehicle, can streamline decision-making in challenging situations.
- Strategies such as meticulous budgeting, exploring additional income streams, and negotiating raises can significantly enhance financial stability and goal achievement.
Deep dives
Competing Financial Goals
The listener faces several competing financial goals, including the need for a car, paying off significant debt, and preparing for retirement. The advisor emphasizes prioritizing these goals by evaluating which is most urgent, suggesting that transportation is essential in a city like Los Angeles. The listener expresses a desire to first procure a new vehicle and then tackle debt management, indicating a clear ranking of priorities. This structured approach allows for more manageable decision-making, breaking down financial goals into sequential steps.
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