Bill Disputes, Managing a Raise, and Smart Saving Early

07/06/23 • 35 min

1 Listener

Learn how checking your bills can prevent you from overspending, how to manage a raise and how to build wealth early.

01:14 This Week in Your Money: Sean Pyles and Liz Weston discuss how you can prevent overspending by double-checking all your bills and share how doing so saved Sean more than $100 on just a single bill. They also discuss some surprising ways bills can demonstrate that you’re getting shortchanged.

07:58 Today’s First Money Question: Smart Money co-host Sara Rathner helps Sean and Liz answer a listener’s question about how to prioritize spending and saving after a significant salary increase. The hosts dive into the 50/30/20 budget, how to combat the temptation of “lifestyle creep” that comes with entering a new income bracket, and methods for setting financial goals and establishing a path to meet them. They also look at how to prioritize debt repayment and retirement savings when you're in your 40s or 50s and your budget may be more stretched.

24:07 Today’s Second Money Question: Personal finance Nerd Kim Palmer joins Sean and Liz to answer a question from a 16-year-old listener about how to get an early start on setting up a bright financial future. Kim discusses options for starting to save early, the time value of money and when it may be worth considering switching banks.

In their conversation, Sean and Liz discuss: bills; automatic bill pay; medical expenses; prioritizing spending and saving; credit card rewards points; budgeting; managing lifestyle changes; reaching financial goals; time as a monetary resource; fractional shares; compounding interest; emergency funds; retirement planning; money management; and budgeting, investing, and building wealth for teenagers.

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 how checking your bills can prevent you from overspending, how to manage a raise and how to build wealth early.

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.

Previous Episode

When to Merge Finances — or Not

At a certain point in your relationship, merging your finances can feel like a natural step ... or not.

To start this episode, hosts Sean Pyles and Sara Rathner talk about why combining your finances with a partner isn’t always a great idea. Then Sean is joined by Nerds Liz Weston and Kim Palmer to answer a listener's question about how to manage multiple credit card accounts when merging finances.

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 - 16:14

Money Question segment: 16:15- - 32:51

Like what you hear? Please leave us a review and tell a friend.

Next Episode

Human Longevity Literacy, and How Debt Impacts Credit Scores

Improve your longevity literacy so you don’t retire too early (or late!), then learn how debt affects your credit score.

01:31 This Week in Your Money: Sean Pyles and Liz Weston delve into the significant yet often overlooked concept of longevity literacy. They discuss how understanding your life expectancy can greatly influence retirement planning, and they share a life expectancy calculator you can use to get a personalized estimate of your life expectancy.

07:52 Today’s Money Question: Sean and Liz debunk common credit score myths, such as the idea that you can’t have good credit scores without debt. They also discuss how different types of credit accounts, like revolving accounts and installment loans, can affect your credit score, as well as the importance of responsibly managing credit card use. Plus, you’ll learn about the impact of closing an installment loan on your credit score and the importance of keeping credit cards open. You’ll walk away with nerdy, actionable insights into effective debt management strategies.

20:03 Takeaway Tips.

In their conversation, Sean and Liz discuss: longevity literacy and illiteracy; retirement planning; human life expectancy; life expectancy calculators; retirement age; credit score myths; debt management; revolving accounts; closing installment loans; credit card use; paying balances; credit card debt; personal finances; and closing accounts.

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.