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NerdWallet's Smart Money Podcast

Why Traditional Budgeting Fails and What’s Missing from Your Money Plan

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2665 Ratings

🗓️ 17 February 2025

⏱️ 35 minutes

🧾️ Download transcript

Summary

Learn how values-based spending can help you curb impulse buys, avoid financial blindspots, and rethink your money habits How can you stop impulse spending? How do you know if you’re making good financial choices? This episode explores mindful spending and financial habits that may be holding you back. Personal finance Nerd Kim Palmer kicks off the episode with a discussion on spending habits with guests Jen Smith and Jill Sirianni, hosts of the Frugal Friends podcast and authors of the new book, Buy What You Love Without Going Broke. They explore the pitfalls of extreme budgeting, how values-based spending leads to financial confidence, the importance of aligning spending with what truly matters, strategies to curb impulse purchases, and how to reframe financial mistakes without shame. Then, hosts Sean Pyles and Elizabeth Ayoola discuss financial blindspots with Jeremy, a listener who works as a talent agent in New York City. They dive into how to evaluate whether you're on track with savings, when to prioritize your time over income, and how to address financial gaps you might not be aware of. Jeremy shares his detailed approach to budgeting and saving while expressing uncertainty about whether he's missing something in his financial plan. They explore retirement savings options beyond a 401(k), the importance of disability insurance, estate planning considerations, and how to balance long-term financial security with enjoying money in the present. Are you on track to save enough for retirement? Use NerdWallet’s retirement calculator to check your progress, see how much retirement income you'll have and estimate how much more you should save: https://www.nerdwallet.com/calculator/retirement-calculator  In their conversation, the Nerds discuss: impulse spending, financial blindspots, mindful spending, values-based spending, budgeting tips, budgeting strategies, spending guilt, financial regrets, smart money habits, how to stop emotional spending, personal finance mistakes, how to balance saving and spending, financial security, how to make a financial plan, retirement savings, estate planning, disability insurance, high-yield savings, robo-advisor investing, early retirement planning, how to save for retirement, and brokerage account alternatives. 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

The buy button is one of the greatest inventions of our time.

0:04.0

Also, one of the worst.

0:06.0

Yes, the convenience is great, but the ease of spending money is not so great.

0:11.4

So let's get some advice for managing that spending and feeling good about making a budget.

0:24.5

Welcome to NerdWallets Smart Money Podcast. I'm Sean Piles.

0:29.7

And I'm Kim Palmer. This episode, we're answering your money questions about financial blind spots.

0:31.3

Do you have any of those, Sean?

0:37.9

Kim, need I remind you that I am a certified financial planner professional and I do not have any financial blind spots.

0:42.4

Just kidding. I certainly have financial blind spots. I think everyone does, really.

0:48.1

Well, not me. I don't have any. Oh, of course, of course. Yeah, just kidding. But we are going to hear from you about some of the ways we can all better manage those blind spots. But first, we are

0:53.5

tackling a question that each of us faces

0:55.5

every day. How can we be better at spending our money? Kim, in her role, as the host of a regular

1:01.6

book club series, is here to guide the conversation. So, Kim, who are you talking with? I'm talking with

1:07.1

Jen Smith and Jill Siriani. They are the authors of the new book, Buy What You Love

1:11.9

Without Going Broke. And they're also the hosts of the Frugal Friends podcast, and they have a lot of

1:17.0

really interesting ideas about how we can all be smarter spenders. Sounds great. We also want to

1:22.4

remind listeners that you can enter for a chance to win our book giveaway at nerdwollet.com

1:26.9

slash book club for our next

1:28.6

book club pick. And with that, take it away, Kim. Great. Thank you. Jen and Jill, welcome to our show.

1:35.4

Thanks for having us. Yeah, lovely to be here. Let's start with why you wrote this book, because your

1:40.8

personal finance advice is a little different from what we hear every day. What gap in the

1:46.7

money world were you trying to fill? This gap, for me, Jen, came out of personal experience. My husband and I,

...

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