In this episode of PennyWise, host Nat Cardona discusses financial self-care with NerdWallet financial expert, Kim Palmer. While typical self-care activities involve relaxation, financial self-care focuses on ensuring your financial habits contribute to your overall well-being.
The conversation starts with reflecting on past financial habits and understanding how early money lessons impact current behaviors. Kim stresses the importance of identifying and changing any negative patterns that may have been learned in childhood.
They then discuss setting realistic and aspirational financial goals. Kim emphasizes how visualizing big dreams can inspire actionable steps toward achieving those goals. Regular check-ins and adjustments to financial plans are key in this process.
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Monitoring spending is highlighted as another essential aspect of financial self-care. Budgeting apps can help track expenditures, set alerts for exceeding spending limits, and make informed purchasing decisions. This practice promotes financial stability and reduces unnecessary expenses.
The episode also addresses the challenge of saving money and building an emergency fund. Kim provides practical tips on saving by cutting non-essential expenses like subscriptions and takeout orders. Building savings can offer financial security and peace of mind.
Lastly, they discuss maximizing employee benefits. Many jobs offer benefits that can positively impact financial health, such as flexible spending accounts, insurance, and childcare expenses. Kim advises listeners to explore these benefits through their HR departments.
Tune in to this episode of PennyWise for expert advice on financial self-care and optimizing your finances. Implementing these tips can lead to a more relaxed and secure financial life.
