Budget Like a Boss: How to Drive Down Debt and Park Money in Savings (Video Episode)

8 snips

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.

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ADVICE

Managing Multiple Financial Goals

Break down large financial tasks into smaller, manageable steps.
Prioritize high-interest debt before other financial goals like retirement or major purchases.

ANECDOTE

Jessica's Financial Journey

Jessica, a listener in Los Angeles, describes her financial situation as "barely making it."
She got disciplined with her finances after losing her car and needing to save for a new one.

ADVICE

Personalized Budgeting

Use budgeting tools that work for your personal needs and style.
Jessica uses a detailed spreadsheet with categories and subcategories to track her spending.

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Join a financial planning session with a listener who receives guidance on achieving multiple goals, including debt payoff and maximizing savings.

NerdWallet Advisors is no longer accepting new clients, and will be closing its financial planning business as of December 20th, 2024.

How can you balance multiple financial goals like debt repayment, retirement savings, and major purchases? How can you manage finances in an expensive city while supporting dependents? Recording in-person from a studio in Los Angeles, host Sean Pyles sits down with Magda Doemeny, a certified financial planner with NerdWallet Advisors, to host an actual financial planning session with a listener. Jessica, a 48 year old living in Los Angeles, receives personalized financial advice around navigating competing financial goals, receiving tips and tricks on prioritizing high-interest debt, breaking down financial goals into manageable steps, and maintaining focus on financial stability. Magda and Sean also discuss maximizing high-yield savings accounts, meticulous expense tracking, leveraging additional income streams like side gigs, and other tactics for achieving financial goals.

NerdWallet Advisory LLC, dba NerdWallet Advisors, is an SEC-registered investment advisor and wholly owned subsidiary of NerdWallet Inc. The advice provided in this episode of Smart Money was for illustrative purposes only and not intended as financial or investment advice specific to your personal facts or circumstances.

In their conversation, the Nerds discuss: financial goals, debt repayment, retirement savings, financial planning, high-yield savings accounts, budget management, expense tracking, side gigs, financial stability, emergency funds, credit score improvement, financial empowerment, high-interest debt, income and expenses, financial strategies, practical tips, debt management, retirement planning, financial hardships, credit card debt, savings strategies, financial well-being, personal finance, household budgeting, income streams, sustainable financial plan, debt collection, financial recovery, cost of living, Los Angeles finances, money management, financial control, budgeting tips, expense reduction, financial challenges, supporting dependents, and managing finances.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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