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From signing up for the right credit card to paying off debt to navigating a financial crisis — managing money is a lot easier with a little know-how. Here are seven of our favorite Life Kit episodes on common and confusing money topics, featuring personal finance experts who are eager to help you out.
Cut Down Miscellaneous Expenses
Trying on pajama pants at Target just for fun, swinging by an ice cream store, because it’s not the same as the pint I have in my fridge — I’ve been there. Personal finance expert Tiffany Aliche, “The Budgetnista,” recommends asking yourself whether you “Need it, love it, like it or want it” before springing for impulse purchases. If the gratification from a purchase will last less than one year, it’s just a “like,” and you might be better off skipping it to save up for something you’ll “love.”
When I moved into my first apartment out of college, I quickly realized that no one ever taught me how to budget. Author Kristen Wong points out that young adults shouldn’t feel obligated to budget just because it is what grown-ups do. Instead, she suggests holding onto a personal goal that you’re saving up for, like a weeklong trip, a new computer or dinner from your favorite restaurant. Here’s more on how you can budget to feel “liberated.”
Make Money From Your Side Hustle
Remember when you dreamed of making earrings for a living? Or walking dogs? Or insert childhood dreams here. Your job may look very different today, but there are ways to turn your passion into income.
Freelance gigs have become a significant part of many careers — and as long as you know why you’re willing to hustle, the extra work may be worth it. If you’re looking to make money doing what you love, here’s a way you can strategize to still maintain a healthy work-life balance.
Crush Your Debt
Want to dig out of debt as fast as possible? It’ll be challenging — think cutting your expenses and working extra hours — so you’ll need to stay motivated. We recommend checking in with loved ones for support, dividing bigger goals into action items and rewarding yourself with small joys. And remember to plan ahead to resist temptations until you reach the finish line.
Improve Your Credit Score
Ah, the credit score. A mysterious number that tells lenders how financially reliable you are and how good you are at paying off debt. There are rules to this number, but they aren’t easy to understand. If you’re trying to rent an apartment, buy a car or apply for a loan, someone will likely check out your credit score. We’ve got tips on how to bump it up in this Life Kit episode.
Survive A Financial Crisis
Many of us faced new economic challenges due to the coronavirus-forced lockdown and resulting layoffs. In this episode, personal finance expert Michelle Singletary walks us through immediate steps we can take in response to financial crises, from understanding our essential needs to asking loved ones for support to applying for federal funds.
Save Up For Retirement
Between everyday purchases and larger investments, saving up for retirement can be difficult. This episode breaks it down into four smaller steps you can take to prepare — like looking into your company’s retirement contribution. It may seem tricky, but the earlier you start saving, even just a little bit, the more time your money has to grow. (Shoutout to compound interest!) We believe in you.
Find more Life Kit stories on money, here.
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