Life Kit: Money

For a lot of us, this time of year triggers a financial reckoning. As you recover from holiday spending, here are 6 tips from past Life Kit experts on how to save money year-round.Follow us on Instagram: @nprlifekitSign up for our newsletter here.Have an episode idea or feedback you want to share? Email us at lifekit@npr.orgSupport the show and listen to it sponsor-free by signing up for Life Kit+ at plus.npr.org/lifekitLearn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

In this discussion, Yaneli Espinal, a financial educator and author of Mind Your Money, shares her insights on common financial pitfalls. She emphasizes the importance of understanding lenders and suggests exploring credit unions for better borrowing options. Yaneli warns against the risks of co-signing loans and underscores the benefits of utilizing high-yield savings accounts. She also advises listeners on the merits of participating in workplace retirement plans and cautions against lifestyle inflation, emphasizing intentional budgeting to secure long-term wealth.

Don't get swindled while buying gifts this holiday season. This episode, Amy Nofziger of AARP's Fraud Watch Network explains how to safeguard yourself from common shopping scams like fake shipping alerts and online stores — and offers advice on what to do if you fall for one.Follow us on Instagram: @nprlifekitSign up for our newsletter here.Have an episode idea or feedback you want to share? Email us at lifekit@npr.orgSupport the show and listen to it sponsor-free by signing up for Life Kit+ at plus.npr.org/lifekitLearn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Mary Childs, a journalist and co-host of NPR's Planet Money, breaks down the intimidating world of investing. She clarifies the basics of employer retirement plans like 401(k)s, and the tax implications of traditional versus Roth IRAs. Mary emphasizes the benefits of index funds for most investors and stresses the importance of diversification to manage risk. She also explains the role of bonds in a portfolio and the significance of starting early to benefit from compounding returns. Plus, insights on ethical investing options make this a must-listen!

Brian Vines, a passionate reporter at Consumer Reports, dives into the world of holiday shopping tactics. He exposes the urgency tactics used by retailers to push impulsive buys and shares practical advice like waiting 24 hours before making a purchase. Listeners learn about price anchoring, misleading discounts, and how to effectively compare prices. Brian also highlights clever strategies for saving on apparel and the importance of understanding marketing's emotional appeals. Equip yourself with knowledge to navigate holiday deals smartly!

In this discussion, Dan Weissmann, the insightful host of 'An Arm and a Leg', dives into the often daunting world of prescription drug prices. He shares critical strategies for combatting unexpected costs, like verifying errors at the pharmacy and seeking discounts through sites like GoodRx. Dan emphasizes the importance of asking pharmacists about alternatives and manufacturer coupons, all while navigating insurance requirements. He encourages listeners to explore patient assistance programs to alleviate financial burdens. This playful yet practical dialogue is a must-listen for anyone looking to lower their medication costs.

In this insightful conversation, Rachel Rodgers, an author and entrepreneur dedicated to empowering women in business, shares her secrets to launching successful ventures. She emphasizes starting with your skills rather than capital and the importance of creating a million-dollar mindset. Rachel encourages validating your ideas through market conversations and stresses the value of enjoyment in ensuring consistency. Plus, she offers tips on keeping expenses low while maximizing client transformations and building scalable businesses—all while maintaining a day job!

Feeling overwhelmed by credit card debt? Discover five essential strategies to reclaim your financial freedom. Learn how responsible card use can boost your credit score and why making minimum payments is crucial. Experts emphasize the importance of maintaining an emergency fund while you pay down debt. Explore repayment strategies like the avalanche and snowball methods, and find out how to negotiate better terms with your card issuer. Plus, understand your rights when dealing with debt collectors. It's not just about debt; it's about empowerment!

Jill Schlesinger, a certified financial planner and CBS News business analyst, dives into making significant life changes with a finance-first mindset. She shares a five-step framework to assess your financial readiness for big moves like quitting a job or relocating. Jill emphasizes evaluating job benefits, liquid assets, and liabilities before making decisions. Her advice includes emotional pauses, analyzing spending habits, and forecasting financial scenarios. Plus, she shares her personal career transition, showcasing the importance of clarity and planning.

Yaneli Espinal, author and host on financial literacy, shares invaluable insights for college students stepping into financial independence. She discusses budgeting strategies to manage student loans and emphasize the importance of seeking scholarships. The conversation also touches on balancing part-time jobs with studies and how to navigate the complexities of credit cards. Yaneli encourages open discussions about financial challenges, fostering a supportive community among peers to ease the transition into college life.