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

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 23 September 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.7	Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we
0:34.8	answer them with the help of our genius nerds. I'm Sean Piles. This episode, we're bringing you another financial planning session between a listener
0:42.0	and an advisor from the NerdWallet Advisors platform. Our goal this time is to help a listener
0:46.8	sort out competing financial goals, like paying off debt, buying a car, and saving for retirement.
0:53.1	We're coming to you from a studio in Los Angeles where our listener
0:55.9	lives. But before we get into that, I'd like to bring back Magda Domini. She's a certified financial
1:01.1	planner from the NerdWallet Advisors platform. One thing I want to be clear about is that Magda and
1:06.4	NerdWallet advisors are a distinct platform from NerdWallet. Magda will give some advice to our listener
1:11.6	to help them improve their finances, and that advice will be given on behalf of NerdWallet advisors,
1:16.4	not NerdWallet. Also, in exchange for coming on this episode, our listener is receiving a free
1:21.7	one-year membership to the NerdWallet Advisors platform. Magda, welcome back to Smart Money.
1:26.6	Thanks, Sean. So, Magda, we've talked with you
1:28.8	before, but give us a refresher on who you are and what NerdWallet Advisors is. Sure. I'm an
1:35.0	advisor with the NerdWallet Advisors platform, and what we offer is affordable financial
1:39.2	planning memberships that give you access to a certified financial planner, like me, for a low monthly cost.
1:45.2	And what we'll do with that is we will do a review of your finances and create a financial
1:49.5	plan with some bite-size action items for you. And we'll check in periodically throughout the
1:54.5	year, but you really have unlimited access to me via scheduling a call or sending us a message.
2:00.3	All right. Well, Magda, we know that managing money
2:02.6	can be really intimidating to some people, and that can lead them to disengage from their finances
	...

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