NerdWallet's Smart Money Podcast
How to Get Your Finances Ready for a Crisis and Tackle Debt Smarter
03 Mar 2025
Learn how to prepare financially for uncertain times and balance debt payoff with saving for emergencies and retirement. How much emergency cash should you keep on hand? Should you focus on paying off debt or saving for retirement first? Hosts Sean Pyles and Elizabeth Ayoola discuss financial preparedness and debt payoff strategies to help you feel more financially secure. They begin with a discussion on personal and financial resilience, covering tips on keeping emergency cash, building a support network, and taking proactive financial actions. Then, Sean and Elizabeth talk with listener Michaela, a 24-year-old paralegal, about balancing debt repayment with savings and investing. They explore the debt snowball vs. debt avalanche methods, how much to save for emergencies, and why starting retirement savings early — even while in debt — can pay off in the long run. NerdWallet’s guide to how to prepare for your next emergency: https://www.nerdwallet.com/article/finance/how-to-prepare-for-your-next-emergency How to open a Roth IRA: https://www.nerdwallet.com/article/investing/how-and-where-to-open-a-roth-ira In their conversation, the Nerds discuss: emergency cash savings, how much cash to keep at home, personal finance preparedness, financial resilience, budgeting for emergencies, how to build an emergency fund, debt snowball vs. debt avalanche, should I pay off debt or save, how to start investing in your 20s, best budgeting methods, 50/30/20 budget, zero-based budgeting, how to save for retirement early, Roth IRA vs. 401(k), why you need an emergency fund, financial security tips, community and financial support, mutual aid groups, debt repayment strategies, credit card debt payoff, investing while in debt, how to budget better, personal loan repayment, car loan interest rates, financial planning for young professionals, cash vs. credit in an emergency, preparing for a crisis financially, high-interest debt payoff, how to avoid debt traps, savings vs. debt payoff balance, and financial habits to build in your 20s. 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
Full Episode
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Hey, Sean. Have things felt a little, shall we say, shaky as of late?
Yes, and I live in an earthquake zone, so I'm making sure my go bag is ready in case I got to get out of town.
Well, this episode, we're going to help our listeners feel more prepared for what may feel like an unprecedented amount of shakiness.
Welcome to NerdWallet'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 Elizabeth Iola. On this episode, we talk with a listener who's wondering how to balance paying off their debt while building up their savings.
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