Social Media Shopping Tips, and Smart Spare Cash Investing

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 17 July 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn pro tips for shopping on social media so you don’t overspend, and smart strategies for investing your spare cash. 00:48 This Week in Your Money: Get equipped with practical tips to shop smart on social media platforms and stay vigilant against overspending. Personal finance Nerd Kimberly Palmer joins hosts Sean Pyles and Liz Weston for a Nerdy look at how your social media feed may be leading you to spend more money than you should. You’ll learn about useful browser extensions to help you compare prices, a reminder to check customer reviews and how the setting and a false sense of urgency can lead people to spend too much money and perhaps share too much personal information. 8:26 Today’s Money Question: Investing Nerd Sam Taube joins Sean and Liz to answer a listener’s question about how to invest extra money currently sitting in a high-yield savings account. The Nerds take a deep look into the importance of emergency funds and how to set realistic financial goals, offering practical advice on starting your own emergency fund and discussing how your cost of living can influence the amount you should consider saving. They also explain how using online banks can make savings goals more tangible, before they switch gears and dive into the vast world of investment options, including the mutual funds, exchange traded funds, individual stocks, high-interest savings accounts and money market accounts. 23:53 Takeaway Tips. In their conversation, Sean and Liz discuss: social media shopping; influencer marketing; price comparison shopping; how to read customer reviews; smart shopping browser extensions; limited time offers; options for investing spare cash; emergency funds; cost of living adjustments; online bank savings buckets; short-term and long-term financial goals; money market savings accounts; money market mutual funds; CDs; and splurging. Please take our listener survey at https://nerdwallet.com/podsurvey to help us improve the show! Survey participants will be automatically entered into our Smart Money Podcast Sweepstakes for a chance to win a $100 Amazon gift card when you complete and submit the survey form. The Sweepstakes period is from June 19, 2023 to August 7, 2023. Limit One (1) Entry per person. No purchase necessary to enter or win. Odds of winning will be determined by the number of eligible entries received. Read the Official Rules for more details. If you enjoyed today’s episode, then please vote for us in the 18th Annual People's Choice Podcast Awards! Register at https://podcastawards.com and find “NerdWallet’s Smart Money Podcast” in the Business category. Voting in other categories is optional. We appreciate it! 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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0:00.0	Prime Video brings thrilling entertainment.
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0:15.0	Did you have sex? Did you have sex?
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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	Ever feel like you just aren't sure where to invest the money sitting in your bank account?
0:35.0	Well, this episode, we've got you covered.
0:50.3	Music sitting in your bank account? Well, this episode, we've got you covered. 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.
0:58.7	And I'm Liz Weston. Listener, we know you have questions about money and we have the answers. So let us know what's on your mind.
1:05.2	You can leave us a voicemail or text us on the nerd hotline at 901-730-637. That's 901-730 NERD. You can also email us at
1:15.5	podcast at nervalet.com. In this episode, we're answering a listener's question about investing the
1:20.6	money that's sitting in their bank account. But first, we're joined by personal finance nerd Kimberly
1:25.3	Palmer who's going to give us some smart tips for shopping on social media.
1:29.4	Welcome back to smart money, Kim.
1:31.1	Thank you for having me.
1:32.9	Hey, Kim, you recently wrote about how to shop on social media in an era of scammers and ever-appealing impulse purchases.
1:40.5	Online shopping is the norm for so many of us.
	...

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