Making Hobbies Affordable, and Saving Money Priorities

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 5 June 2023

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to make your hobbies more affordable. Plus, decide what to save for first: an emergency, a house or retirement. This Week In Your Money (0:00 - 12:03): Sean delves into the finer aspects of how you can plan ahead to make affordable gardening possible, including tips for sourcing tools and the surprising benefits of engaging with the gardening community. Liz then explains how you can enjoy your hobbies on a budget without sacrificing the fun factor by discussing how to avoid making some of the same mistakes she made when she got into her hobby of making miniatures. Today’s Money Question (12:04 - 39:59): Veronica, a 40-year-old listener in Oakland, California, joins Sean and Liz to discuss how she should prioritize her finances. Since she recently became debt-free, she wonders whether to first save for an emergency fund, a down payment on a house or retirement. Veronica also shares her story of student loan forgiveness. In their conversation, Sean and Liz discuss: high-yield savings accounts; guidelines for building an emergency fund; the challenges of finding affordable housing; homeowners association fees; home buyer programs; retirement planning with pensions; real estate as part of an investment portfolio; resources for financial planning; student loan forgiveness impact; debt avalanche and debt snowball payoff strategies; and critical financial aspects of building an emergency fund, homeownership and retirement, to help you walk away with some ideas for how you can prioritize your own financial goals. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Timestamps: This Week in Your Money segment: 0:00 - 12:03 Money Question segment: 12:04 - 39:59 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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0:00.0	Prime Video brings thrilling entertainment.
0:03.0	Watch Heavyweight Detective Breacher, Season 3 included with Prime.
0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:30.2	Making progress on competing financial goals can feel like a zero-sum game.
0:34.1	Do you channel all your money into one goal at the expense of all the others,
0:38.2	or make gradual progress on all of them at once?
0:41.7	This episode, we talk with a listener about how they're balancing saving for retirement,
0:46.3	building an emergency fund, and saving for a house.
1:11.8	Thank you. Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles. And I'm Liz Weston. Listener, remember to send us your money questions,
1:17.6	whether you're trying to tame some debt but aren't sure how or you're wondering how to get the
1:21.2	best prices on airfare, whatever your money question. We're here to help. You can leave us a
1:26.4	voicemail or text us on the nerd hotline at
1:28.7	901-730 6373. That's 901-730 N-E-R-D. You can also email us at podcast at nird.com.
1:38.1	And as we said at the top, this episode, Sean and I are talking with the listener about how to
1:42.0	sort through conflicting and expensive financial
	...

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