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From buying the right credit card to paying down debt to dealing with a financial crisis, money management is much easier with a little know-how. Here are eight of our favorite life kits episodes on common and confusing financial topics with personal finance and economics experts eager to help.
Reduce miscellaneous expenses
Trying on pajama pants at Target (just for fun!), Walking past an ice cream shop, because it’s do not the same as the pint I have in my fridge – I went. Personal finance expert Tiffany Aliche, “The Budgetnista,” recommends asking yourself if you “need it, love it, love it, or want it” before jumping into impulse buying. If the gratuity of a purchase lasts less than a year, it’s just a “like” and you might be better off skipping it to save for something you “like”.
When I moved into my first apartment after graduating from college, I quickly realized that no one had ever taught me how to budget. Author Kristen Wong points out that young adults shouldn’t feel pressured to budget just because adults do. Instead, she suggests keeping a personal goal you save for, like a week-long trip, a new computer, or dinner at your favorite restaurant. Here’s how you can budget to feel “free”.
Earn money from secondary activities
Do you remember when you dreamed of making jewelry for a living? Where to walk the dogs? Or so insert childhood dreams here. Your job might look a lot different today, but there are ways to turn your passion into income.
Independent concerts have become an important part of many careers – and for as long as you know Why you are ready to hurry, maybe the hard work is worth it. If you’re looking to make money doing the job you love, here’s one way to strategize on maintaining a healthy work-life balance.
Crush your debt
Do you want to get out of debt as quickly as possible? This will be a challenge – think about cutting your expenses and working overtime – so you’ll need to stay motivated. We recommend that you seek help from those close to you, divide more lofty goals into actions, and reward yourself with small joys. And don’t forget to plan ahead to resist temptations until you reach the finish line.
Improve Your Credit Score
Ah, the credit score. A mysterious figure that tells lenders how financially reliable you are and how well you are able to repay your debts. There are rules to this number, but they are not easy to understand. If you’re trying to rent an apartment, buy a car, or apply for a loan, someone will likely check your credit score. We have advice on how to put it back together in this Life Kit episode.
Surviving a financial crisis
Many of us have faced new economic challenges due to the coronavirus forced lockdown and the resulting layoffs. In this episode, personal finance expert Michelle Singletary walks us through the immediate steps we can take in response to financial crises, from understanding our basic needs to asking for support from loved ones to asking for federal funds. .
Save for retirement
Between daily purchases and larger investments, saving for retirement can be tricky. This episode breaks it down into four smaller steps you can take to prepare yourself, such as reviewing your company’s pension contribution. It might sound tricky, but the sooner you start saving, even a little, the more time your money has to grow. (Scream for compound interest!) We believe in you.
Find more Life Kit stories about money, here.
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