NerdWallet's Smart Money Podcast
Live Financial Planning Session: Expert Budgeting and Spending Tips
Mon, 30 Dec 2024
Hear an actual financial planning session where a CFP advises a listener on transforming her budget and spending habits. Magda Doemeny, a certified financial planner from the NerdWallet Advisors platform, gives a listener specific advice to improve their finances (advice given on behalf of Nerdwallet Advisors, not NerdWallet). Brinker, the listener, is struggling with spending habits that she calls “irresponsible” and how to manage some of her debt. She discusses her upbringing, financial challenges, and goals while Magda offers insights and strategies to help her improve her finances. The episode delves into methods for tracking spending habits, setting financial goals, and developing better money management practices to achieve financial stability. Magda also guides Brinker on creating a budget, prioritizing debt repayment, and implementing behavioral changes to curb impulsive spending. As mentioned by Sean, here is NerdWallet’s list of the best high-yield savings accounts: https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts 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 planning session, budgeting, debt management, savings, spending habits, financial goals, high yield savings accounts, ways to curb spending habits, financial planning session, how to manage debt effectively, strategies for paying off credit card debt, how to curb spending, budgeting apps, Uber Eats, Uber habits, splurging, what it’s like working with a financial advisor, impulse buying, lifestyle creep, money mindset, spending habits, financial goals, and actionable financial strategies. 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
What is this financial planning session about?
I think my rent was like... 1995. And so I was fortunate enough to, during the part of the pandemic, stay with my mom and save up a little bit.
But the amount of money it cost me to get into that building, I used a company called the Guarantores, which is a lovely company, helps people who don't have maybe the 700 credit score that all the landlords really want you to have or anything in collections, that kind of thing. I use them. So they charge a service fee more or less. They want to hold... this amount of rent.
A security deposit?
Yeah, for a security deposit. Yes, thank you. And then I had to also pay the additional building fees, which was another security deposit and dog fees, move-in fees, that kind of thing. So all of the money that I'd really saved over COVID just kind of went down the drain there. And, you know, I didn't think that anything of it, I was like, oh, spend it back, get it right back. It'll be fine.
It was not fine. Yeah.
And how long has that been going on for that you've been dwindling your savings and now you find yourself in a tough spot financially?
That was basically the starting of it. You know, I emptied out my savings and was never able to recover.
So it's been a few years.
It's been some years. Yeah.
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