

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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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.
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.
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.